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Thankfully, I have been able to stockpile a lot of credit over the past year and a half, the majority being bank cards ranging from an old, old, cap 1 @ 700 to a few of 12k cards and one AU @ 22k. My scores are ex 741, eq724, TU 752, aaoa 4.3, income 150k. Total CL 198k with 5% utilization......inq Eq 50, tu13, ex30.......probably the most anyone has seen for a while. Will lenders see my profile neg or pos with all the available credit when I app for a HELOC......should I get rid of some cards?
In my opinion the available credit wont hurt you but the inquiries may.
@coldnmn wrote:In my opinion the available credit wont hurt you but the inquiries may.
Right, your total CL to income is nothing to be alarmed about (~ 1.3, many have 3 or even more). But inqs are high (there are recent postings by those with more!) How recent are these? Are some/most over a year, in which case they won't impact score but will be seen on review. Generally, the older they are the better. If a number are very recent, then your HELOC app will look like just another desperate attempt for credit (for some unknown but presumed to be bad reason!). If the app is the first for 6 months, they will be happier.
@longtimelurker wrote:
@coldnmn wrote:In my opinion the available credit wont hurt you but the inquiries may.
Right, your total CL to income is nothing to be alarmed about (~ 1.3, many have 3 or even more). But inqs are high (there are recent postings by those with more!) How recent are these? Are some/most over a year, in which case they won't impact score but will be seen on review. Generally, the older they are the better. If a number are very recent, then your HELOC app will look like just another desperate attempt for credit (for some unknown but presumed to be bad reason!). If the app is the first for 6 months, they will be happier.
Couple of apps in past 6 mos........gonna wait 6 mos before app for ANYTHING else