if i owe money on a credit card and they do a credit search will it come up? i have been paying as it goes out direct debit, but will it affect me getting a new mortgage?
2007-01-31 09:24:40 · 6 answers · asked by oxonickyoxo 1 in Business & Finance ➔ Credit
YES - it will come up. The mortgage company will be checking all three national credit bureaus and they will see any money you owe to any legitimate creditor. This will not include the $500 you owe Uncle Ted, or the $1000 Carmine fronted you at the poker game - but all the credit card stuff will DEFINATELY come up.
Let your loan officer know all of this ahead of time, it will keep them from wasting time going for loans you can't get. There are ways around too much debt, but they can take a little time and effort - so be up front about your financial situation.
2007-01-31 09:31:57 · answer #1 · answered by sdmike 5 · 0⤊ 0⤋
If you paid your credit card as agreed it will show up on your credit report as just that. If you have been late on a credit card, meaning more than 30 days, it will show up also. Some companies take longer than others to report this information.
Most of the time if you are applying for a mortgage loan they look at your history paying a mortgage loan. When you go to buy a car, they look at your history when it comes to making your car payment.
Your credit score usually needs to be 630 to get a decent mortgage rate.
2007-01-31 09:32:39 · answer #2 · answered by autumalena 2 · 1⤊ 0⤋
Of course it will show up but if you have been paying on time(your Min. paymt.) then that's a good thing because you have been establishing a credit history. people with no credit history would actually have a hard time getting a loan. besides you should get your credit score and and report to see if there any errors before applying for the loan.
2007-01-31 09:45:50 · answer #3 · answered by andy 2 · 0⤊ 0⤋
the 1st, maximum serious subject is to call the lenders you have and tell them you're having problems making the money. clarify the placement, and that they could be keen to barter with you. If that may no longer adequate, or you won't be able to do it on your very own, circulate to a financial ruin lawyer. Be very careful approximately "credit counselor's"--in the event that they are no longer legal experts or accountants, they won't have the essential information (there are some fraudulent credit counselors). Your community greater advantageous business enterprise Bureau could be a competent place to seek for valid companies.
2016-09-28 06:10:15 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Ummm....YES that is what a credit check does...It checks your credit!!..And as long as you have been paying it on time it will only effect your credit in a good way...Show that you are responsible and pay your bills when you need to..ss
2007-01-31 09:29:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes, it will show up and it will look bad if you owe a lot. Try to pay it down as much as possible as fast as you can.
2007-01-31 09:33:05 · answer #6 · answered by snowangel_az 4 · 0⤊ 0⤋