ST Alpha - "LIR: Does ST know? When applying for a mortgage, which looks worse? Credit Card or bank Line of Credit debt? -- (link)" (Reading a Post)

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LIR: Does ST know? When applying for a mortgage, which looks worse? Credit Card or bank Line of Credit debt? -- (link)

Posted by Name Withheld By Request (aka BlueKopo) Feb 24 '11, 08:22

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http://www.hsxtt.com/index.php?post_id=1524230&board_id=9728&username=BlueKopo (www.hsxtt.com)

Applying for a mortgage later this year. Right now, I can tackle credit card debt or line of credit debt. What will look better?

Name Withheld By Request (aka BlueKopo) Feb 24 '11, 08:19

I'd prefer to pay down CC debt due to the interest rate, but I'm told that as long as your CCs are under 50% of your balance, that the line of credit is actually the one to be more aggressive on. Any first hand experience here?

Responses:

Pay down the one that is closest to being maxed out. - ceregon Feb 24, 08:47
It's all about the credit score. What you can do to fix that is debatable, other than the typical stuff - JaxSean Feb 24, 08:40
I don't know that there is a difference in how it is viewed. debt is debt. - znufrii Feb 24, 08:25
what znu said. Higher interest rate first and always -- nm - Beaker Feb 24, 08:23 4
- Okay, then its status quo, because that's what I've been working on already these last few months. -- nm - Name Withheld By Request Feb 24, 08:25 3
  - and if you get approved, see if you can consolidate your CC debt and LOC into the mortgage. Lower interest rate I bet and 1 payment over several rocks -- nm - Beaker Feb 24, 08:28 2
    - (and deduct the interest on taxes.) - JaxSean Feb 24, 08:41 1
      - Yep to your IM. We don't get to do that on primary residences up here. Only interest on mortgages on revenue properties. -- nm - Name Withheld By Request Feb 24, 08:49

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LIR: Does ST know? When applying for a mortgage, which looks worse? Credit Card or bank Line of Credit debt? -- (link)

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