lee m
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Yes, just having that available credit can make it harder to get a loan because you could go max out those cards at any time. Chose one or two to keep, cancel the rest. You don't really need a card for every store you've ever shopped at, do you?
I have only one credit card (a Master Card), and a near-perfect credit score. |
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vapeaceout
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Credit cards themselves have no direct impact on the possibility of a home loan, however high balance to limit ratio's can greater decrease your chances. The best option is to sit with an underwriter and find out what the best loan for you would be. You may get a loan but the interest rate may be a little higher. |
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whatevit
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Only if the credit cards have charges on them. If you have 10 credit cards and a total of $500 in credit charged on them, you are a better risk than the person with 2 credit cards with $1,500 charged on them. |
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Beautifull
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well yesterday i went to a seminar that involved that and our instructor told us yes because of the temptation you would have for spending the credit card on things you want and not things you will need.... so it is best if you stick to just only one card. |
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Jen
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Yes it does. Especially if you have balances on them. They take those in consideration since they are your expenses. Income minus the expenses. |
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stopccdebt
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It may, but if so, the lender will advise you to close unnecessary credit accounts. There is no advantage to closing these before the lender advises you.
Also, if you do close some accounts, avoid closing the accounts that you have had the longest. Those are your best credit building accounts. |
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johnkmayer
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It's all a part of the big picture, lenders will look at your income versus what you owe each month. If it appears you owe almost as much as you make it may hurt you. The best thing to do is go to your bank with all your information and ask to be prequalified for a home loan. They will go over your information and let you know how much you can be prequalified for, then you know what you an afford. Most Realtors prefer prospective buyers to be prequalified. It really tends to streamline things with no surprises. Hope this helps you. |
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twistoffate2099
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if you owe money on a lot of them or all of them yes, just having it, no |
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nebula7693
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Ok, here are the facts about having too many credit cards. The answer to your question is a resounding YES! The problem with having too many credit cards is that it makes you seem, to a potential lender, that you are trying to live outside your means. This is coupled with the fact that if you have more than three credit cards, your credit score begins to drop.
That is the simple answer, but it is really more complex than that. If you have balances on those cards that exceed one half of the limit, that will count against you with the lender and also lower your credit score. Also, having too many credit cards makes you a risky venture to lenders because of the temptation to use those cards. The theory is that you may be more willing to pay off the credit cards before you pay the mortgage each month. Of course your income figures into this as well. If your income is insufficient to make minimum payments on each of the cards AND make the mortgage payment, this will count against you.
If you were one of my clients I would make you close down your newest credit card accounts until you had only two or three. Then in 6-8 months I would help you obtain that mortgage. But you aren't my client so you may do as you wish.
Good luck to you and I hope you are able to obtain a mortgage at a good interest rate. There is nothing like home ownership.
If you have any questions regarding credit issues you may email me at nebula7693@yahoo.com |
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Stuck in the middle of nowhere
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Yes I think so, especially if they have high limits or are racked up to almost the limit. |
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Taylor
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it can. it called debt to income ratio. that basically means if you have high balances on those credit cards it will limit the amount of money you have on a monthly basis to pay for a mortgage. example, i had a guy that was apply for a home loan. he just bought a new vehicle and that truck payment was 600 a month. he only made 1000 monthly which meant that he only had 400 dollars to go towards piti (principal, interest, taxes, and insurance or what most people call an escrow) so his debt to income ratio was too high and kept him from getting a home |
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iceman
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Having too many credit cards in itself does not hurt you, but having balances on them can. You need to examine your debt utilization ratio. It should remain under 33% at all times.. In other words add up all your debt on those cards, and then divide it by the total credit line of all those cards.. you should try to keep that number under 1/3rd if you can. |
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biggimpin
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If you have them all max'd out it does. |
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diva
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if your not paying them they will, pay more than the minimum bal. and it makes your credit look good, but I would have no more than 3 cards |
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firshizel
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Yes the more credit you have outstanding or available to you makes you look like a risk. You have to prove you can make a house payment, |
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