Is there a way for me to use my land contract to increase my credit score?

Asked by valdasta (2146

) July 7th, 2011

I have been in a land contract for the past year; I will be applying for a mortgage at the end of five years. Is there a way for me to use my timely payments to increase my credit score? I have an high risk score due to some hard times and horrible decisions, but I have been in the process of repair.

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4 Answers

Who holds the deed? Is this a person that is receiving a monthly payment from you that is NOT a bank or mortgage company?

Not to be funny but timely payments to a non-financial institution is like try to get a credit score improvement for timely payment to your bookie.

Tropical_Willie (31615

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In a case like yours, you need to have a personal discussion with the people you are trying to get credit from, and not rely on your credit score. That is only one tool that lenders use, and they can be convinced to downplay it.

YARNLADY (46727

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@Tropical_Willie a friend holds the deed. They are not a financial institution…what you said makes sense – that’s why I asked.

valdasta (2146

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