we are doing lease to purchase at this point and paying off all our credit cards

Any amount on a Credit Card is considered Debt, but all that is held against your debt to income ratios is the Minimum Monthly payment amount as shown on the credit report for the account. Your credit score is dependent upon the Balance on the credit card compared to the High Credit Limit. You mentioned a $600 balance, but if your limit is only $700 to $1000 it is substantially lowering your credit score. It is best to keep the balance as low as possible, and best at 20% of high credit limit or less. I hope this helps. Call me at 703-293-6146 if you have other questions.

Having a zero balance on a CC will produce a lower score than CC's with balances on them.. You can try putting just $50 on each card.. or $1000 on just one or two of the cards.. But yes.. Having a balance will give you a HIGHER score.. Once your balances go above 25%, you will start to see your scores lower.. The lender will look at MINIMUM monthly payments, not your overall debt... so if you put $600 on each card, and the minimum payment on each card is $25 per month, then you would have a total of $250 per month added to your debt.. You can also try closing a few of the cards.. That in itself could potentially raise your score... but in any scenario, a 690 score allows you to get financing, both FHA and Conventional.. FHA will have nearly a zero impact to you by having a 740 vs. 690.. and with conventional, it would be minimal, so I'm not sure what your goal is, but if it's to get your lease purchase into a mortgage, you can apply now... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

If your score is now close to where you want it to be, now is the time to begin paying down the balances. Have I balance of between $25 and $50 on each card should be sufficient, and will probably get you more points than $600 on each of them. Keeping the balance small also keeps the payment small, and still gives you the score boost. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

We would be happy to review in more detail (without any fees) what you need to do with credit to be at an eligible level. Give me a call: Mark 302-449-7373

A lender is going to count every payment owed on each account with a balance. There is more to an optimal credit score than keeping your balances low. I would be happy to discuss this further with you. I can be reached at 804-677-8588 and am located in Midlothian. Lynn Kinsel NMLS#259819

All monthly payments (no matter how minimal the balance) will be counted against your DTI. There is more to obtaining a optimal credit score than keeping low balances on your credit cards. For more information, feel free to contact me @ 804-677-8588 Lynn Kinsel NMLS#259819.