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Old 06-12-2007, 12:12 PM
 
2,265 posts, read 4,208,302 times
Reputation: 1813

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Need help here...

The application for the co-op I'm applying for requires me to list my liabilities.

I have about 2600 dollars in a 0% APR credit card.

And, I also have 2 credit cards which I use for sundry expenses and which I pay off in full every month.

I owe nothing on one but owe 1500 on the Mastercard. I get paid this Friday.

What would be better... to pay it all off OR wait until the pay date (July 10th)?

I ask because I will submit this list (with several other documents including my income and tax returns of the past 2 years) to the co-op board soon.

They'll run a credit report, but credit card balances do not appear on the report, right?

And my application with all this information, must be notarized. From an ethical viewpoint I don't feel comfortably omitting any information. But, I am concerned they will hold my 1500 balance against me.

Suggestions?
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Old 06-12-2007, 10:45 PM
 
Location: Happy wherever I am - Florida now
3,360 posts, read 11,364,281 times
Reputation: 3867
Credit card balances do show on your credit report.
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Old 06-13-2007, 10:09 AM
 
Location: Just south of Denver since 1989
11,483 posts, read 31,061,336 times
Reputation: 8103
What does your advisor say?

I would say; your financial health is as good as it gets. Having a balance of less than $2,000 on a credit card is unheard of.

But my opinion doesn't count.
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Old 06-13-2007, 08:01 PM
 
Location: Atlanta
738 posts, read 697,361 times
Reputation: 279
The credit card debt is too inconsequential to worry about. The co-op board doesn't care. They want to make certain you are not burdened with debt and that you would become a potentially bad or undesirable neighbor.
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Old 06-14-2007, 11:57 AM
D_J
 
Location: Michigan
58 posts, read 614,842 times
Reputation: 49
I agree with Buckhead_Broker that your c/c debt is too small to even be an issue. But as Sgoldie stated the balances to show up on your credit report. It sounds though as if you are in pretty good shape and having nothing to worry about.
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Old 06-14-2007, 02:21 PM
 
2,265 posts, read 4,208,302 times
Reputation: 1813
OK, thanks everybody.
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