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Potential Point Jump for Adding a Paid In Full Mortgage?

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Contributor

Potential Point Jump for Adding a Paid In Full Mortgage?

This is a possibility....someone has offered to buy me a home with cash. This is great since no scores, down payment, or anything else necessary. If this person comes through on this and adds me to the title, what happens? Does this become a paid off asset on my report? Thus giving me a big point jump? Or since there is no mortgage to score, it wont matter?

 

I am only guessing here....feel free to correct me if I am wrong.

 

thanks as always.

Current FICO 8 Scores
EQ 759
TU 748
EX 744
7 REPLIES 7
New Contributor

Re: Potential Point Jump for Adding a Paid In Full Mortgage?

Nothing happens on your credit report...

 

SInce you wont be taking out a loan there is nothing that will report to the credit reporting agencies.

 

Congrats on a "free" house?  Must be nice. 


Sitting tight, product changing, and pumping CLIs till October 2020 when I start Chase Apps
8/1/19:
18 INQ
12 INQ
11 INQ
08/30/18: Ex 530 / TU 540 / EQ 545
Message 2 of 8
Highlighted
Contributor

Re: Potential Point Jump for Adding a Paid In Full Mortgage?

Thanks for the answer...not a done deal yet...but hoping! 

Current FICO 8 Scores
EQ 759
TU 748
EX 744
Message 3 of 8
Super Contributor

Re: Potential Point Jump for Adding a Paid In Full Mortgage?

If there's no loan, there's no account, so nothing to be added to your CR.

Message 4 of 8
Contributor

Re: Potential Point Jump for Adding a Paid In Full Mortgage?

Yeah makes sense....I guess the advantage would be, when I apply for things in the future, it's a nice asset to staple to that?

Current FICO 8 Scores
EQ 759
TU 748
EX 744
Message 5 of 8
New Contributor

Re: Potential Point Jump for Adding a Paid In Full Mortgage?

Free house is much better than the advantage of having it on your report down the line as an asset.
Message 6 of 8
Super Contributor

Re: Potential Point Jump for Adding a Paid In Full Mortgage?

Or, take out the mortgage and then use the cash to pay it off.  That way you get the loan on your report for 10 years if it's something you really want there.

 

Or, even more crazy, use the mortgage like a SSL and pay off all but a few hundred bucks and see if that pushes your next payment out 29 years and then let it ride and enjoy the benefits of an almost-paid-off installment loan for nearly 3 decades Smiley Wink

Message 7 of 8
Contributor

Re: Potential Point Jump for Adding a Paid In Full Mortgage?

hmmm...BBS, I like the way you think! Definitly food for thought there. I agree with the above statement, a free house is MUCH better than a score jump, but if I can get creative like you mentioned and get both? Why not!

Current FICO 8 Scores
EQ 759
TU 748
EX 744
Message 8 of 8
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