How many points does a mortgage raise your credit score?

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  • August 8, 2023 at 10:05 am #10767
    Geoff Massanek
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    August 11, 2023 at 7:22 pm #10987
    Team StellarFi
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    Mortgages are long-term loans that can immensely benefit your credit score. It improves the length of your credit history which makes up 15% of your FICO® Score. The only time a mortgage may hurt your credit score is when you open a new mortgage account and if you fail to make on-time payments.

    Since mortgages are often a decades-long commitment, on-time payments contribute significantly to the 35% payment history factor of your FICO score. It also helps bring variety to the types of credit accounts you manage, which make up 10% of the FICO score.

    The number of points by which your credit score is raised depends on other factors as well.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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