05-05-2008 01:30 PM
This isn't even a new thing. Way back in the mid-90's I bought a house, no down payment, 98% financed with a state grant to cover the closing costs and the rest, and I was told I had too high of a CL on my only CC, it was around $5000 (it was a student card and I was still in school). The bank didn't like it and made me request a lower limit of just $1000. A few months after closing I called and had it raised again. Obviously my situation was a little unique as I was still in school and didn't have much of an income.
MidnightVoice wrote:Yes there is - nowadays some mortgage companies are looking at total available credit, and sometimes they tell customers they have too much.
05-05-2008 04:12 PM
05-05-2008 04:50 PM
Since we're not going anywhere soon in mortgage land, I'm not worrying about scaring them off.
I came up with a completely different set of targets:
total bank/ CU card CL equal to or a bit more than annual income each bank card with a CL in 5 figures, i.e. $10K or more each store card with a CL in 4 figures, i.e. $1K or more
There's probably some reverse reasoning involved in this, as my ultimate goal is 5 or 6 good CU and bank cards, plus a smattering of store cards, so I wound up looking at my current CU CL's and working the difference for the rest.
05-05-2008 05:20 PM
I didn't say household income.
A total CL amongst all cards equal to or greater than household income?
If you're living in a major urban area and have two white collar professionals working full time, that could be a pretty dang huge credit line....enough to buy a house in some places.
What's your reasoning for picking that particular value?
05-05-2008 08:41 PM
05-06-2008 05:32 AM
I'm thinking very strongly of refinancing out of my ARM with NFCU in the foreseeable future. Hopefully they won't have an issue with too much available credit.
I have about 25 percent more than my annual income in available credit. However, it's across several accounts with fairly substantial CLs.
The way they have been so far I don't see it being an issue, but this thread has me worrying.
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