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deserthoney94

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If i am paid a few months in advance on my student loans will it help my credit go up faster?
My husband and I are trying to buy a house. We need a minimum score of 620. Im a few points away from that. I just paid my next few months of student loans (the only thing on my credit). If I'm paid up a few months in advance will my credit go up faster? I am getting a credit card as well.

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Paying ahead will have little affect on your on time payments, although, it can help to reduce the overall balance and that would assist.  Although, a few months payments may not be sufficient.   Also depending on the loan and its terms, the amounts may just go into escrow to lower future payments.  You will want to read the terms to see if the amounts go to principal (a good thing) or if they go into escrow for future payments (good habit, but not good on report).  When you make these futuristic payments, do not consider them paying in advance as, depending on the loan terms, they may not be considered as payments and you would may still need to make those payments.  If your credit allows, considering adding a credit card to your credit porfolio.  Keep the balance within 10% of your credit limit and on time payments, preferablly paying in full monthly and you should see sufficient increase to get you above where you need to be.  Your mortgage broker won't mind the credit card as long as you don't carry a large balance.  Also, you can talk to the mortgage broker for suggestions on what you need to do.  You'll be using their services soon enough.

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