ilovepizza wrote:
Nice. Yes but keep in mind that many banks see available credit as available debt. It works for and against depending on who and why they are looking at it.If the bank feels you are very responsible the credit helps. If they decide other wise extra credit may hurt chances of increasing credit with that bank.
Message Edited by ilovepizza on 10-16-2007 11:36 AM
Excellent point, I posted this scenerio in the past on here on how it hurt my brother and wife when they were going for a mortgage. Both had solid scores of in the mid 700's, no baddies, BK etc. He had 3 CC and his wife had up near 9-12 credit cards, charge cards and store cards. There bank said though they can easily qualify for a mortgage, they would give a much better rate if she closed out some of her cards. I know not all banks and lending instituations have the same criteria but too much credit can without a doubt be hurtful
As Pizza has said, in lender's eys credit can = potential debt.