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 eabscb
Joined: 23 Feb 2008
Posts: 9
3.77 Dollars($)
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 Posted: Tue Feb 26, 2008 10:48 pm Post subject: DTI Calculation - ??? |
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| I'm an authorized user on two credit card accounts, and have been making the payments for a few years. All is reflected as such on credit reports. Do those payments count in DTI? Thanks! |
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banker0679
Community Experts
Joined: 15 Nov 2007
Posts: 407
Location: Charlotte, North Carolina
12.81 Dollars($)
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| Posted: Tue Feb 26, 2008 10:56 pm Post subject: |
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No it doesnt, but you will need to show proof that they're not your account. Most lenders will require documentation from the creditor (Statements or letter)
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Clean up your credit in 37 days |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1606
Location: MASSACHUSETTS
150.38 Dollars($)
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| Posted: Wed Feb 27, 2008 12:51 am Post subject: RE: authorized user credit performance does not affect dti |
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Right banker, it doesn't affect because the poster is an authorized user on the credit card accounts. And, the new model of FICO score does not include authorized user information into account. Therefore, the debt to income ratio which includes calculation of total debt and income ratio of a borrower does not consider the credit performance of the authorized user.
Hope this helps...
God bless you.
Samantha
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eabscb
Joined: 23 Feb 2008
Posts: 9
3.77 Dollars($)
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| Posted: Wed Feb 27, 2008 5:35 am Post subject: |
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| Sorry for my ignorance, but when did (does) the new FICO model go into effect? Is the account information supposed to even be reflected on the credit report? Or, does the new model only effect calculations? Thanks! |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9696
Location: bloomfield, ct
25.60 Dollars($)
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| Posted: Wed Feb 27, 2008 10:51 am Post subject: |
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i cant answer the last question, but i will concur that your debt ratio will not be affected by the monthly obligations on those cards.
in my shop, and in others i have worked in, we use the information from the credit report showing that you are an authorized user to eliminate those debts from consideration, without getting additional documentation from you.
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George M. Akerley
Loan Consultant
860-221-5044 |
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