CREDIT SCORE IMPROVEMENT
Q: How long does it take for my credit score to improve?
A: "The improvement of your credit score really depends on you. Your credit score is made up of the type of credit that you have opened, the lines of credit, the number of them that you have opened, and the length of the credit that you have established, along with your payment history. Really, if you want your credit score to improve what you need to
do is have several lines of credit open and have a good payment history on those lines of credit, and sooner rather than later your credit score will improve."
A: "The improvement of your credit score really depends on you. Your credit score is made up of the type of credit that you have opened, the lines of credit, the number of them that you have opened, and the length of the credit that you have established, along with your payment history. Really, if you want your credit score to improve what you need to
do is have several lines of credit open and have a good payment history on those lines of credit, and sooner rather than later your credit score will improve."
CREDIT SCORE IMPLICATIONS
Q: My spouse and I are on the mortgage but only I signed the note, will a short sale or foreclosure hurt my spouse's credit?
A: "If only one spouse is on the note, but both spouses are on the mortgage anything that affects the credit of the person on the note will not affect the credit of the person who's not on the note. If you do a short sale the person who was on the loan, which is the person who signed the note, their credit will be impacted. If the bank does a foreclosure, however, since both parties are likely on the deed both parties will be affected by the foreclosure, which will not directly affect their credit, but when going to apply for a loan might affect both parties."
A: "If only one spouse is on the note, but both spouses are on the mortgage anything that affects the credit of the person on the note will not affect the credit of the person who's not on the note. If you do a short sale the person who was on the loan, which is the person who signed the note, their credit will be impacted. If the bank does a foreclosure, however, since both parties are likely on the deed both parties will be affected by the foreclosure, which will not directly affect their credit, but when going to apply for a loan might affect both parties."