DOES OWNING PROPERTY THATS PAID FOR HELP YOUR CREDIT SCORE?

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

LKBLAI2

Joined: 18 Nov 2009
LKBLAI2's page
Posts: 1

19 Magic Points

Subject: DOES OWNING PROPERTY THATS PAID FOR HELP YOUR CREDIT SCORE?

Wed Nov 18, 2009 5:10 pm

mY MOM HAS PUT HER HOUSE AND LAND IN MY SISTER AND MY NAME...WILL THIS HELP WITH ANY FUTURE CREDIT SCORES OR FINANCING A CAR...ETC???

marcusandila

Joined: 27 Oct 2009
marcusandila's page
Posts: 142

3034 Magic Points

Thu Nov 19, 2009 12:39 am

no. because it doesnt go onto your credit report. your credit report is only for reporting debt that you owe like a credit card, loan, etc. & for reporting available credit that is unused like on a credit card.

having a house that is paid in full in your name wouldn't change anything on your credit report & therefore wouldnt help for financing a car in the future. your best bet in order to prepare for a car finance or something would be to open a small creditcard like CapitalOne or something & buy something. & pay your payments on time. this will build credit history & establish good payments. that will raise your credit score for purchasing a car in the future.

Quick Reply

Your Name

Subject

Message body


Page 1 of 1

Home|Contact Us|Terms of Services|Privacy Policy|RSS

* Disclosures:

Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.