Improving Credit Score

Hi, I wanted to know if obtaining a home mortgage loan (1, 2, or more) will improve your credit, or FICO, score or will it have a negative impact for every investment property that I purchase with a mortgage loan?


I heard that you could have up to 10 properties mortgaged in your name and it shouldnt affect your score negatively. Then agin, if you dont pay the mortgageā€¦

After you take out a new mortgage loan, you may notice that your FICO score has dropped somewhat. It may not really be the mortgage that lowers your score, but rather the lack of payment history against the debt. After few months of timely payments, your FICO score should recover to its previous level.

All new tradelines will have some kind of impact on your score. After 24months the impact would totally be gone. Credit scores are based on your last 24months of activity.
FYI - paying off an old collection account that is more than 24months old will not raise your credit score as it is no longer used to calculate your score. It will just help with lending guidelinesā€¦

If your an investor, I recommend establishing a corp and start building credit. it will take at least 2yrs before you can establish enough credit to let banks loan to your corp.

Not really, the banks buy your info from the state you live in. Put that info into their doc center and send out a abusines app to you. Its a lot simpler than going up to the same bank and telll them you want a business credit card from them. This way its simple, goto the bank, ya gotta show them a lot of info which to me is too much work. lol