Posted on: 21st Apr, 2006 12:20 pm
I tried hard and finally got my credit score in track. They are in 700's now. I am going to take a mortgage soon. Will this damage my credit score again?
It's not going to pose you problems in the long run even if the score drops because of the mortgage. So, go for the mortgage if it is required.
Hi,
I think you are taking the mortgage loan for a good cause. So, you should not be bothered much as long as you know that you afford regular payments on the loan.
In general, the score can drop by 5 to 10 points or may even by 50 points. The drop can last for 3 - 6 months and will improve gradually.
So, considering the requirement there is no significant drop and you should not get worried so far you are not delinquent on your loan.
God bless you.
For MortgageFit,
Samantha
I think you are taking the mortgage loan for a good cause. So, you should not be bothered much as long as you know that you afford regular payments on the loan.
In general, the score can drop by 5 to 10 points or may even by 50 points. The drop can last for 3 - 6 months and will improve gradually.
So, considering the requirement there is no significant drop and you should not get worried so far you are not delinquent on your loan.
God bless you.
For MortgageFit,
Samantha
Concerned,
Congratulations on the achievement of good credit scores. It also appears you are taking the next logical step in utilizing your improved credit toward the best financial decision every consumer will ever make … buying a home will most likely be a large part of your future net worth and financial well-being.
Additionally your credit should further benefit once you acquire your new mortgage. There is no better credit than mortgage credit. On-time mortgage payments will ensure your credit scores remain favorable for many years to come.
Enjoy your credit and the new home it will allow you to own!
Congratulations on the achievement of good credit scores. It also appears you are taking the next logical step in utilizing your improved credit toward the best financial decision every consumer will ever make … buying a home will most likely be a large part of your future net worth and financial well-being.
Additionally your credit should further benefit once you acquire your new mortgage. There is no better credit than mortgage credit. On-time mortgage payments will ensure your credit scores remain favorable for many years to come.
Enjoy your credit and the new home it will allow you to own!
Hi,
I think you are thinking of the mortgage for your betterment, which will help to get good credit in future. If you are going for mortgage then it will effect your credit maximum up to 50 points but at the same time if you are delinquent on payments then it will effect your credit badly. Don't be demotivated, consult with a good attorney and do which is best for you.
I think you are thinking of the mortgage for your betterment, which will help to get good credit in future. If you are going for mortgage then it will effect your credit maximum up to 50 points but at the same time if you are delinquent on payments then it will effect your credit badly. Don't be demotivated, consult with a good attorney and do which is best for you.