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essex wrote:I am an authorized user on an American Express Gold card. The balance is approx $6k. With this card, balances are due in full each month however there is a revolving line of credit option available. My credit report does not show a minimum payment for this account. What percent of the balance do lenders add into debt to income ratios when qualifying a customer for a mortgage?I would like to apply for my own card soon. Although I am the AU on this account, I use this account solely. Will AMEX consider my payment history on this card when considering me for my individual account?Thanks
Yes, the mortgage lender will not factor the Amex account in your det-to-income ratio.
essex wrote:Hello,Yes, I do have other accounts. I hold an orchard bank visa and mastercard, a card with Target, Macys, Walmart, and ExxonMobil and keep low to zero balances on them. I have a car loan that opened in November of 2006 and just finished paying off a small installment loan with my credit union. I have old paid collection accounts and two paid/satisfied judgments. All of my newer credit is paid as agreed and my scores are TU:623, EQ:657, EX:696.So, what you're saying in regards to my first questions is that a mortgage lender should not factor the AMEX debt into my rations, right?Thanks