does mortgage has any bad effect on my credit report?

Guest

I wonder whether taking a mortgage harm the credit score. I heard it. helps is it true?

Thanks guys
Marc

Sam · Posted: Wed Aug 03, 2005 5:24 am Post subject: RE:

Hi Marc
Welcome to MortgageFit forum.

Taking a mortgage does not harm your credit score provided you pay off the loan within the specified loan period. Your credit score remains unaffected if you make the monthly payments in time and do not miss out any of them.

In case you have not taken any loan before, taking the mortgage and making regular payments in time, without default will definitely secure you a fair credit score. A good credit score will further help you to acquire any loan in future.

Hope this information will be useful to you.

Please feel free to post further queries. Also sign up to get free advice on further queries.

Thanks,
Sam.

Guest

Credit score can be obtained free of cost from the lenders when you apply for a mortgage or a home equity loan.

blue · Posted: Wed Feb 08, 2006 11:27 am Post subject:

Having established credit accounts is generally considered good but the credit may have a negative effect if there are too many credit card accounts.

The type of credit accounts is considered by many scoring models. Under some models, credit score may be negatively affected by loans from finance companies.

But improvements on credit scores can be done by concentrating on the payment of bills within due date, paying off the outstanding balances, and not taking new debts. This trend is similar to almost all the models.

Regards,
Blue

Guest

Mortgage on your Credit should help .. of course you still have to pay on time to help you raise that score up ..

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