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Amex Credit Card Minimum Payment - Debt/income Ratio

I have an Amerrican Express credit card (with a set limit) and a minimum monthly payment due.  But, when I pull up my credit report it states that the minimum monthly payment is $0.  Will the actual minimum payment due count toward my debt/income ratios for qualifying for a mortgage even if it's not showing up on my credit report as a minimum payment?
  • June 06 2011 - Austin
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Answers (4)

shuck2000,

The advice below is accurate and the minimum monthly payment due will count against your Bottom DTI ratio (not your Top DTI ratio).

Good luck!
  • June 10 2011
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They can order a credit supplement or just give them a copy of your statement, you will be fine.  If there is any issues after you do this visit back here and let us know or send me an email.

Good Luck
  • June 09 2011
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Shane is correct - we just did the same for a client. Once we received the supplement, everything was cool.
  • June 07 2011
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Yes it will, just provide a copy of your AMEX statement to your loan officer and it's payment will be used.

The process is the loan officer uses the AMEX statement to get their credit vendor (who they pull credit with) to provide a 3rd party verification (called a "credit supplement") that payment is indeed the actual payment.  Process usually takes a few hours.  That 3rd party verification is what the underwriter needs in order to use the payment.  Some lenders may not need that credit supplement and will just accept the statement.
  • June 06 2011
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