Mortgage vs line of credit
Just thought I'll throw this out, as I don't think everyone knows:
A mortgage is coded as installment and is seen differently on your credit reports from a credit line, which often is coded like a credit card.
Subsequently, it can effect your utilization rate.
For example, I had a commercial line of credit, that had not been reported to my credit reports. On my last refi of a property, that particular mortgage company contacted all of my mortgage holders and made sure that everyone reported to the credit bureaus. I didn't think much about it, since I'm current and figured it can only help.
Well, I found out that my score has gone down quiet a bit and saw that it's because they see this credit line at 37% utilization. Fortunately, I have sold a property last week and utilization will soon be seen as 8%. But , man, if this had been recorded when I started with that credit line, it would have been 100% utilization and it would have given me major problems.
As it is, I'll have to wait until they update my correct balance.