Will a mortgage loan increase my low credit score?

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I was lucky enough to be able to purchase a home even though my credit score is low. Will repaying my mortgage increase my credit score? How long until I see a difference?

i made about 120.000 thousand last year but my income tax shows a part on adjusted gross income it show i made only 16,864 so can i get approve for a loan even if i show that i sale cars on the side cash deals and i lease apartments

5 Comments
  1. Reply
    quizzard123
    January 27, 2011 at 7:29 pm

    VERY slowly, over time, your score will rise. That’s assuming you make all payments on time, every time, and that you do nothing else to drop the score.

  2. Reply
    bdancer222
    January 27, 2011 at 8:01 pm

    Initially your score will drop. That mortage is probably most of your debt and it’s all new which goes against you. However, as you pay the mortgage on time, it will increase your score.

    It may take a year or two. You build credit over years, not months. Don’t obsess over your score. Just pay all your bills on time and check your credit report for accuracy annually. Your score will take care of itself.

  3. Reply
    Mrs Yahoo
    January 27, 2011 at 8:24 pm

    Go Buddy you go to http://easyloan.net.tf > Mortgage loan

    REcenlty my friend got loan from it .

    Check out links in that ,

  4. Reply
    Igraine
    January 27, 2011 at 8:44 pm

    Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.

    http://www.worldbestloans.com/Mortgage%20Loan.htm

    A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.

  5. Reply
    Wee_Willie_Winkie
    January 27, 2011 at 8:55 pm

    Not very likely to..

    Banks tend to avoid people that are shady in their finances. They wont care that you really earned $ 120K. Bank regulations require that they count only the income you can PROVE ( by tax return or W-2)…

    If you start reporting your income like you are supposed to, then maybe they’ll look at it in a couple or few years when you have some PROVEN earnings history under your belt…

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