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Getting a Mortgage with paid CC entries on report

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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.

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.

Sub: #1 posted on Tue, 09/20/2011 - 20:09

Anna Sweeting Anna Sweeting

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