2007-02-12 08:47:17 · 12 answers · asked by sws 1 in Business & Finance ➔ Credit
If you make your payments on time your credit should grow. Really really quickly too. You will be amazed at how fast your credit will grow once you get started.
2007-02-12 08:49:07 · answer #1 · answered by Amy_S 3 · 1⤊ 0⤋
Will drop your score at first. No Lie! But likely just A little .Your available credit and how you manage it will determine how much it will drop. If you keep paying your bills on time your credit will improve. Don't go buy a car if you are trying to buy a house also don't start charging things for your new home until you close escrow. Car loans and other credit will kill your score. Even if you pay on time. Don't buy on credit till you get that house. After you own a home you can buy pretty much whatever you want.
2007-02-12 08:54:01 · answer #2 · answered by Willis 2 · 0⤊ 0⤋
Anytime you apply for credit your score goes down a little bit. Initially it may lower your score. However, over time, if payments are continually on time, your score will go up.
2007-02-12 08:55:52 · answer #3 · answered by CS 2 · 0⤊ 0⤋
The general rules lenders use to determine if you can afford a house are:
Housing costs -- including principal, interest, taxes, assessments or any other fees -- shouldn't exceed 28% of your gross, or pre-tax, income.
Monthly debt payments – including your mortgage, auto loans, utility and credit card bills – shouldn’t exceed 36% of your pre-tax income.
If you are late on payments, YES that will affect your credit (and may put you in foreclosure). Typically, having a mortage is having a "GOOD" debt. That's only one of the reasons that a house is a good invenstment.
2007-02-12 08:54:28 · answer #4 · answered by beverleekumar 2 · 0⤊ 0⤋
No, as long as you make the payment on time, your credit bureau will be fine. If you are late for it...or don't pay it for really long time, you'll end up with a bad credit. Just be careful and think well about the payment plan. Good luck!
2007-02-12 08:50:52 · answer #5 · answered by Este 7 · 0⤊ 0⤋
No, it will go way up if you make your payments on time. Making mortgage payments reliably is the very best thing you can do for your credit rating.
2007-02-12 08:49:59 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Initially your score may go down due to inquiries but not very much..If you shop around for a mortgage within a 2 week period, it will only count as 1 hit to your score....GOOD LUCK
2007-02-12 08:50:43 · answer #7 · answered by Isabella 4 · 0⤊ 0⤋
Quite the opposite, it will improve... just so long as you don't default on your mortgage payments. Generally speaking, the more you owe and repay, the better your credit rating because you are demonstrating that you are a better 'risk' to lenders.
2007-02-12 08:52:08 · answer #8 · answered by James W 1 · 0⤊ 0⤋
No. Make your payments on time and it will go up.
2007-02-12 08:49:36 · answer #9 · answered by regerugged 7 · 0⤊ 0⤋
It will depend on how you make your payments.
2007-02-12 08:49:53 · answer #10 · answered by Anonymous · 0⤊ 0⤋