Posted on: 19th Nov, 2012 11:40 pm
One of my friends who have a mortgage stated that mortgage loan officers frown on applicants with more than 5 credit cards, regardless of score. Is this true?
As far as I know, the credit score is more important than the number of cards you have taken out. Unless you have the required credit score, none of the lenders will be able to offer you a loan.
Welcome Converse,
Cards are not the only thing which will play a major role in your mortgage application process. Your scores are equally important. The number of credit cards that you have may play a role in deciding your debt to income ratio but the scores are the basic requirement which you will have to meet.
Cards are not the only thing which will play a major role in your mortgage application process. Your scores are equally important. The number of credit cards that you have may play a role in deciding your debt to income ratio but the scores are the basic requirement which you will have to meet.
No, it's not true.
