There isn't just a pool of X for revolving credit and installment limits that you can allocate. You can't just trade in $Y on a credit card and expect to get $Y with another credit card or with a mortgage or other installment.
Every creditor/product has its own underwriting critiera that will determine the limits that you qualify for. Your credit isn't necesarily going to qualify for the same limits and amounts with every product and creditor out there. Some might extend more. Some might extend less.
Not having any cards isn't going to help you. Granted, this only covers FICO scoring and not a given creditor/product's specific requirements but Credit Mix is a factor, for example.
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
I have significanlty higher limits on my cards now than I did for my previous mortgage applications but my credit is in significantly better shape and I've easily qualified for a much bigger mortgage with best terms available.
@Anonymous wrote:
I'm just confused bc I don't want to get my credit limits high if it means that I won't get as much house buying power. Any and all help is thankfully
Discuss with your mortgage lender as what they're specifically looking for is what matters. If the limits on your cards is an issue you can reduce/close them. The mortgage process isn't like applying for a credit card where you fill out the app and a decision is made. You'll be carefully scrutinized and your credit will be reviewed multiple times.
Don't overlook the Mortgage subforum as a resource.
