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Mortgage on Credit

Openwater
Frequent Contributor

Mortgage on Credit

I am begining to work towards building up a credit profile with a respectable TCL. At the moment, the mortage company is soley under my wifes name. Credit is a myriad of things, one being different types of accounts. I paid my students loans this year, so that is no longer an open account. I have 2 cars and my credit cards as listed in my signature.

 

I have no NEED to refi as payments are managable, but I was wondering if doing a refi and adding myself to the mortage would be a good move for me or not? Is it better to build CC profile first then get a mortgage account? Will getting a mortgage account, hinder my ability to get a high TCL due to having additional debt (mortgage)? 

 

Part of my sub-goals are achieving 800+. Does a mortgage help with this goal? 




Discover 22K ---------------------------- Credit Union MC 12K
Cap1 QS 10K ---------------------------- Barclay 3.4K
AMEX Blue Cash AU 15.5K ------ Barclay Apple AU 10K
AMEX BCP 22K
2 Installment loans:
Auto 15K / 39K ---------- Auto 28K / 39K
Vantage 3.0: TU:738 EQ: 737 03-17-2020
Ch. 7 DC 12/2014
Message 1 of 3
2 REPLIES 2
NC_Mtg_Loaner
Valued Contributor

Re: Mortgage on Credit

So you are thinking of applying to refinance just because you want to have a mortgage loan in your credit profile?

Sort of reminds me of that scene in Raising Arizona where John Goodman's character says to Nicholas Cage's character:

 

"Hi, you're young and you've got your health, what do you want with a job?"

 

All kidding aside, i don't think you really want to pay closing costs and all that just to add a mortgage tradeline to your credit profile, do you?

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 2 of 3
Openwater
Frequent Contributor

Re: Mortgage on Credit

My mortgage company has been dying to get me to refi, they are covering cost. The cost to me would be negligable. At this point in my life, I'm more interested in rebuilding my credit profile post bk. I'm just trying to make the best moves to achieve that goal. 

 

I'm just curious as to whether or not a mortgage account on my credit profile will help or hinder in the grand scheme of things. 




Discover 22K ---------------------------- Credit Union MC 12K
Cap1 QS 10K ---------------------------- Barclay 3.4K
AMEX Blue Cash AU 15.5K ------ Barclay Apple AU 10K
AMEX BCP 22K
2 Installment loans:
Auto 15K / 39K ---------- Auto 28K / 39K
Vantage 3.0: TU:738 EQ: 737 03-17-2020
Ch. 7 DC 12/2014
Message 3 of 3
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