Mortgage TL without actual mortgage, to build credit

[Anonymous]

My credit will be improved by having a mortgage tradeline. I don't want to buy a house for at least 3 years, but I would like the credit boost. Any ideas on how to get the mortgage TL?
Thank you

[CreditInspired]

Do you have any installment loans—auto, secured?

[Anonymous]

Yes a NFCU secured loan of $3,500 I still owe about $250 on it so it utilization is less than 9%. Also a closed secured loan that has been paid off $900 it's about 1 year since closed( only open 1 year).

[Medic981]

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@Anonymous wrote:
My credit will be improved by having a mortgage tradeline. I don't want to buy a house for at least 3 years, but I would like the credit boost. Any ideas on how to get the mortgage TL?
Thank you

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Are you reading CK propaganda again?

[Anonymous]

For business credit, I have read some business credit analysts say it will help get better business credit cards.

[CreditInspired]

OP
I think since you already have an installment loan, a mortgage loan is not going to give you a score boost. Keep in mind too that once the installment loan is paid off, it could cause a decrease in scores if it’s the only one.

[ShanetheMortgageMan]

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@Anonymous wrote:
I don't want to buy a house for at least 3 years, but I would like the credit boost. Any ideas on how to get the mortgage TL?

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If you don't personally want to own a home, then technically you could co-sign on a friend or family member's mortgage.  You won't own the home and will have the mortgage reporting to your credit along with any missed payments that may occur, so think carefully about that.

[CreditInspired]

OP

IMHO and just my 2cents, don’t ever co-sign for anything that’s not for your personal use—not a car, not a house, nothing! Just watch Judge Judy for the miseries co-signing caused those who thought they could trust someone to make good on their promise.

@shane mentioned being responsible for missed payments but it’s so much more than that. When co-signing, you are financially responsible for repayment for the term of the loan. (So in this scenario, 15-30 yrs or until refinanced to get your name off the loan, it’s paid off or sold). It’s not like an AU where after being added, you can remove yourself at anytime if you don’t like how the CC owner’s balance/history are being displayed on your CR.

Another two big caveats. And I think I’m correct about this. (1) Supposed the home was foreclosed. There goes your credit down the drain. (2) When you’re ready to buy a home in 3 years—even if everything goes well with co-signing for someone else—that mortgage will be included in your DTI.

Ask yourself—Is adding someone else’s mortgage TL worth adding points to your score. IMHO, you don’t need to worry about adding a mortgage TL. Before March of this year, the last time I Had a mortgage TL was in 1995.