Does having a high limit cards help for auto loan?
My highest limit card right now is Amex BCE with $18K, and the rest is on my signature. I'm planning to get Lexus car after I pay off my current auto loan. I have $41K annual income.
Re: Does having a high limit cards help for auto loan?
@Anonymous wrote: My highest limit card right now is Amex BCE with $18K, and the rest is on my signature. I'm planning to get Lexus car after I pay off my current auto loan. I have $41K annual income.
Scoring doesn't look at credit limits; only the percentage of credit used (utilization) being reported each month.
Re: Does having a high limit cards help for auto loan?
Your scores, DTI and available income to pay the payment are what matters. Depending on the Lexus 41K might be a little tight to get financed but I would get preapproved so you know what you are qualified for going in. Try a credit union first.
Re: Does having a high limit cards help for auto loan?
@Anonymous wrote: My highest limit card right now is Amex BCE with $18K, and the rest is on my signature. I'm planning to get Lexus car after I pay off my current auto loan. I have $41K annual income.
I don't think it matters. I had crappy cards with a total of 5.6k in limits. But also had a mtg for 2 yrs, and another auto loan before I purchased my Bimmer. They never mentioned it.
