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.
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?
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.
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.
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.
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.
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?
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.
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?
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.
Paying on time can account for up to 30% of your total score.
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.
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.
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.
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?