I had my budget done about a month ago and I only have 3 things on my credit. Will my Chase credit card balance hurt our chances of getting a home?

Asked by Lewis_romell, Shreveport, LA Fri Nov 30, 2012

Help the community by answering this question:

+ web reference
Web reference:


Carolyn and…, Agent, Shreveport, LA
Wed Aug 7, 2013
You have received a lot of good advice. Get specific, get prequalified with a local lender, and get a home.

If you would like specifics, go to http://www.Zip711.com and click the Trulia menu tab.

I interview prospective buyers and sellers on a regular basis. I would be glad to speak with you once you have spoken with a lender and have a letter of prequalification. If you would like a list of local lenders to consider, please contact me at Zip711.com.

Carolyn Grimsley, CRS, ABR
Certified Residential Specialist, Accredited Buyer’s Representative
Licensed by Louisiana Real Estate Commission
Realty Executives SB
In Bossier, 4012 Benton Rd suite 110
In Shreveport, 8575 Fern Avenue Suite 105
Each company independently owned and operated

Web Reference:  http://www.zip711.com
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Tue Jul 30, 2013
Hi Lewis

Chase Credit Card will be one of the issues, if at all depending on other factors.

Such as Income, FICO, Debt to income Ratio, length of employment, how long in the same
field of employment, down payment, property, how much of the Credit Limit on your Chase card
you have used etc...

Good luck.

Web Reference:  http://ruthandperry.com
0 votes
Jollette For…, Agent, Houma, LA
Tue Jul 30, 2013
When qualifying you for the amount of the loan, the balance doesn't matter so much as the minimum monthly payment of the credit card does. The balance on your credit card can hurt your credit score if your balance is more than 30% of your total limit. You have to look at the big picture. Having only 3 things on your credit does not mean much either. It depends what those three things are, how much are your monthly payments, etc.
0 votes
Luther Kraxb…, Agent, Prescott, AZ
Fri Nov 30, 2012
Having a credit card will not hurt your credit at all; it actually helps you out. Having a balance on the card will not benefit you. You will want to carry as low of a balance as possible to achieve the best credit. Late payments will also hurt your credit. Once you have a zero balance and if you do not want to use the card anymore just get rid of the card but DO NOT close the account. The reason for this is that the more credit you are given the more "credit worthy" you are considered, thus benefitting your credit score.
0 votes
I was behind a few payments but I had it set up for the payments to come directly out of my bank account each pay period..so it can help me stay on track. Im newly married as of July and my wife needs, wants and deserves a house.
Flag Fri Nov 30, 2012
Jumar Crosby, Agent, Atlanta, GA
Fri Nov 30, 2012
Hello Lewis,

Thats a great question and I have an answer for you. Showing open lines of credit usually is a positive for your credit score unless you have a high balance on the existing account. which can work against your credit/balance ratio. I would say to pay it down as low as you can but DO NOT close the account as often times this will drop your score as well. You want to keep some funds in the bank at least 3.5% of the purchase price on the home you want. There are programs that may assist you with closing costs if you qualify for them. Give me a call and I can go over some of the programs that I know about.

Jumar Crosby
Realty Execuitves SB
8575 Fern Ave suite 105
Shreveport,LA 71105
318-564-4723 cell
Independently Owned & Operated
Licensed in Louisiana
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more