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How to take the guesswork out of my Debt to income ratio?

jdot457
Member

Re: How to take the guesswork out of my Debt to income ratio?


@Slabenstein wrote:

@jdot457 wrote:

@Slabenstein wrote:

@jdot457 wrote:

@Slabenstein wrote:

When you say "recent $10k card", do you mean $10k balance or $10k limit?  Either way it won't be visible for them to include in your DTI until it reports.  Once it does, the number that will be included in your DTI will be the monthly payment as shown on your credit report.  For a $10k balance this could be quite a bit.  For a new card w/ a $10k limit, it will be the minimum payment for whatever balance posted at first reporting.

 

The Disco card w/ a $0 balance won't be included in DTI, since the minimum payment on $0 is $0.


What about if I'm an authorized user on my aunt's two cards $15,500 14%UT and $5,100 1% UT both NFCU
my NFCU card is $3k 12% UT and

self lender card $100 25%, $25 activation fee when I opened the card. 

All other cards Are zero or haven't posted yet .

 

my student loans are $9k but in deferment 


Whether AU cards will be counted will depend on the lender.  For the NFCU and Self Lender cards, they will use the minimum payment for those cards that is shown on your credit report at the time that they pull it.  You can check your ACRs yourself to see what they would be right now.  For your student loans, b/c they're in deferment how their monthly payments will be calculated will also depend on the lender, but many use 1% of your total balance.


Ok thanks my minimum payment were $25 for Self and $18 for NFCU. Also my equifax went from 703 to 708 on NFCU fico.  I applied for CLI on gorewards $3k like 20hrs ago. Still waiting 

My aunt who I have authorized user cards with told me her UTI will increase on her cards because she had an emergency and she won't be able to pay them down to her usual UTI. Her scores are in the high 700s so she won't be affected that much. Her first card is due on 4/5.

 

So I'm thinking to go ahead with the Auto loan immediately before all that settles. Although I wanted to wait until after the CLI was finished. Does NF ask for Form 4506 ?


I don't know what NFCU uses for income verification on an auto loan, though I'd expect it would be paystubs.  You can ask them before applying.  The turnaround on a 4506T would be way too long to be practical; they'd lose the loan in the wait if they hadn't already lost it to the member not wanting to give EQ access to the their taxes.


Oh ok thanks, I actually called them yesterday and they told me it depends if more information is required but she said they will be pulling TU. 

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