New Member
tr2010
Posts: 3
Registered: ‎10-24-2010
Does no longer having a mortgage affect credit

Hi,

 

I have very good credit score. I have always been punctual in paying off my credit card payments, auto loans, and mortgage payments. So right now me and my spouse are refinancing our 30 year mortgage (which we got 4 years ago) to a 15 year mortgage. 

 

We are planning on having the mortgage only in my spouse's name. Both of us have very good credit scores. I was having the following doubts and will really appreciate some advice regarding this:

 

1. I will still be continuing to pay credit card payments. And will also pay auto loan payments (for next 3 years). So if I no longer make any mortgage payments, will my credit  be affected?  Will my credit be built better if we actually decide on adding my name on the new mortgage and I make the payments for the next 15 years.

2. Will this affect my spouse's credit in a good or bad way?

 

Thanks,

T.