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Credit Report Changes Coming Soon

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Beginning next month, underwriting software will consider whether the borrower makes just the minimum payments due on their credit cards, pays more than the minimum amount, or pays their accounts off completely each month. Borrowers who pay off their credit cards completely will be considered the lowest risk. Borrowers who pay more than the minimum payment each month will be considered a slightly higher risk, and borrowers who only make the minimum payment will be considered an even higher risk. Payment history for the past 24 months will be considered in this trended credit data.

So what should you do if you want to make sure you are the lowest risk when it comes to getting approved for a mortgage? If possible, pay off your credit cards completely each month. If that’s not possible, then pay more than the minumum payment each month.

This new credit reporting was originally scheduled for June, but has been re-scheduled for September 24.
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