I have between 5-10k on a credit card that has another 9 months 0% interest. I have the money in my bank account, but am not paying it off so I can earn the interest. Before getting a mortgage, am I better off paying off the card and not gaining interest on the money, so I have 0 debt?

This 5-10k on my CC is my only debt.

Thanks,
-Elliot

 

Your credit was excellent when I pulled it up a year ago. Cash on hand will help you qualify, where as the debt is only counted as a minimum payment.

 

Thanks BigPimp ... I may be coming back to you very soon as I'm getting married in March and this time will def be purchasing a home.

So I guess, based on your comments, I should leave the 5-10k on my CC/0% and keep that same amount in ING earning 3.40%.

Thanks!

 

or emigrantdirect earning 4%

 

Anytime. I would of course suggest to pay down any debts, especially credit card, but if it's a choice between needing money to buy a house and paying off cc debt at zero % interest, I would choose the house.

 

Keep as much cash on hand as possible. You will need that cash to pay for stupid shit that is required to close on the house.

 

to the above. If BigPimp read your credit as excellent last year and that credit card is your only debt, you are likely at the top of the heap for credit qualification. Meaning, your approval will not get any better with it paid off.

All things assumed, it will accomplish nothing except removing the monthly payment from your debt to income ratio and kicking your credit up a few more points that wont effect qualification.

Enjoy the interest, theres no need to pay if off