Credit Junkies = Total credit lines > Total Income

[baller4life]

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@kdm31091 wrote:
Lenders do in fact consider limits vs income so it is an important metric. The more you have far above and beyond your income, the more likely you will be closely watched by lenders and/or denied new credit.

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+1000 I recently have been spanked for this with a few CUs I joined. I have wayyyyyy too much available credit compared to income. I'm currently at 3.6 times my income. . So over this next year that I'm gardening and preparing for NASA and Penfed, I will cut that down to less than twice my income. It's important to keep that ratio in mind when applying for new cards and requesting clis. It can definitely come back and bite you in the patootie. I learned that the hard way.

[vanillabean]

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@kdm31091 wrote:
Lenders do in fact consider limits vs income so it is an important metric. The more you have far above and beyond your income, the more likely you will be closely watched by lenders and/or denied new credit.

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Some care, some don't, and some love the attention! Among those who care, some are well-meaning, but misguided in their sense of getting ahead. They may overfeed their children, as if that's a good thing for tomorrow. Like with credit limits, people are overreacting out of fear and don't think.

[gdale6]

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@vayub4 wrote:

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@Thomas_Thumb wrote:

It's a potential BK7 given the 2 car loans.

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Bla bla bla!!! Both my cars are 2015 my payments are only $700.... one of them is almost paid off because I put down a huge down payment.... Not everyone is foolish, some people actually plan.... And if I end up with BK, I wont be the first person!!!!

I put whatever comes to my mind on Apps..... BK has never come to my mind, Whenever I borrow money I know I have an obligation to pay it back!!! It may take time but I will eventually pay it back.... 

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This would actually constitute fraud and a BK would most likely be denied due to it, the creditors who were deceived could also conceivably file criminal charges of fraud. Its best to not lie on a credit app.

[vayub4]

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@gdale6 wrote:

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@vayub4 wrote:

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@Thomas_Thumb wrote:

It's a potential BK7 given the 2 car loans.

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Bla bla bla!!! Both my cars are 2015 my payments are only $700.... one of them is almost paid off because I put down a huge down payment.... Not everyone is foolish, some people actually plan.... And if I end up with BK, I wont be the first person!!!!

I put whatever comes to my mind on Apps..... BK has never come to my mind, Whenever I borrow money I know I have an obligation to pay it back!!! It may take time but I will eventually pay it back.... 

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This would actually constitute fraud and a BK would most likely be denied due to it, the creditors who were deceived could also conceivably file criminal charges of fraud. Its best to not lie on a credit app.

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I remember asking if I could use Plastiq to pay my wife rent money on here and your reponse was I am tryin to commit fraud! What? Everything to you is fraud? If I were ever in the scenario you just painted all I'll need to say is I used family members Salaries, not everything is Fraud!!!!!

[Anonymous]

After watching everyone with bankruptcies score awesome credit limits with credit cards I think that is the way to go these days I went through a debt counseling program and I can never get Citibank or Wells Fargo ever again. I paid back 50% of all my debts and everyone with the bankruptcies paid 0 of course I'm bitter about that I wish I could do it all over again and screw everybody

[Anonymous]

that's a weird wish. guys bankruptcy isn't a game or a free get out of jail free card. be realistic

[securingourfuture]

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@Anonymous wrote:

Who falls in this category??... 

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Me - 3x income

[vayub4]

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@Anonymous wrote:
After watching everyone with bankruptcies score awesome credit limits with credit cards I think that is the way to go these days I went through a debt counseling program and I can never get Citibank or Wells Fargo ever again. I paid back 50% of all my debts and everyone with the bankruptcies paid 0 of course I'm bitter about that I wish I could do it all over again and screw everybody

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Exactly!!! I seen people with past bankruptcies who still get good things!! Like how can these banks be this stupid!! This system can be funny

[Anonymous]

I got approved with a $500 limit to American Express when everyone else who had no intention of paying a dime bag get 10000 limits well I'm more informed now I was Miss informed before they did the reading and knew how to go about it I did not

[Open123]

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@Anonymous wrote:
After watching everyone with bankruptcies score awesome credit limits with credit cards I think that is the way to go these days I went through a debt counseling program and I can never get Citibank or Wells Fargo ever again. I paid back 50% of all my debts and everyone with the bankruptcies paid 0 of course I'm bitter about that I wish I could do it all over again and screw everybody

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Right, always make the financial decision that is best for you, not nameless financial institutions.  Regardless of how it happend, it makes ZERO sense to continue paying off a debt that can never be satisfied.

Stuff happens, press the reset button.