Please help me...

@crystalc (289)
United States
October 5, 2006 4:47pm CST
I was wondering if it is true that in order to buy a house you can't have any credit cards. My mom told me this. So, is it true?
17 responses
@brett80 (190)
• Australia
6 Oct 06
If you have paid the minimum monthly payments, having a credit card is an advantage. It shows a good credit history. If you are looking to borrow a lot(relative to your income) i would recommend reducing your limit. They look at your ability to pay the morgage even when your cards are maxed out.
@crystalc (289)
• United States
6 Oct 06
Even if your cards are not maxed out when you get the home loan?
@brett80 (190)
• Australia
7 Oct 06
Yes they allways work off the maximum limit. Usualy you can drop your limit for 6 months, then after you get the loan you can put it back up.
• United States
6 Oct 06
you can have credit cards or any other kind of debt for that matter when buying a house as long as the payment history on those debts show timely payments and you arent behind on them, and as long as those payments combined with a mortgage payment would still work with your income.
@crystalc (289)
• United States
6 Oct 06
I will make sure that it does. Thank you.
1 person likes this
• United States
11 Oct 06
what if you paid off all your cards. And don't have any at the time of buying? Thanks
@bigedshult1 (1613)
• United States
5 Oct 06
no I am buying a houes and I have alott of them .you can fave them as long as you don't over use them .thay are one of the wayes that you can ceg your credit going by us them wisely and not getting to in det so try to by the thiong you are going to pay cash for .but in sted of cash us ths credit card and pay it off when you get the bill in full
6 Oct 06
Good luck with the house buying process! Finding the right mortgage can always be hard!
@crystalc (289)
• United States
6 Oct 06
I was wondering should I go in on a flexible mortgage rate or is that a really bad idea?
@franhrnt (185)
• United States
6 Oct 06
when I bought my house I had 14 credit cards (mostly unused)but my credit score was excellent
@crystalc (289)
• United States
6 Oct 06
I think I need to work on having great credit. I don't have bad credit or anything. I am still young and I don't have enough of it bult up. I just got my first loan ever for a car a couple of months ago.
@register (1065)
• India
6 Oct 06
In order to buy a house you can't have any credit card ? What! I have never heard that one before ! Where are you from ?
@crystalc (289)
• United States
6 Oct 06
Well I'm from Hawaii but now live in Idaho. I was just wondering because my mom told me that. You know how moms can be sometimes. :) Well, I just wanted to learn a few things before talking to the loan people. I know that they just look out for what is best for them, and I don't want to be confused.
@megean2k4 (403)
• United States
6 Oct 06
In our case, we needed a credit card to buy a house. You need established credit to buy a house. You can obtain that in many ways, loans, credit cards, bill paying, etc. All you need is established credit and for some time, almost always at least over one year.
@crystalc (289)
• United States
6 Oct 06
Okay I have done that thanks.
• United States
11 Oct 06
Not true, as long as your credit cards are in decent standing and you have decent credit, decent income and a decent down payment you shouldn't have a problem.
• United States
11 Oct 06
you can have credit cards or any other kind of debt for that matter when buying a house as long as the payment history on those debts show timely payments and you arent behind on them
@Polly1 (12648)
• United States
11 Oct 06
I bought a house with a credit card. Its true!!!!
@katyzzz (2902)
• Australia
11 Oct 06
If your credit cards are fully drawn and you have no assets to offset them, it's probably true. Come on, you have to demonstrate some ability to keep up the payments and still manage your life.
• United States
11 Oct 06
I hope someone out there can help you.
• United States
11 Oct 06
Credit cards are fine as long your credit history is great with your payments. Meaning that you pay on time, and no lates. Also make sure that you are not reaching the highest credit limit on your cards either. You will have too much high utilization of your credit. My suggestion is to attain your credit report from the three main credit reporting agencies to see all that you have. I am assuming that you are in the US. I am not sure what are the things look for in other countries.
@amd613 (15)
• United States
11 Oct 06
I purhcased a house and have credit cards. The main thing they look at is your income to debt ratio. Of course they also make sure payment history is good on the credit cards. Good luck buying a house!
@tater03 (1765)
• United States
7 Oct 06
No, actually having some credit is good. Now bad credit makes it harder to buy a house, but not necessarily impossible. We just got our first home about a month ago. And our credit was not all that great.
@ssh123 (31100)
• India
6 Oct 06
I do not think credit cards have nothing to do with buying of a house. Only thing is interest rates on credit card borrowing is high and hence you should not borrow on credit cards. Loan on house is given on mortgae of the house and repayment capacity of the person. All you need is salary certificate if employed or income tax certificate if self employed.
@SunnyDays (1071)
• Bahamas
6 Oct 06
Not that I know of.. As long as you have a good payment history your Credit card shouldn't have any impact on you getting a loan for a house Good Luck !
5 Oct 06
Credit cards are usually fine providing you haven't had any expensive outstanding debt on them, same goes for any other system of 'borrowing'. It's possible even if you have a bad credit history, although it's more likely the monthly premium will be higher than if you hadn't had the debt.