Last Updated on 10/01/2017 by GS Staff
A:Generally, mortgage lenders do not check credit card statements. Lenders use the credit report to obtain information on your credit cards. The credit report will reflect such things as the credit card open date, monthly payment, any late payments, current balance, high balance, and date last active. The lender will use the minimum monthly payment on the credit report to calculate the borrower’s debt ratio. They do not need to see the credit card statements to view your specific purchase transactions.
A lender may request a credit card statement, on occasion, to verify a current balance that is not reporting on the credit report or a monthly payment that is different from what is reporting. Generally, it is not a common practice for lenders to request credit card statements.