Does anyone here know if lease payments count as far as credit reporting.When it comes to debt ratio are lease payment accounts included.I owe 3,600 on a 7,500 original lease do they add this to my credit card balances to determine my available credit?Example (owe 5,400 on credit cards which have a total limit of 6,000)Thanks!!!
I believe it would count toward you're debt/income ratio (would be part of the 41% allowed by most mortgage companies for debt.) But it probably wouldn't count towards the percentage of available credit. I think that they are talking about revolving credit when they figure percentage of available credit. I'm not sure on this, but I do believe that this is the way it works.
