Credit Cards

[S7]

Just a curious question! Is it possible?! 

[LS2982]

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S7 wrote:

Just a curious question! Is it possible?! 

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Yes. It all depends on your annual income compared to your cuurent CL's. Some lenders will decline for too much available credit.

[S7]

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)

[omskillet]

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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)

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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. 

[S7]

Makes perfect sense.  Thanks!  (no worries here, my highest CL is $1,200.00 LOL!

[LS2982]

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omskillet wrote:

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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)

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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. 

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Or it will look like your apping for cards just for the sign up bonuses which creditors frown on

[youngandcreditwrthy]

I think it depends on your personal preferences as well as a lender's preference!

[Bay_Area_Joe]

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.