what does this even mean..?

[subwaysandwich]

Your total credit obligations, which include outstanding credit lines, are too high to meet our approval guidelines, when compared to your stated income.

I have around $20,000 income with total credit line of ~$15,000...

[BrokaToe]

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@subwaysandwich wrote:

Your total credit obligations, which include outstanding credit lines, are too high to meet our approval guidelines, when compared to your stated income.

I have around $20,000 income with total credit line of ~$15,000...

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It means that any debt that you have acquired or owe for including potential debt meaning CC limits combined are to close to what ever threshold they deem as too high to extend you more credit.  Basically, you don't make enough money to support the amount of debt you could acquire. At least that's how I interpret it.

[subwaysandwich]

guess that kind of means i'll have to garden until i get more income.... ((

[red259]

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@BrokaToe wrote:

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@subwaysandwich wrote:

Your total credit obligations, which include outstanding credit lines, are too high to meet our approval guidelines, when compared to your stated income.

I have around $20,000 income with total credit line of ~$15,000...

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It means that any debt that you have acquired or owe for including potential debt meaning CC limits combined are to close to what ever threshold they deem as too high to extend you more credit.  Basically, you don't make enough money to support the amount of debt you could acquire. At least that's how I interpret it.

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+1 Yep that's what it means. If you have a relationship with a lender over time they may increase the amount of credit they are willing to give out even if everything else remains the same. 

[Vegas247]

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@subwaysandwich wrote:

guess that kind of means i'll have to garden until i get more income.... ((

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subwaysandwich, sounds like you got denied....If you did, do you care to share? Maybe I can help? 

[subwaysandwich]

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@Vegas247 wrote:

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@subwaysandwich wrote:

guess that kind of means i'll have to garden until i get more income.... ((

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subwaysandwich, sounds like you got denied....If you did, do you care to share? Maybe I can help? 

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That's what I got when I applied for the CITI dividend card..

[BrokaToe]

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@subwaysandwich wrote:

guess that kind of means i'll have to garden until i get more income.... ((

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Well, every lender is different, but don't look at it like you're shut out completely.  By gardening the tradelines you currently have you will be open to possible credit line increases over time.  There are many folks on these boards that have way more available credit than income. These things just take a little time to grow. As your lenders learn to trust your judgement more and more, so will your CL's increase with that trust

[maksimfa]

Unfortunately other posters are correct. i would go a step further, and it seems you have balances on those cards or accounts?

if so, think of it this way, they can't expect someone to pay 100% of their salary to credit cards! it means most likely that person would default! and they would rather not take that risk.

20k in income, unless you are someone's dependent or getting federal aid, is really not enough to spend around to pay off cards.

same as someone who makes $50k a year and has $50k in debt. It's a lot.

use and nurture what you have now, so that at when you get a good paying job, you will be ahead of the game with good seasoned banking relationships to get size able credit lines.

[subwaysandwich]

I have only 1 balance reporting on 1 card, but thank you all for your knowledge!! I'm feeling better now

[newUser0]

How much you owe on that card?