Will my credit rating improve once i start paying mortgage repayments?

Question

Will my credit rating improve once i start paying mortgage repayments?

Answer 1

If you asked the question because you have missed payments etc, than the answer is yes situation will improve. Different lenders have different rules, some will ignore one missed payment, some would want 6 months to a years payment history. If you missed payments because of change in circumstances (losing job, illness, family breakup etc) than it is adviseable to tell the lender in writing and than get a copy of the letter put on your credit file through a credit reference agency.

If you asked the question because you never borrowed any money before and have no credit history, than the answer is yes too.

If you are in the UK, you might be surprise to hear that there is no such thing as credit rating. Different organisations use different element to risk assess your credit worthiness. You might fail to meet one lenders requirements, whilst another will happily lend you money. You can get free advice on

http://www.mortgagebrokers4london.co.uk

Answer 2

yep slowly you must keep up and regular for a long time. But it will get better if you dont miss any payment. dont apply for any credit and keep paying and it will improve. Good luck

Answer 3

Yes. Just make sure that you make your payments consistently and on time.

Answer 4

Yes, surely your credit rating will improved when you start paying mortgage repayments

Answer 5

yes derinately

Answer 6

Its a stupid position to be in - you can't have a credit rating until you've been in debt or had a loan.  If you can't prove you can pay money back, you can't have a credit card.  But yes, If you are making any payments whatsoever, it improves your credit rating.

Answer 7

I was told it takes up to 3 years of paying all your bills ontime and not adding anymore or very little more balances to the credit you have out there. Your credit can also be affected by your spouse or anyone who is on your accounts. If they default on anything with your name on it, even if you are the 2 person...you are liable. So dont let anyone share your cards or sign anything for anyone and you should be alright. If you have a spouse with better credit than you do...keep them around for good luck!