AE N
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Title provide ownership of the home. If you have a mortage, and you start paying it down, your credit score should incease as long as your other lines of credit are not being abused.
Good Luck! |
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chadjuly4
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its not the title that helps your credit its the payment history you have that affects your credit scores |
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BirdogsID
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ownership of the house. Thats it. |
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doclakewrite
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your credit is established by how you pay your debt.
The house itself is only a title, it does not make your credit any better. |
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kim
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It will just give creditors something to come after if you don't pay up. |
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timjenkins8
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Title has nothing to do with credit. It gives you an asset but someone else will be holding the mortgage, unless you paid cash. If there is a mortgage on the house and it is because of your credit issues that you are not on it, you would be wise to not be on the title either. |
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Kevin P
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unless it is a mobile home there is not a title, there is a deed. The deed of a permanent home only shows ownership and has nothing to do with credit. Credit is built by paying debts in a timely manner. |
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srbyn1
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If you make your payments on time for a while. |
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bud68
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The title itself will not matter. The mortgage loan (amount owed) will show as an open debt and your payment history in it (good or bad) will affect your score. |
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wisernow
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If your buying a home the last thing you need in todays world is credit based on your home. If you lose it, you will need a lottery win to replace it. If you want to pointlessly upgrade your credit rating, yes it will give you financial status credit wise. |
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Joe M
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It will just give you ownership. If you are looking to help your credit. Take a small equity line out so it will report to the three major credit agency's. |
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skid
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to analogize, your house is like a savings account. no interest or credit marks gained, but when using its financial leverage, it has no bounds. Its ok to have a paid for house, but consider putting a small mortgage on it, even if you use the money to pay it off after a year or 2, becasue the tax benefits are unreal. besides that, you credit score will hit the roof if you pay on time. |
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frissy
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Paying your bills will help your credit. Borrowing more money will NOT. |
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Richard S.
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If you are just "on title" that will do nothing to help your credit. Whoever took out the bank note (loan) is building "credit", not you.
If you are currently paying the mortgage but not on the loan here's what you can do. Make sure YOU (your name on the check) pays the mortgage each month for the next 12 months. Keep copies of your cancelled checks and then you can "refi" the property into your name. This is VERY important if you ever want the loan in your name. If you don't keep track of the payments there is no way the bank can verify your payment history. |
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Mommiedearest
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Both |
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