Question about mortgages, businesses, and an "unlimited" credit card limit

[Rememberme]

Hello,

I have a question about an unlimited credit line and getting pre-approved for a mortgage/house.

First let me explain my situation.

-Currently I have a 790+ (probably around 800) credit score.

-I have no CC debt besides the normal monthly spent (I pay off monthly before interest hits)

-One car loan roughly 18k

-One personal loan (for investment of business about to talk about) roughly 18k

-I make roughly 49K a year

I have recently opened a business with 2 other people.  It's a buy-here pay-here car lot.  All 3 of us have our own jobs/income, and are each partially running it.  Anyways, one thing that we are considering is getting a Credit card that has an unlimited balance to help with the business expenses (and help raise the business credit rating).  But, as the business is still new there needs to be a financial backer.  We are deciding on who should be the backer.  Backing it isn't the problem to me except I want to buy a house over the summer.  Since I'm going to be using a government program to purchase the house (good neighbor next door - look it up teachers/EMS/police/Firefighters), I need to be pre-approved for say roughly 150-200K. 

My question is, if I back this unlimited credit card, will it have a significant issue on my ability to get pre-approved for a mortgage?  I know having more credit available helps. So wouldn't have an "unlimited" card essentially help my score? 

Let's put in a scenario.  Say we use the card to get 20K in cars/materials/etc.  And that limit will be up and down monthly - based on sales. What happens when I go to get pre-approved?

Another Scenario, we buy these cars and put them in my name as "assets."  They will essentially be debt free "garage" cars until it's time to sell them.  I could easily put 6-10 cars in my name.  Now these aren't new cars, used cars roughly 2-5K each.  Let's say all 10 are worth 3K, that's 30K in assets.  Will running up the credit card to 20K then be negated by the 30K in assets I own?

Now if this will significantly affect my chances, what would be the MAXIMUM I should run up on the business card? 

Thanks in advance.  If you have any questions, want more information, or want more scenarios.  Please let me know.  Thank you.

[Rememberme]

Anyone know? 

Also, if it matters I'm going to be a gaurantee for a corperation, not proprietorship.

[09Lexie]

I have never heard of an'unlimited' credit card.  Are you referring to a NPSL card ie Anex charge? If yes, they will still have an internal limit. 

Secondly, if you are considering applying for a mortgage this Summer, it's best to refrain from any credit apps for 6 mos prior. 

[ezdriver]

Unless the credit card/facility is back sole by the corporation's assets, it is essentially a personal credit card/facility ... which will be used to fund business expenses. The closest thing to an "unlimited" credit card are charge cards such as Amex issues. Even then, the spending limit is determined by the charge amounts/pattern. The more yu charge on it, the more you will be able to charge on it. My personal practice would used to be that I would call Amex prior to making a big purchase for my business and they would give me a go/no go on that purchase. Sometimes it required Amex to increase the card's "limit".

Back to your concern about your upcoming home purchase ... it will be just another tradeline on your credit profile.