Another Credit Question

IBackBevo

As a spin off to my question below, I was looking at one of my credit reports that did not contain the incorrect information. However, listed first (as the most important negative factor) under "negative factors" on that credit report is my home mortgage.  Is this just considered a negative factor due to the fact that I owe debt on it?  

I have never made a late payment.  The only reason I can think that this might hurt my credit is that we refinanced in 2010 to get a lower interest rate so we have not paid the refinanced loan down that much.  However, the house is worth double what we owe on it...but obviously that doesn't show up on a credit report.

Edit:  Hmm...I have a credit analyzer thing on this credit watch company I have subscribed to and apparently paying off my mortgage would not, according to the credit analyzer tool, affect my score.

 

Karla CS

I work in a commercial bank - while we don't lend to individuals, but we often have a guarantor that's an individual, in which case, we pull their credit report.  

We don't get a list of "positive" and "negative" factors on our credit reports - just facts. Maybe this is something they're doing for your reference as a consumer?Primarily, the information we see is your credit history - every account you've ever opened, any late payments (even 1 day) and any defaults or collections. The dollar value of a mortgage would come into play when compared with other information not included on the credit report - property value, loan-to-value ratio, etc.

I wouldn't focus too much on the number - really, just work on the things that truly are negative in any connotation (late payments, defaults, collections, tax liens, etc), correct any inaccurate information, and work on making your payments on time.  

QueSrah

The negative factors are there (I think) just to show you why you don't have a perfect credit score.  (For those looking for either ways to improve or reasons for not getting a loan.)  And really - who ever has a truly perfect score?  Even with "good" credit in the 700s, they're going to knock you down a few points here and there for something.  So take it as an explanation for why you didn't get a perfect score, but not necessarily something to worry over. 

Michaela2011

Lurker coming out of the shadows here. I work at a bank in mortgage lending. I'm not sure what you mean by your mortgage showing up as a negative factor, because the credit reports we pull show the list of debts you currently and previously have, plus key factors that affect your score. The key factors are usually balances being too high and too many revolving accounts, to name a couple. It could be the report you have shows the mortgage first because it has the highest balance, I'm not sure! I have no experience disputing something on your credit report, but I have heard it can be a difficult process. You can also go to the Consumer Finance Protection Bureau's website and submit a claim. Good luck!