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The impact of a new mortgage on credit scores

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Topics addressed on February 8, 2006:

The impact of a new mortgage on credit scores

Dear Max, I recently purchased a house. Does my credit score go up?

- AXA

Dear AXA,

Homeownership often does result in improved credit scores. But, that might not happen right away.

When you purchase a house, you take on a very large debt. Initially, it will not be clear how you will handle those new payments. That uncertainty could result at first in lower credit scores, simply because that unknown represents greater lending risk.

Quickly, though, your on-time mortgage payments will result in better credit scores. Homeownership is a tremendous responsibility. It represents stability, which is an important indicator of good credit risk.

Your house also can serve as collateral for other loans, greatly reducing lending risk. Please be very cautious about using your home to secure debts. Doing so means the lender can take your house if you fail to pay the debt. Overall, homeownership usually makes you a much better credit risk, which results in better credit scores.

Thanks for asking.

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