Credit Supplement Report? Will This Cost Me My House?

[Lel]

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@Anonymous wrote:

While it may not be a great indicator opening new lines, I have not used any of this available new credit, with the new credit our DTI will still only be at 18% front end and 28% back end.....and my job and income are stable and above what we're purchasing, and pretty clean credit history w/ no lates and only a medical collection from 05 on record that I was told would be no big deal by any means.....and Ive paid every single CC bill in full and always before or on time.....

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I think you have reason to be optimistic.  Yours is not a skin-of-the-teeth application, and the UW will see that the CCs haven't been used.  If your application were a little more tenuous, then the CCs would have been a bigger problem.

Hopefully in another day these concerns will be behind you.  Just remember this discussion when you buy your next house.

[Anonymous]

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@Lel wrote:

I think you have reason to be optimistic.  Yours is not a skin-of-the-teeth application, and the UW will see that the CCs haven't been used.  If your application were a little more tenuous, then the CCs would have been a bigger problem.

Hopefully in another day these concerns will be behind you.  Just remember this discussion when you buy your next house.

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Ha....I already told the significant other than when this is all over with after all the hassle from the loan company, the sellers, the listing agent, and packing and moving, and just the whole ordeal.....we better not be moving for quite some time!

I'll keep you posted with what happens.....and thanks for the insight and well wishes.

[Anonymous]

UPDATE:

So my realtor says that she contacted the seller and they are ok w/ not having to put their home back on the market....

And she says that the plan now is to have the closing on Thursday.....so as of now, if nothing changes, its just another 24 hr delay....

Cross your fingers for me guys....could use some luck....

[edselpdx]

Hmmm... my credit score actually went up by 20 points to 796 simultaneous to my recent refi hard pull inquiry, which I found odd. It also coincided with my only 30D late on the report aging to 2 years old. (Don't want to talk much about that... it was related to an on-line credit card autopay that was set up with WAMU and got "lost" with the change to Chase--unfortunately it was to Cap1 who won't goodwill it away.) To the OP. It's not how much credit you have, but how much debt you *could* get into that they (and apparently you) are worried about. I agree with others that you would've been better off credit-score-wise paying down balances rather than opening 2 new credits cards. To them, you look like someone who has the potential to overspend on all your cards and then not be able to pay your mortgage. I'm certainly not saying that's what you'll do, but if you're worried about the mortgage and CC payments, you shouldn't be buying a house.... Good luck, and don't buy all new furniture on those cards if you get the mortgage.

[Anonymous]

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@edselpdx wrote:
 To them, you look like someone who has the potential to overspend on all your cards and then not be able to pay your mortgage. I'm certainly not saying that's what you'll do, but if you're worried about the mortgage and CC payments, you shouldn't be buying a house.... Good luck, and don't buy all new furniture on those cards if you get the mortgage.

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I don't have balances for one as I pay ALL of my cards in full each and every month and haven't had a late yet....

Also, maybe I should have mentioned that I basically got the cards to up my credit score as I already have the cash in my account to pay off the items I buy once I buy them.....but 0% interest and all the deals they are giving certainly doesn't hurt in wanting these cards.....