caYou've had five mortages in you life. Various sizes, different types of properties, never missed a payment and when the house was sold the mortgage was covered. Big help when applying for a car loan right? Nope! In fact, any existing or previous mortgages don't show up on your credit bureau! The existing equity in your house could be used to help secure a car loan as collateral, but whether or not you had a previous mortgage does not assist in the evaluation of your application. Conversely, if you had 15 credit cards and $50,000 worth of available, un-used credit would make a big difference! Lenders also look at available un-used credit in making their decision. Even if you have one major credit card on which you carry a balance, It's always good to have a few oyhrt credit cards, even if you only use them once in a while and pay the balance in full. It helps to show future lenders that you are responsible.
