PIF CC’s to improve mortgage financing??

PIF CC’s to improve mortgage financing??PIF CC’s to improve mortgage financing??
Terrylen asked 4 years ago

I think I read somewhere on the forum that mortgage requirements are changing this coming summer – that Fannie and Freddie will have lenders looking at if you PIF your CC’s monthly.

 

Like many here I’m in the habit of only 1 or 2 credit cards reporting a balance, and paying all others before the statements cut so they report $ 0 to keep my scores maximized.

 

With this change, will it be better to let all CC’s report a small balance (like set up an auto pay bill to each) in the months going up to preparing to buy, and then when I’m ready to apply for financing, go back to only 1 CC reporting a small balance, with all others at $ 0 to maximize scores?

 

I’m wanting to sell my condo, and buy a duplex this spring/summer and in the garden until then, so don’t need to keep my scores maximized, but want to get this right so there aren’t issues when I’m ready to apply for financing. I’m concerned that all the $ 0 balance reporting, while it seems to me to be the financially responsible thing, might hinder the mortgage process.

 

Any advice or direction to the threads on the topic would be appreciated! I’ve tried searching the forum for the threads but can’t find them now Smiley Sad

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