I've submitted my mortgage application and have zero debt. Will the underwriter want to see my credit card?

Asked by Gigi, Baltimore County, MD Wed May 6, 2009

statements and will it hurt me if I've made made small purchases but pay off prior to the statement closing date? I have excellent credit.

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7
Maria Avella…, Agent, LAUREL, MD
Fri Aug 3, 2012
No one is going to request a credit card, they will want your last 2 years of taxes , 2 months of bank statements, and other assets such as iras, your credit record an pay stubs for 30 days.
0 votes
The Roskelly…, Agent, Gambrills, MD
Fri Aug 3, 2012
Not at all. In fact having some credit that is used wisely will give you more credibility with any lender. Congrats for being so responsible and I hope your home buying experience is a great one!
0 votes
The Roskelly…, Agent, Gambrills, MD
Tue Jun 15, 2010
Hi GiGi, I can't think of a reason why the undewriter would need to see your credit card statements. But if they do and you have a history of using it responsibly it should not cause any problems.
0 votes
Bob McClure, Other Pro, Walled Lake, MI
Sat Apr 10, 2010
hi.....all of the below listed coments are good ones.......underwriters don't look at credit card statements.....as mentioned below..continue to use your card and any other card you have to show activity and continue to pay them off right away, then the repositories' computers have something to review every month as your credit is assessed.....you're fine....best regards...bob mcclure- first preferred mortgage- southfield, michigan.....
0 votes
Gerard Dunn, Agent, Chevy Chase, MD
Sat Apr 10, 2010
Only to pay for your application fee or appraisal.

Your balance and credit history will show up on the credit report.

Based upon your payment history - your use of the card may be an asset - not a liability.

Good Luck!

Gerry Dunn
Associate Broker
Serving Maryland, DC and Northern Virginia
0 votes
Maria Avella…, Agent, LAUREL, MD
Fri Apr 9, 2010
Lenders don't need the actual cards. They need knowledge about your financial situation, credit history and ability to pay. Having zero debt is not necessarily a good thing. If you have Zero debt because you have zero credit then you will not have a credit history to assess you and you will not be given a FICO score. In this case you will have to create a credit history by obtraining credit cards and use them and pay them for several months to create a credit history.
0 votes
voices member, , 21117
Wed May 6, 2009
They will run your credit in general. They are not going to need individual statements because the info they need will be on the report. Paying off your cc balance is NEVER a bad thing! Sounds like you are in good shape!

Lisa Devnew
LDevnew@cbmove.com
0 votes
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