Getting a Mortgage with paid CC entries on report
Date: Tue, 09/20/2011 - 08:40
Given this:
A car loan in good standing (paid as expected) for the last 4 years, (around $19,000 with less than $4,000 left.)
A personal loan (paid as expected) less than a year, (around $3,000 less than $800 left.)
3 credit cards (all paid as expected - low limits) 3-4 years
The above is the good part. Here is the bad:
Numerous CC related items, mostly medical, some not.
My question is:
Assuming the debt "ratio" on the credit cards, and loans, at the time, is "good".
If all the CC items are listed as PAID, will those PAID CC items -prevent- me from getting a mortgage, typically.
I know having a score would be needed to answer that completely, I'm just throwing this out there.
I hear various things in my area, such as: If your score is above 680, you can get a mortgage, stuff like that..
Thanks much.
A car loan in good standing (paid as expected) for the last 4 years, (around $19,000 with less than $4,000 left.)
A personal loan (paid as expected) less than a year, (around $3,000 less than $800 left.)
3 credit cards (all paid as expected - low limits) 3-4 years
The above is the good part. Here is the bad:
Numerous CC related items, mostly medical, some not.
My question is:
Assuming the debt "ratio" on the credit cards, and loans, at the time, is "good".
If all the CC items are listed as PAID, will those PAID CC items -prevent- me from getting a mortgage, typically.
I know having a score would be needed to answer that completely, I'm just throwing this out there.
I hear various things in my area, such as: If your score is above 680, you can get a mortgage, stuff like that..
Thanks much.
If your debt to income ratio is good and you fulfill the require
If your debt to income ratio is good and you fulfill the requirements of the lender, then you will be able to qualify for a mortgage easily. Paid CC items will make it easier for you to qualify for a mortgage as it will have a positive impact on your credit report.
In order to get a conventional mortgage, you will require a credit score of around 700-720 whereas if you want to get a FHA loan, then a credit score of 620 - 640 will be good enough.
