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Credit card debt & getting approved for a mortgage??
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Mrs-Beans
LIF Adolescent
Member since 7/06 812 total posts
Name:
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Credit card debt & getting approved for a mortgage??
I have one credit card where I owe about 6k. Would this be a problem when DH & I go to get pre-approved? Do they show you your credit report & discuss it, or do they just approve or deny?
Our combined salaries are around 200k per year, we have car payments & just this one credit card bill.
tia
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Posted 2/1/07 2:00 PM  |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Credit card debt & getting approved for a mortgage??
when you look at your credit report - the minimum monthly payment will show up - the lender will include the minimum payments in your debt.
you can have $50K out on cards - as long as you can still afford the mortgage, the lender wont care.
FH and I didnt have cc debt, but we have a ton of student loans!
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| Posted 2/1/07 2:04 PM |
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Tracey
***********
Member since 5/05 6297 total posts
Name:
Tracey - brideinapril
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Re: Credit card debt & getting approved for a mortgage??
Between your 2 salaries I don't think you need to worry about not being approved for a mortgage. One credit card isn't going to do it!
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| Posted 2/1/07 2:06 PM |
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Re: Credit card debt & getting approved for a mortgage??
Credit card debt does not necessarily hurt you when you get a mortgage. Even if you pay your cards in full every month depending on when they pull the report the balance can show up.
We were planning on paying some things off but were approved before we did that.
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| Posted 2/1/07 2:48 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Credit card debt & getting approved for a mortgage??
credit card debt is only a problem if you are
- delinquent on the account and it lowers your credit score
OR
- it increases your debt to income ratio (DTI) so that the bank deems you cannot afford a certain monthly payment.
other than that, it shouldn't be an issue.
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| Posted 2/1/07 2:51 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Credit card debt & getting approved for a mortgage??
Posted by SweetTooth
credit card debt is only a problem if you are
- delinquent on the account and it lowers your credit score
OR
- it increases your debt to income ratio (DTI) so that the bank deems you cannot afford a certain monthly payment.
other than that, it shouldn't be an issue.
exactly- I wouldn't worry about it- as long as you pay it on time you are fine
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| Posted 2/1/07 3:02 PM |
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