Home arrow Mortgage Forums arrow Credit Problems and Repair arrow

Update credit score

Author Message
Melanie

Guest







Post Posted: Mon Aug 22, 2011 1:40 am    Post subject: Update credit score
Like 0
Dislike 0

Hi there… I will be refinancing soon. So, I want to increase my credit scores soon. Lucky enough that I paid off the 2nd mortgage two months back! However, I still have 190K on the first mortgage, and about some student loans and credit card debts. As I paid off the second mortgage, will that increase my credit score? I just wanted to see if I should wait for the credit score to get updated before shopping for lenders?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

Posts: 4834
Location: New Jersey
508.88 Dollars($)
Post Posted: Mon Aug 22, 2011 2:06 am    Post subject:
Like 0
Dislike 0

Paying off the second mortgage will definitely have a positive impact on your credit report. However, it might take some time to improve your credit score. It is a known fact that credit scores won't get improved immediately once you pay off an account. So, in my opinion, it will be better to start shopping for lenders immediately.
_________________
Good is the Enemy of Great.
Icon Mini Profile joshuaheckathorn
joshua.heckathorn




Joined: 09 Feb 2010

Posts: 106
Location: Seattle, WA
18.81 Dollars($)
Post Posted: Tue Aug 23, 2011 10:50 am    Post subject:
Like 0
Dislike 0

Paying down your credit card debt (revolving credit) will have a greater positive effect on your FICO scores. Your 2nd mortgage was considered an installment loan, so it's not included in your credit utilization ratio and won't have as large of an overall effect on your credit scores.
_________________
Creditnet.com: Compare the best credit cards and apply securely online.
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.062 seconds.