American Express Card: Leave Home Without It
Hello, I wanted to let you know if you have a credit card that requires the balance to be paid off every month, mandatorily, like some American Express cards, there won’t be a payment that’s counted against you in your debt ratios for a mortgage because there is no… There’s no minimum payment. You just have to pay it off every month. However, whatever the balance is that’s on your credit report at the time we pull that credit report, whatever the balance is, you have to show that you have that cash to pay off the balance of the credit card. So you have to document your downpayment, plus your closing cost, plus whatever is needed to pay off that credit card, or if there’s several to pay off all those credit cards at that moment you’re trying to get a mortgage. Just an important note, if you’ve got a card like that, again, like an American Express, make sure you’ve got the cash documentable to show that you can pay it off along with downpayment and closing costs. Thanks.