My question is this ~ Should I wait until my mortgage shows up on my credit report, or should i try to get a loan before my mortgage shows up. If I wait till it's on there my score should be higher because of it, but if it's on there I may not be able to get more credit because of my debts. What do you all think? Thanks.
I think with a car loan you would have to disclose your mortgage anyways. As well as any other debts you have.
Kim, I'm wondering the same thing. Wish I knew the answer but in regard to Jamie's response I would ask whether there's a difference between listing a $900/ rental payment or a $900/month, $115,000 mortgage payment. Does anyone out there know? Jamie wrote: ------------------------------- I think with a car loan you would have to disclose your mortgage anyways. As well as any other debts you have.
I believe that a mortgage is much better for getting any type of loan because there is an asset that the creditor can put a lean on if you default. Plus, if you just got a mortgage, your credit should be straighten out. And even if the mortgage isn't on you credit report yet, the loan company can check the validity of the mortgage with the mortgage company, when you feel out the loan information. Hopes this helps.
Yes having a mortgage is good for your score in any rating system. As far as debt to loan ratio, that is the drawback if you do not have a high enough income. Being a homeowner means to a lender that there is a higher chance that your current employment and life circumstances are more permanent than if you were a renter. Also, I had a friend get turned down for a credit line that I have recently received. He called and asked why he was declined and was told in so many words that had he checked the box marked â??Homeownerâ? he would have been approved.
Thanks for the responses. I'm debating fixing my car and keeping it running for another year or biting the bullet and buying a new one. I want a new one, and really need it cuz I can't afford to keep fixing a car and still paying a car note on it at the same time. On the other hand, I don't want a car note higher than what i'm already paying.
