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Just a curious question! Is it possible?!
@S7 wrote:Just a curious question! Is it possible?!
Yes. It all depends on your annual income compared to your cuurent CL's. Some lenders will decline for too much available credit.
So if your available credit is way more than your annual income, they see that as a red flag? (hope im not making this more complicated than it is, lol)
@S7 wrote:So if your available credit is way more than your annual income, they see that as a red flag? (hope im not making this more complicated than it is, lol)
Definitely. It will spook a creditor into thinking that if you get into trouble and charge a significant amount you wont have the income to pay it off in an appropriate time.
Makes perfect sense. Thanks! (no worries here, my highest CL is $1,200.00 LOL!
@omskillet wrote:
@S7 wrote:So if your available credit is way more than your annual income, they see that as a red flag? (hope im not making this more complicated than it is, lol)
Definitely. It will spook a creditor into thinking that if you get into trouble and charge a significant amount you wont have the income to pay it off in an appropriate time.
Or it will look like your apping for cards just for the sign up bonuses which creditors frown on
It is possible to have too much credit. I think I have too much credit right now.
But, it is all about how your file is and the stats.
There is a person widely known on another forum that is a master at Credit. He has 66 tradelines with an amazing over 1 milliion of credit lines.
He credit score is still in the low 800's, and has reached as high as 840. From what I can tell he is not super rich either.
It is all about the game, the score, the limits, the AAoA.
I am sure when I go for a home loan next year the loan officers will tell me I have too much credit and that I will need to close some lines.
To date I have never been declined for credit because I have too much credit. Usually denied for too many inq's or too many recent accounts.
But I am gardening now to let everything age.