New mortgage rules - 43%

[DallasLoanGuy]

if a payment is shown on the credit report, it is counted.

and you cant pay down revolving debt to qualify

[Revelate]

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@DallasLoanGuy wrote:

if a payment is shown on the credit report, it is counted.

and you cant pay down revolving debt to qualify

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I had heard (and could be wrong) if your tradeline has a pattern of being zero'd for a number of months, it may be discounted in the DTI calculation?  Is that not the case then?

Interesting regardless, went through an old EX report and doesn't look like Amex reports a minimum payment whereas everything else does even at $0 balance.

[tony46231]

I don't understand that.  How can credit cards be factored in if the balance is always paid every month?  In my case I have one recurring payment of 7.99 on one card.  Another card I use to make one purchase a month and the third is the card is use for everything (gas, cell bill, food, ect.).  Should I be ensuring that I'm paying before the statement cut each month and will this cause a zero balance to be reported to the CRA's?

[tony46231]

Revelate,

What kind of min payments are you seeing on your report from credit cards that have zero or very little balances?  I'll have to check mine out, but I don't even understand how a min payment is calculated, if the balance is zero.

[DallasLoanGuy]

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@Revelate wrote:

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@DallasLoanGuy wrote:

if a payment is shown on the credit report, it is counted.

and you cant pay down revolving debt to qualify

---

I had heard (and could be wrong) if your tradeline has a pattern of being zero'd for a number of months, it may be discounted in the DTI calculation?  Is that not the case then?  never heard of such. and i cant see that history on my reports.

Interesting regardless, went through an old EX report and doesn't look like Amex reports a minimum payment whereas everything else does even at $0 balance.

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call the insurance folks and get a cheaper quote to offset a little?  higher deductible?