AMEX and mortgage

[Anonymous]

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

[fused]

---

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

---

1.) As an AU, you're not responsible fro any money owed on the Amex Gold Card.

2.) I doubt Amex will take into account this AU account if you apply with them, they know you're not the responsible party. May I suggest you apply for joint status with Amex if they allow you to.  Also, do you have any other credit cards or loans? Do you know your FICO scores?

[Anonymous]

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

[fused]

---

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

---

Yes, the mortgage lender will not factor the Amex account in your det-to-income ratio.