topic Re: Boost from 2 Mortgages? in Mortgage Loans

Boost from 2 Mortgages?

webhopper — Sun, 26 Feb 2012 20:03:12 GMT

Will my credit score get a boost from having two mortgage accounts reporting? two different real estate loans. The 2nd one hasn't started reporting yet.

1st is an FHA mortgage 30 yr term with Bank of Oklahoma

2nd is a conventional mortgage 20 yr term with Wells Fargo Home Mortgage

Re: Boost from 2 Mortgages?

boomhower — Mon, 27 Feb 2012 02:13:21 GMT

I wouldn't think so. A first mortgage helps over the long term but of front I would expect it to drop the score with the new account and lower AAoA. I can't imagine a second would do much to improve it.

Re: Boost from 2 Mortgages?

fused — Mon, 27 Feb 2012 02:45:39 GMT

I agree! It won't boost FICO scores. One open installment does the trick.

Re: Boost from 2 Mortgages?

webhopper — Mon, 27 Feb 2012 03:41:25 GMT

I know in the short term it won't help at all, I'm thinking more long term, like 5 yrs from now

Re: Boost from 2 Mortgages?

haulingthescoreup — Mon, 27 Feb 2012 03:46:53 GMT

@webhopper wrote:
I know in the short term it won't help at all, I'm thinking more long term, like 5 yrs from now

Only in that it will be a (presumably) clean tradeline reporting 5 years of good history.

Since you already have one (is the other one also open), this one could be a personal signature loan for a thousand bucks and have the same impact.

Re: Boost from 2 Mortgages?

webhopper — Mon, 27 Feb 2012 18:19:41 GMT

Yea, both are open. The first is for a duplex, the gross income from this property per yr is over 24k, which more than covers the payment. Planning in keeping this rental long term.