2006-08-28 03:49:58 · 10 answers · asked by LB 1 in Home & Garden ➔ Other - Home & Garden
Any debt you incur will have an effect on the rate you might get when applying for a mortgage. Good credit is essential in order to get the best possible mortgage rate, but the amount of debt is also a prime consideration. A person who carries a lot of consumer debt and has excellent credit may very well pay a higher mortgage rate because of the risk of becoming overextended. It is best to pay off as much debt as possible before applying for a mortgage.
Good luck with your situation.
2006-09-01 03:28:00 · answer #1 · answered by exbuilder 7 · 9⤊ 0⤋
it wont give you a poor credit rating, provided you keep up the repayments. In fact, getting things on credit and loans is good for your credit rating if you make the regular repayments because it shows you will honour the repayments of your loans.
However, when the mortgage lender works out how much you can afford to repay each month, they will take your car repayments into account so they may not be willing to lend you as much
2006-08-28 04:02:04 · answer #2 · answered by monkeynuts 5 · 0⤊ 0⤋
right it is a tidbit that maximum individuals do no longer comprehend. Your credit is majorly effected by utilising the ratio of debt owed on your extreme stability. (i.e. in the journey that your credit card had a $2000 shrink, you do no longer decide for to run the steadiness up over $a million,000). 50% is a robust shrink to stick to. in case you purely paid your stability down below 50% it is going to surely advance your score which probable dropped everywhere from 20-60 factors while to procure the motor vehicle. I had a customer that had a motor vehicle that they only owed $5000 on and had offered it for $15000 and that they traded it in for a clean $25000 motor vehicle however the fee grow to be surely decrease on the recent motor vehicle and her credit dropped very virtually one hundred factors, because of the fact the steadiness she owed grow to be $25000 of the $25000 she borrowered. ok, i'm ranting... yet specific, it is going to advance your credit. Oh, and not all creditors care in case you have 3 open commerce strains... maximum do no longer anymore except you are attempting to do pronounced earnings or a area of interest product like that. desire this helps!
2016-10-01 00:06:30 · answer #3 · answered by minick 4 · 0⤊ 0⤋
yes they take into account all of your incomings and outgoings when applying for a mortgage,when they do the credit check all of your credit will be shown!
2006-08-28 03:55:52 · answer #4 · answered by Poptartash 4 · 0⤊ 0⤋
Anything that affects your monthly debt to income ratio will be looked at when you are applying for a mortgage. More than just your total debt they look at what your monthly debt payments are in relation to your monthly income.
2006-08-28 03:56:36 · answer #5 · answered by turtlekeys119 3 · 0⤊ 0⤋
probably. when you buy on credit, its not the vendor giving it to you on credit. they'll be paid by a bank then you owe the bank so technically you getting a loan.
2006-08-28 03:52:30 · answer #6 · answered by EZ 3 · 0⤊ 0⤋
as long as you keep your repayments up you will be fine, they do however look at your incomings and outgoings to see if you can afford your morgage repayments best of luck.
2006-08-28 04:39:39 · answer #7 · answered by Don N 2 · 0⤊ 0⤋
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2006-08-29 13:30:27 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Depends on if you borrowed money to buy the car or not.
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2006-08-28 03:52:49 · answer #9 · answered by thy1 2 · 0⤊ 0⤋
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2006-08-28 03:52:13 · answer #10 · answered by § gαввαηα § 5 · 0⤊ 0⤋