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jtm7332
499 Posts |
 Posted - 06/04/2008 : 10:44:04 AM
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If a credit card reads "balance monthly" on the credit report, what figure do you use to figure it into the DTI. Average balance for the past 12 mos? Any help would be much appreciated.
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Pat
629 Posts |
Posted - 06/04/2008 : 10:44:45 AM
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| whatever it lists as the current monthly minimum payment, if it doesn't list a monthly payment use 5% of the balance. |
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jladarski
111 Posts |
Posted - 06/04/2008 : 10:45:19 AM
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| 5% of the total balance |
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jtm7332
499 Posts |
Posted - 06/04/2008 : 10:55:22 AM
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| Well the high balance on the credit card is $4715 and the current balance is $2741. So I take 5 percent of which one? Also, can anyone point me to an actual written document that says this. |
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Pat
629 Posts |
Posted - 06/04/2008 : 1:31:26 PM
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| The lender that you're sending to should have it documented. If the credit report doesn't list a payment and you don't want to use 5%, you can use the actual amount by supplying the most recent statement (which will show the minimum payment due) |
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