Does having too much open credit effect you buying your first home? - too much credit card debt
Credit cards from my husband and I are taking steps to buy our first house, they are young and do, but I could be too many who were for us to obtain approval for a loan? more time and we are very responsible with them, but I do not know yet! Please help
Saturday, January 9, 2010
Too Much Credit Card Debt Does Having Too Much Open Credit Effect You Buying Your First Home?
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6 comments:
The only way to know, it is with your broker who can help you find your credit score to be calculated and then say the rest. Most people are sitting in the same boat you are and that does not mean you can not get a house, but you can try to consolidate, if you get the mortgage. Then everything is on one bill and get rid of all cards, but 2nd A file for an emergency, if you move, like a trailer, emergency gas, which is simply no access to ATMs. You can change a bad situation that I, my daughter has .. We have done people, so do not give up at making mistakes, learn from them.
Good luck in the new house!
Each credit report will be reviewed individually, and not a solution for all kinds of things.
The use of the available resources, you can help or hinder. If you are available and will be $ 500k $ 20k, which uses only 4% of available credit. If you $ 100k available and the use of $ 20K or 20%. We love the percentage generally below 20%.
Someone I know has pictures composition and had a credit card since the beginning of their liberation, and perhaps a couple of store cards like Sears and Penney. He is 79 and has never been a payment at the end of his life.
The most important thing you can do is pay in time. When a loan is a finance company (and do have accounts that do not recognize, to financial companies), which can be harmful to your score. If you have any store cards, okay, but is not in use. The price is too high for them anyway. Use only if you go to pay the whole thing when I go home.
Make sure you get copies of the threeReports on each of you to receive and pay $ 8 results. Only the report is free, but also want the results. Do not buy other services, such as debt analysis ... not worth the price.
If the mortgage lender takes into account all the means to determine when, how much it will lend. Close the accounts and keep only two. The one with his name and one of the spouses. After buying his house and then open another one for the domestic spending.
I have not closed the accounts. it looks on your credit card is not bad as a huge debt-income ratio, I think you should be fine.
Good luck
The lender is looking after his DTI - debt to income, they are too high, are not eligible.
Yes, they will name their debt / income
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