missjade wrote:
Hi everyone. I am new to this but have been doing a lot of reading lately since I have been working on improving my credit/scores since I am planning on buying my 1st house this year, actually in the next 2-3 months. I have been monitoring my reports and none of them show my auto loan (not a lease), which is $345 per month, that I have had since Nov. of '05 and have always paid on time. My question is, will it be to my benefit to call my credit union and ask that they report it to the credit bureaus, or will it hurt me since that will show that I have more total debt? My current scores are around 680 (but hopefully will go up soon since all of the derogs I disputed and they are being removed); I have 2 major credit cards and 1 store card, all since 2000, 0% util at the moment; and the rest of my debt is student loans (in repayment since Sept. '07, total bal. a little over $100K, so $750 monthly, never late). Also, what is the ideal debt to income ratio to qualify for a mortgage and is that calculated only off of the debt showing on my credit report? Any advice will be greatly appreciated.
If the debt is reported, you should get a boost..... if it reports correctly. And by correctly, I mean that it shows as a 3yr old debt paid on time. It will not be like establishing new credit......
Maybe you can petition the bureaus to verify the debt and add it? I don't know, maybe a question for th credit forum.
Ideal debt ratio? 31/43 or less. Actually, 28/39 is kind of a magic number or me lately on files with other issues... but you should be fine at most any reasonable ratio with 680 score.
You will need to report the debt to your loan officer. Not doing so will be mortgage fraud.
Retired Lender
