My husband and I are currently looking for a new home. A meeting that I had with a mortgage banker left me a bit confused, so I am hoping to get some clarification.
My husband's credit score is well over 800, and he consistently pays off his credit card in its entirety every single month.
My credit score per today's report is 792, but it is showing up as high use of revolving credit (35%). This does not take into account a recent credit line increase or payments to my credit cards which make my actual utilization 12.5% once the reports update.
I plan on paying off all but one credit card 100% and paying down the remaining one to a low balance next week, and maintaining that level of use moving forward.
My concern is this: will past balances on my credit cards be a huge problem in getting the best possible rate of mortgage if they are paid off when we officially start the process with the bank? Also, does the difference in our credit scores mean that we will have a lower rate in general?
I have no negative marks on my credit otherwise, but my husband's immaculate history has me feeling anxious.
