Help please!

[jbee]

Ok, I was planning on applying for mortgage today, so I pulled my cr and find out that I didn't beat the cutoff for my cc statement.  The statement normally posts on the 1st of the month, but for some reason, it hit on May 31st.  I think I'm screwed.

One of my credit card is almost maxed out on my cr (it should be $400 less).  Do you think this is a deal breaker to being pre-approved?  I have 4 cc, and this is the only one with a high balance.  Also, I checked my scores and Eq-688, TU- 704, Ex-???

Should I wait until it post for next month to apply or do I have a chance even with the high balance?

Thanks so much for all your help!!!

[Anonymous]

You need to get all balances down to 9% of CL, but missing the payment by a day you should be ok. They won't post it late unless it's 30 days late.

[Anonymous]

He did not mean he was late for payment. He tried to pay down balance before the statement date to cut down utilization.

I think your current credit score already reflects your high balance on that card. I did not know I should keep overall balance below 9% and keep balance on any card below 50%. When my LO pulled my credit report, I had balance at 76% on one card and 67% on another one (both are same-as-cash store promotion purchases I did not plan to pay off). My overall balance was about 19% of CL. I did get pre-approval. But my case might be different from yours. Over past few years I have gradually built my CL to over 60k. I have a history of spending a lot and paying back on time (never late for payment, always pay off credit card every month, or pay the minimum balance on cards with 0% promotional rate). So high balance on a couple of cards might not be too bad for me.

[Anonymous]

Everyone's profile is different and we all know each creditor is different, however Fair Issac don't change  

Example: When I purchased my car two years ago. I had pulled my CR's also to see where I stood. At the time I pulled my TU (because that's what CR Honda financial pulls) my score was somewhere around 783. I had made a payment on one of my card's after the statement had cut and when the dealership pulled my CR my score was 793, was about 10 pts higher than what I had pulled and the report did reflect my payment made after the statement cut.  Fair Issac updates daily... which is why our scores bounce with any activity.

so again to the OP I wouldn't be that concerned if I made a payment after the statement cut.

I take advantage of the 0% promotional's on any large purchases that I make as well.

[ShanetheMortgageMan]

Having a maxed out credit card or close to a maxed out credit card is not a likely reason for denial.  The side effects, which would be a lower FICO score than if the card wasn't maxed out, and the higher payment that results from a maxed out credit  vs. if it had a lower balance, would be factored into the approval... but an underwriter doesn't see a maxed out credit card and say you are denied solely for that reason.