Trying to build my FICO score and purchased a credit report. In it, it stated that I don't have "enough mortgage accounts" and that I should open different types of accounts. I'm trying to build my credit to buy a house! Are their other types of "mortgage accounts" short of homes/houses that I can purchase relatively cheaply that will boost my score?
2007-07-24 14:19:19 · 2 answers · asked by Derek M 2 in Business & Finance ➔ Credit
No, a mortgage is a mortgage and that means you own property.
10% of your credit score is determined by the type of credit. This means that the scoring system should recognize that you have various types of credit...the main types are revolving accounts (like credit cards), installment accounts (like car loans and student loans), and mortgages (like when you buy a house). If you have two out of the three, you should be just fine. Keep paying your bills on time and your score will be good for a home loan.
Good luck!
2007-07-24 14:55:07 · answer #1 · answered by YSIC 7 · 0⤊ 0⤋
Nope.... if it says that, it means there is nothing else bad it can say about you.
You can only get a mortgage on the things you mentioned, or a business.
You should be able to get your score well into the 720's (A+ credit) without a mortgage, and once you do buy a home, the score will be in the high 700's.
Dont worry about it... sounds like you are doing fine. Just use as little debt as possible, and pay everything on time.
2007-07-24 21:28:38 · answer #2 · answered by Mike 6 · 0⤊ 0⤋