Mortgage Effect on Score

Discussion in 'Credit Talk' started by MikeG, Jul 12, 2001.

  1. MikeG

    MikeG Well-Known Member

    Hello All,

    My mortgage has yet to show up on my credit reports. I am in communication with Chase about this situation. Anybody know how that will effect my score. It raises my debt to income ratio but I have not been late and pay above.

    I remember on the old board someone explaining how creditors could find out how much you are paying a month by looking at your interest rate and looking at the balances each month.

    Mike G.
  2. NanaC

    NanaC Well-Known Member

    Ok, I have no actual idea..but on that hideous trans union simulator "what if" that I had for a whole 30 minutes before cancelling, it gave me 1 more point for having 1 mortgage.
  3. breeze

    breeze Well-Known Member

    Yahoo pay direct can help you bamboozle them, if you want, hehe. ;)

  4. breeze

    breeze Well-Known Member

    Actually, so can Cobalt card, if you want to use it for that.

  5. NanaC

    NanaC Well-Known Member

    How, Breeze?
  6. breeze

    breeze Well-Known Member

    Lemme see if I can explain it...

    Card 1 has closing date around 5th of the month - (that's when they will report to CRA.)

    Card 2 has closing date around 20th


    Immediately after card 1 closing date, move, say, $300 (the max for 1 week) to Cobalt card. Withdraw cash and deposit to your checking account, make a payment on card 2.

    Immediately after card 2 closing date, move the same $300 back to Cobalt card, withdraw cash, put it in your checking account, make a $300 payment on card 1.

    I am assuming you make CC payments online. I doubt there would be enough time if you mail your payments, however, if you already have the money in your checking account it will work, using the float instead of your own money (I haven't done it that way though)

    It only looks good for that one month, but that can come in handy if you are trying to get a CL increase or a lower APR.

  7. NanaC

    NanaC Well-Known Member

    You are a smart cookie!
  8. breeze

    breeze Well-Known Member



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