The Motley Fool Discussion Boards
Personal Finances / Buying or Selling a Home
|Subject: Re: Debt-to-income ratio if self-employed||Date: 2/12/2013 8:42 AM|
|Author: holhealthprac||Number: 124736 of 127684|
"The guideline at my best priced wholesale source is that 5% of the balance at the time the credit is pulled will be used to calculate DTI."
So, SOMETIMES, with some lenders, it DOES make a difference to go cash only for a while.
I would hate to give up all of the cash back I earn on those cards. The card I use most often can be paid off at any time, multiple times throughout the month. I could start a practice of paying it off once or twice a week for a few months rather than paying right before the due date. That should keep my average balance low enough.
I would be able to show 6 months worth of statements proving I pay off all of my cards every month if a lender asked.
Thanks for your help, CCinOC!
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|