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I have been over in the CC forum for the last several months.
MyFico are all getting near 800. Income is good, debt is low.
Considering a home loan in early 2014.
What is the story with I have too much availible credit ? Is this common ?
Did I go over board with credit cards ?
Thanks
J
I have been told that too - too much available credit.
That was from a credit union, by a person in underwriting, who turned down my application for a credit card after I had already passed everything else in their system and after a human had told me I was approved. My utilization was/is always VERY low (well below the 5% mark), no lates, no month to month carry over debt (I pay everything every cycle in full).
I also (JUST) had the "too much available credit" affect my home owners insurance. Apparently, according to the broker, statistically, if you have a lot of unused available credit you are a much higher risk for filing an insurance claim. That makes no sense to me. Logically, it's the people who have too much debt that would be more likely to file a claim because they can not afford to fix it themselves.
As for a mortgage, I have NEVER been told that. EVER. I wouldn't worry about it. Don't close out any accounts.
Thank you for reply.
I have not been told that from any mortgage lender as of yet. I just read some places about it.
I have great payment history, long AAoA, no baddies at all, good employment.
If anything you would think a bank would see how stable and responsible I am.
I am not too worried about it.
Thanks