i have a 629 score and i have just closed on my first mortgage. i want to know if this will raise my score if all payments are on time, if so how much and how long does it take?
2007-02-17 11:32:53 · 3 answers · asked by cmorreale31 1 in Business & Finance ➔ Renting & Real Estate
As a Mortgage Professional, let me tell you that every time you put a lien into your credit history it will stress your Debt ratio. But after making your payments on time for 6 months you will see a dramatic increase on your credit score. Now thats providing all your creditors are good to go. Go ahead and pull your credit once in 30 days and check only one credit bureau, not all three and if that one has gone up most likely all of them have. Avoid having lates!!
Chris Diaz
Mortgage Consultant
2007-02-17 13:33:43 · answer #1 · answered by 4walls 2 · 0⤊ 0⤋
Yes, making all your payments on time will help to improve your credit score (that is basically what the credit score is: your repayment history, and your ability to repay). It won;t happen overnight, but after 2 or 3 years, you should see a big improvement.
2007-02-17 11:38:14 · answer #2 · answered by Deasel98 5 · 1⤊ 0⤋
yes making you payments on time helps your score go,s up,keep up the good job
2007-02-17 13:57:35 · answer #3 · answered by pattibcacl 6 · 0⤊ 0⤋