Starting over with credit?
Date: Sun, 11/19/2006 - 17:02
Does anyone think it is smart to let the "bad" credit and "good" credit card reports "fall off your report so that in 7 or 10 years all that is showing is a mortgage and possibly a car finance. Do you all think that my credit score would bottom out with just these two types of good credit resports showing?
I have been told that a mortgage, even when paid on time doesn't
I have been told that a mortgage, even when paid on time doesn't really raise your scores by that much and the same for a car. I could be wrong, that is just what I was told when I was looking to refinance.
Hmm...well getting a mortgage or car is good, but not having any
Hmm...well getting a mortgage or car is good, but not having any other credit on your report mixed in with those is not good. You need a good balance of different kinds of credit, it does make a fairly large difference in your score.
