Posted by Bruce Lawson on March 18, 2001 at 17:38:17:
What is the status of your current creditors? Do all 34 entries belong to you and your wife? It sounds like your paying history is good. You can pay those credit cards down to where it will lower your D/I. Do you need that many credit cards? Lenders will look at your open accounts. You might want to get a second to pay a few off, and keep the one with highest limit active. A lender will look more closely at your application without all the open debt. Are the two mortgages investment properties?
I haven’t made my first deal. I’m still in the learning process. Just a beginner and will start after my real estate seminar in April. Meanwhile I have a question about credit.
My wife and I have a few credit cards we could use for earnest money, a down payment, or whatever small amount. I’m not so sure on our ability to get a loan for real estate though. I just got my online credit report from Equifax today. We have probably 34 listings from current and past creditors. We have no late payments, no judgments, liens, bankruptcies, no garnishments, no foreclosures, etc… However our debt to income ratio is probably very high/neck to neck, and we have had 36 credit inquiries since October of 1999. We also currently have 7 credit card which we are working on. Those last three items plus two mortgages will probably keep us from getting a loan. What’s your opinion and any suggestions besides get rid of the credit cards which we are working on.