Posted on: 02nd Aug, 2010 03:54 pm
Is it better to pay off smaller balance credit cards before applying for a mortgage or is it better to pay off bigger balance credit cards before applying for a mortgage?
In other words, is it more to my benefit for loan approval purposes if I have 3 larger balance credit cards or 10 smaller balance credit cards?
Thanks.
In other words, is it more to my benefit for loan approval purposes if I have 3 larger balance credit cards or 10 smaller balance credit cards?
Thanks.
The balance is not the issue. You need to look at the minimum payments for each of your outstanding items. The minimum monthly payment is what can hurt you. So, pay off the items with the largest payment amounts.