Charlie M asked:
Me and my wife recently bought i home, i have a 720 credit score but not established credit, couldn’t be co applicant for the home, anyway we got appoved for the loan. What i was wondering is will my credit score increase if i make mortgage payments on time, or will it stay at a crawl. I have never owned any credit card. Or built any line of credit.
Duane
Me and my wife recently bought i home, i have a 720 credit score but not established credit, couldn’t be co applicant for the home, anyway we got appoved for the loan. What i was wondering is will my credit score increase if i make mortgage payments on time, or will it stay at a crawl. I have never owned any credit card. Or built any line of credit.
Duane
Tags: Credit Card, Credit Score, Home Mortgage
Your credit will increase substantially and quickly because it is a SECURED loan (ie. home loans, car loans… anything that the bank can repo).
Remember to refinance in a year or two. I estimate the rates WILL go down and your more established credit will qualify you for a lower interest rate
You credit score may drop lightly at first due to the inquiry. After a few payments it rise. If you are concerned about your credit score, you should definitely consider getting a credit card and pay it off every month. That will build your credit. Also, get a cash back card such as the Citibank Dividend card.
if you are not on your mortgage- your credit will not be built, only your wife’s. start to built your credit , and your payment history will make your credit score. you can apply for credit in departments stores,because there you can use your wife for your co-signer.
secured loans accelerates credit scores