Charge Cards and DTI?

[courtney091082]

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@chan85 wrote:

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@thankfulheart wrote:

My LO said they use the minimum payment for DTI, regardless of the balance.  Even a 0 balance will require the minimum payment on a revolving account to be used in a DTI calculation.

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thats interesting because i asked that question on here not to long ago and was told that if i had no balance it was excluded..... hmmm

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Ugh I really hope they won't add up the min on cards that are paid off to 0. My Amazon is min payment of $25 ... that could really add up if you have quite a few cards?

[chan85]

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@courtney091082 wrote:

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@chan85 wrote:

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@thankfulheart wrote:

My LO said they use the minimum payment for DTI, regardless of the balance.  Even a 0 balance will require the minimum payment on a revolving account to be used in a DTI calculation.

---

thats interesting because i asked that question on here not to long ago and was told that if i had no balance it was excluded..... hmmm

---

Ugh I really hope they won't add up the min on cards that are paid off to 0. My Amazon is min payment of $25 ... that could really add up if you have quite a few cards?

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I know! I was waiting to have all my cards paid all the way off, just have 2 more to go by the end of this month, and then was planning to apply so they wouldn't count towards the DTI. I have like 8 cards, most at zero balances!!

[courtney091082]

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@chan85 wrote:

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@courtney091082 wrote:

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@chan85 wrote:

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@thankfulheart wrote:

My LO said they use the minimum payment for DTI, regardless of the balance.  Even a 0 balance will require the minimum payment on a revolving account to be used in a DTI calculation.

---

thats interesting because i asked that question on here not to long ago and was told that if i had no balance it was excluded..... hmmm

---

Ugh I really hope they won't add up the min on cards that are paid off to 0. My Amazon is min payment of $25 ... that could really add up if you have quite a few cards?

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I know! I was waiting to have all my cards paid all the way off, just have 2 more to go by the end of this month, and then was planning to apply so they wouldn't count towards the DTI. I have like 8 cards, most at zero balances!!

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You're right 8 cards could add up and imagine someone with like 10-20 cards...that could be 200-300 on just minimums. That just doesn't seem right 

[MarineVietVet]

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@chan85 wrote:

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@thankfulheart wrote:

My LO said they use the minimum payment for DTI, regardless of the balance.  Even a 0 balance will require the minimum payment on a revolving account to be used in a DTI calculation.

---

thats interesting because i asked that question on here not to long ago and was told that if i had no balance it was excluded..... hmmm

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We can get different opinions here but the only opinion that matters is the lender's. What does your LO say about all this? That's the bottom line.

[Anonymous]

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@chan85 wrote:

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@thankfulheart wrote:

My LO said they use the minimum payment for DTI, regardless of the balance.  Even a 0 balance will require the minimum payment on a revolving account to be used in a DTI calculation.

---

thats interesting because i asked that question on here not to long ago and was told that if i had no balance it was excluded..... hmmm

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$1 minimum and zero balance will likely yield the same effect. HAhHahaaa

[Anonymous]

If you have a zero balance on any cards and you have to pay a minimum or $25 you need to run like hell.

[chan85]

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@MarineVietVet wrote:

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@chan85 wrote:

---

@thankfulheart wrote:

My LO said they use the minimum payment for DTI, regardless of the balance.  Even a 0 balance will require the minimum payment on a revolving account to be used in a DTI calculation.

---

thats interesting because i asked that question on here not to long ago and was told that if i had no balance it was excluded..... hmmm

---

We can get different opinions here but the only opinion that matters is the lender's. What does your LO say about all this? That's the bottom line.

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Very true. I am trying to get myself in the right position to qualify for a loan. I am using my states Dream Home Loan program and they have a list of lenders and LO's on their site, I may need to start doing some kinda interviews to see which ones best meet my needs, i.e. not counting zero balance cards.

i just added up my min payments on all my cards and if they count them, i will probably never qualify on my salary..... My front end is 19 and my back end even with a $550 mortgage i would be at 44......

[courtney091082]

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@Anonymous wrote:

If you have a zero balance on any cards and you have to pay a minimum or $25 you need to run like hell.

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Lol I only pay the minimum if I have a balance on there. But a few posts up it said they add up your minimums...even if there is a 0 balance. Sounds off to me, but who knows I haven't started my loan process just yet. 

[chan85]

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@chan85 wrote:

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@MarineVietVet wrote:

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@chan85 wrote:

---

@thankfulheart wrote:

My LO said they use the minimum payment for DTI, regardless of the balance.  Even a 0 balance will require the minimum payment on a revolving account to be used in a DTI calculation.

---

thats interesting because i asked that question on here not to long ago and was told that if i had no balance it was excluded..... hmmm

---

We can get different opinions here but the only opinion that matters is the lender's. What does your LO say about all this? That's the bottom line.

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Very true. I am trying to get myself in the right position to qualify for a loan. I am using my states Dream Home Loan program and they have a list of lenders and LO's on their site, I may need to start doing some kinda interviews to see which ones best meet my needs, i.e. not counting zero balance cards.

i just added up my min payments on all my cards and if they count them, i will probably never qualify on my salary..... My front end is 19 and my back end even with a $550 mortgage i would be at 44......

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And there is STILL no telling how my Amex bill will play into all this!!!

[thankfulheart]

It actually makes sense to me. So you get your pretty home loan, then decide to outfit your new house with furniture on your credit cards and rack them up again, hence those payments are dragging on your ability to pay back your loan. Sure, they have no control over credit you obtain after, but for due diligence, it makes sense to consider the potential minimums.