Anything over 740 gets the same rate/treatment as someone who has an 850.
I would get a lease agreement because it can be used in the future to show that you paid rent on time. If it has the same last names on it, then it will not serve any purposes.
BTW - As long as you keep a good standing your other accounts, then you should be fine.
Since you had multiple mortgages, then it wouldnt matter if you didn't have one.
It would be the same thing as if you paid your home off....
Quote:
Originally Posted by grannynancy
Does anyone know if selling my current home and renting will hurt my credit rating?
Right now, it is over 750 and it is not a short-sale or anything like that - we are planning on moving. We will probably move into a large home my parents are buying and paying them rent. [I guess I should have some sort of "lease" with them to use later if I want another mortgage - or does that matter if it is official lease document or not?
[just for this purpose, other issues notwithstanding - I am well into adulthood - kids are grown, parents need help now I have had mortgages myself for many years - just makes more sense to be in one big house than two medium houses and I cannot afford the bigger house they can afford]
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Question about credit scores
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