Does a mortgage show up on both borrowers credit report?

If the mortgage is under one persons name then it will only go on to that persons credit report. But if you have a joint account ie both your names show up on the bill then it will be on both of your credit reports. If you are looking to build a great credit score to be able to get you in your home here is a good way to do it.

Stay away from late payments, collection and bankruptcy. So if your late on your bills the credit companies don’t really care they will still send you a bill every month. One thing to realize that just one 30 day late payment can take your credit score from a very good 720 down to 680!

Yes just one 30 day late payment can take your credit score down 50 points. If you try to avoid paying your debts and they send you to collection and you think it is gone off of your record because it has been years since that went on you credit well think again. Now bankruptcy can hit you harder then anything else taking hundreds of points off your credit score and it will stay with you for a long time even up to ten years on the report.

Now, a bankruptcy does not automatically bring a credit score down. Mortgage people have reported many instances of people with past bankruptcies on their credit report earning better credit scores than borrowers without one. Another credit scoring factor is a borrower’s amount of debt against available credit.

A person with $19,995 borrowed on credit cards with $20,000 in credit limits will be penalized by all credit scoring systems even with a perfect payment history every time. The reason for creditors is that a borrower at maximum credit limits has no room to handle any emergencies that may arise during the time of the loan. The only problem with this is that a borrower may have $100,000,000 in a bank account to handle problems but credit scoring does not take this into account.

Since all studies appear to show that the credit scoring systems fairly accurate to predict whether a borrower should be approved for a mortgage loan many have adopted credit scoring guidelines for lenders who sell loans. The meat of it is that people with credit scores over 660 will have acceptable credit. Those between 620 and 660 will most likely be approved but will probably have to work harder for their approval by showing other positive factors (such as a large amount of assets, steady income and employment or large equity positions) to support their application.