Q&A: Can refinancing current mortgage into spouse’s name improve credit scores?

Question by N_ J05: Can refinancing current mortgage into spouse’s name improve credit scores?
Will our current mortgage report as “payed-off” on my credit report, and will it cause my scores to increase. If so, how quickly? Will getting a mortgage, improve my husband’s credit scores? If so, how quickly?

Best answer:

Answer by smaddur
mortgage is considered “good” debt. credit cards are considered “bad” debt.
To improved the credit scores, the bad debt has to reduce.
Ofcourse no delinquencies, no bankruptcies, no court judgments also improves credit scores.

Know better? Leave your own answer in the comments!

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7 Responses to Q&A: Can refinancing current mortgage into spouse’s name improve credit scores?

  1. Amanda H says:

    Be careful about this one…history is important so closing a mortgage by re-fying and then opening a new one can work against you.

    It also would not immediately up his score….but the monthly payments would eventually help him out.

  2. FREE INFO says:


  3. CuriousAntSee says:

    Is credit the only reason why you want to refinance the current mortgage to your spouse’s name? Is your spouse currently on the mortgage? If not, why? If your spouse do qualify for the mortgage, his scores may improve within the first 18 months of timely payments. Your scores may move up 3 or 4 months after pay-off of the mortgage; but I’m not sure how it will be sustained since a mortgage is a major item that carries a heavy rating on score fluctuations.
    By the way, it will be much easier if both of you are on the loan. Your combined income will help each other’s debt ratio – the thing that lenders do look at in determining what rate you’ll qualify for.

  4. terunaz says:

    hello, here’s an easy
    link with info and offers on mortgages:

  5. cristanine says:

    In Georgia you could do that, but in Alabama both have to sign for the note.

  6. pol says:

    You need professional advice; putting the mortgage and the house therefore, in one spouses name can result in loss of property,[ in case of divorce for example] to the unnamed partner.

  7. Charlisa O says:

    If you pay it off, it will show as “PAID” but it will also show HOW you paid such as “PAID AS AGREED” is the best. Your credit score is based on several different factors, and being a homeowner will up the score. Some other things to keep in mind if you want your credit score to go up is…

    Living in the same residence for 2 or more years
    Having the same employer for 2 or more years
    Being in the same line of work for 5 years or more
    Your Debt/Income ratio (how much is your income is compared to how much money you owe)
    What types of various credit do you have, credit cards, mortgage, personal loans, care loans, etc.
    If you have too much credit that you have access to….(too many credit cards with high balances or just too many credit cards with a balance).

    Hope this helps. I’ve worked in the credit industry all my life and we had to go to a class to learn all this stuff. I’m glad it finally came in handy…lol

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