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New Visitor
elleonmain
Posts: 2
Registered: ‎07-23-2007

Land contract mortgage

Hi,
 
I have a question about how a land contract can affect my credit score.
 
Right now my scores are just a little too low to qualify for a traditional mortgage (575, 573, 594)
 
So I am purchasing a home on a land contract.
 
I have requested the seller (who will basically be acting as the lender) report the mortgage payments, in order to help boost my scores (assuming of course I make all payments on time - I WILL).
 
Does anyone know if this is something that can be done?
 
Traditional Mortgage companies report, so I don't see why this can't be done.  Just wondering if anyone out there knows of such a thing.
 
Thanks for the help!
Established Contributor
FICO_Focused
Posts: 905
Registered: ‎05-09-2007

Re: Land contract mortgage

Seems like it would be permissable, but there would certainly be expenses associated with the reporting... I don't even know how it would be accomplished.
 
Rob
New Visitor
elleonmain
Posts: 2
Registered: ‎07-23-2007

Re: Land contract mortgage

So does anyone have general advice on how to bring my scores up?
 
I know this question is often asked, and I have read just about everything out there on the topic.
 
I had a lot of late payments, collections and one judgement from 2003-2005.  All are current and paid in full as of 1 year ago or longer.
 
I now have one open CC that has never missed a pmt, an auto loan that has been current since 7/06, and about $28k in student loans that have been current since 5/06.
 
But my score has not increased in over 2 months.  It climbed from around 500 to the current values (575, 573, 594) within the last year, but now seems to have stalled out.
 
All the old collections and lates are accurate, so I can't finght them.
 
Any ideas on how to get the scores up??
 
Thanks!

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