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tomabdouch
Joined: 25 Oct 2009
tomabdouch's page
Posts: 1
29 Magic Points
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Subject: how much does paying mortgage on time mean to my credit scor
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Sun Oct 25, 2009 7:58 pm
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| will I be able to raise my credit score from 600 to 680-700 in a year if I pay on time? |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 421
7253 Magic Points
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Sun Oct 25, 2009 10:04 pm
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| That's going to be hard for anyone to answer. Your credit score not only goes buy if you pay on time. It is calculated on several things. I read a percentage of what you owe,what kind of debt you have,and credit history and i'm sure other things. That are calculated to give you your score. But paying on time will definitely help. |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3735
10 Magic Points
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Mon Oct 26, 2009 12:34 am
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| Do you have other bills and are you paying them on time also? You will need to establish and maintain different types of accounts and then maintain a good payment history on them to raise your score to that level. Do you know what your score is now? How far do you have to go to reach your goal? |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Mon Oct 26, 2009 10:34 am
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Hi Tomab,
I agree with Goodnatured that raising your score depends on a number of other things than only on your mortgage account. If you have other various types of accounts, you have to pay them on time as well to get a good credit score. Credit score depends on how many types of debts you have, how long the debts have been there, your payment history as well as the number of new accounts. If you want to raise your score to a good position, then pay the other bills properly and open new accounts and stay current on them.
_________________
All the Best 
Justin |
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Guido
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Tue Nov 03, 2009 10:36 pm
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| Paying on time can account for up to 30% of your total score. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
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Tue Nov 03, 2009 11:45 pm
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| Yes that is true but if you also have other accounts that are not in such great shape then you will not acheive a better score. It payments or any defaulted debt. Your debt to income I believe also comes into play here too. You always want to have a good debt to income. A lot of open credit cards, even if the balance is low, can count against your DTI. They will take the total credit available on the card when looking at DTI. |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 421
7253 Magic Points
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Wed Nov 04, 2009 2:04 am
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| And your credit history must be 35% and if you haven't had credit for at least 20 years that lowers your score as well. Mine is 7 and my report say's it's still not long enough. So it is many things that make up your score. |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3735
10 Magic Points
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Wed Nov 04, 2009 12:02 pm
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| You should go on Freedoms page, there is a list there on how to raise your fico score, in addition, they break down what a fico score is made up of, so visit and get some more information on what all this process involves. Goodluck and keep us updated on your progress. |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 421
7253 Magic Points
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Wed Nov 04, 2009 12:10 pm
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| I checked their site out yesterday and it does have a lot of helpful information. I thought on seen on on of their post a personal email address. I wonder if that's to use so you can ask them questions? |
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