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Reply to "What counts as "debt" when calculating what house I can afford?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]credit card minimum payments count towards your debt. So even if you pay off your balance every month, you will have a minimum payment which will count towards your DTI[/quote] Not if you pay off the balance before closing. Then your balance and min payment will be 0 (or at least lower, if you don't spend much in the days before closing). Might not be worth the extra effort for an extra $30 or so though.[/quote] Actually, it would depend on what your credit report says. You cannot pay off a balance on a revolving debt to qualify - you would have to close the account. Your credit report doesn't always have the current balance, so if you use the card at all in the month or two leading up to when the lender pulls the report, it could reflect a balance, and the minimum payment would count against you for your debt to income ratio. [/quote]
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