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So my mortgage company asked me to close most all of my credit cards so that I can get my DTI to an acceptable percent. So my question is does anyone no how much my credit scores will be affected I had to close 6 cards.
Why the mortgate company want you closed all your credit card ???? that's kinda weird
In the short term it won't depending on your util. What matters is not really how many cc you got open (up to certain minimun), but the util. If you close some accounts that might might not change your util. if you are applying for a mortgage try to have 0% util on all your credit cards until you close and sign the papers.
@nicholasyud wrote:Why the mortgate company want you closed all your credit card ???? that's kinda weird
+1 never heard of this policy to approve a mortgage...
@nicholasyud wrote:Why the mortgate company want you closed all your credit card ???? that's kinda weird
There's 2 things, one he might have way too mych credit for his income, and they are worried he might go crazy and the house will end with a lien, and 2 he might have a high util, and they want some of the creditors to be taken care of before they are willing to lend him the money. It's just my guess since I don't know the exact situation, either he got too much credit for his income or has too high util, or both or some other factor I'm missing.
Close 6 cards? What does your credit profile look like? That sounds crazy to me because unless you are severely over extended right now, that is an outrageous request by a mortgage company.
@Kutuzov do all mortgage lenders look and make sure that you dont have more credit than what you earn?