Can my credit cards affect my mortgage application?

good question - it really depends on what your credit scores are and also if your income can support the new loan you want in addtion to the other debt you have balances on - get pre aprpoved to know for sure ...also if the scores are low ( < 680) try to get the balances of each card lower than 30% of the card limits.....also - if you are self employed and the business formally pays the cards - your lender might be able to exclude the debts from your qualifying if you can provide proof the business pays these for the past 12 months - good luck and feel free to contact me with any questions / needs Dave Skow | Loan Officer Movement Mortgage NMLS 278613 Dave.skow@movement.com Mobile (206) 714-9745

It is the balances that can lower the scores...not the quantity. Maintaining low balances typically below 30% or so will generally not lower your scores. Also lower payments will provide more purchasing power unless payments meet guidelines to be excluded. Feel free to reach out to discuss further. 562.254.5616

HI, will those cards effect you? yes, no, and maybe... Sorry, but we really can't answer that without a full application, and a review of your credit report. But generally speaking, credit cards are the most common thing that hurt credit scores. The higher up your utilization to your limit, the more it hurts your credit score. For example, you have those 11 credit scores, but the balances are low, and you pay those little balances off each month. Therefore you must be in good financial shape, and it helps your credit scores.. On the other hand, you have those 11 cards, they are all near max'd out, and you are only making minimum payments. You must be in rough financial shape, and it hurts your credit scores. But for most people, eliminating debt is usually a good thing before applying for a home mortgage loan. I provide home loans in MN, WI, IA, ND, and SD. Find me online at FirstTimeHomeBuyer-MN.com | Cambria Mortgage | NMLS 274132