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05-24-2007 09:21 PM
05-25-2007 04:24 AM
aplus wrote:Anyone out there know how a mortgage balance effects the FICO score. If the mortgage balance is larger (ie. not much principle paid down), does the mortgage balance get factored into the dept picture negatively? Are some bureaus paying more attention than others to mortgage balance?Your thoughts, comments...
05-25-2007 04:30 AM
05-25-2007 07:28 AM
05-25-2007 07:34 AM
FICO_Focused wrote:Doesn't matter how high the mortgage balance is... It's the Hx on the loan that make an impact in the FICO algorithim. The longer the mortgage is reported and paid current the more impact it has..
05-25-2007 07:55 AM
05-25-2007 09:49 AM
09-25-2007 04:13 PM
FICO_Focused wrote:Doesn't matter how high the mortgage balance is... It's the Hx on the loan that make an impact in the FICO algorithim. The longer the mortgage is reported and paid current the more impact it has.Unlike Revolving debt that takes into consideration the utilization first, then the Hx.Take Care.
09-25-2007 05:07 PM
In light of the recent mortgage crisis I decided to check my credit score. One of the areas that is negatively impacting my score is: "Your mortgage account balances are too high in comparison with your credit limits. [TransUnion]" So it does make an impact. Don't misslead people. The worst part about it is that I refinanced this loan so that I would have better cashflow on a rental property. I did not take any extra money out, but the loan to balance is high because the limit is lower. To me that is very good use of credit, my income is higher and payments are lower and my payment history is perfect (never missed or late on a payment in 20 years).
09-25-2007 06:35 PM