You'll find CUs that don't give a hoot about available credit and the same goes for large banks.
I've also seen the opposite with both.
Most of the time. It's not the lender, but a UW with nothing better to do but nitpick. 😂
There's no magic formula to the ratio.
When it comes to loans that are collateral based or secured loans( auto or home). As long as you pay your bills on time and have no late or missed payments. Along with the ability to repay the loan.
No one really cares how much available unsecured credit you have IME.
It's tough to deny a person for such loans. When the UW can plainly see by your credit reports that you're able to manage multiple accounts and remain blemish free.
When it comes to finances. There's a world full of folks that are high earners but can't manage their way out of a paper bag.😂
That person may not deserve lines of credit, their income may support under different circumstances.
If having a multitude of revolving lines makes you look shabby. I'm definitely one of the shabby ones 😂
I've also seen the opposite with both.
Most of the time. It's not the lender, but a UW with nothing better to do but nitpick. 😂
There's no magic formula to the ratio.
When it comes to loans that are collateral based or secured loans( auto or home). As long as you pay your bills on time and have no late or missed payments. Along with the ability to repay the loan.
No one really cares how much available unsecured credit you have IME.
It's tough to deny a person for such loans. When the UW can plainly see by your credit reports that you're able to manage multiple accounts and remain blemish free.
When it comes to finances. There's a world full of folks that are high earners but can't manage their way out of a paper bag.😂
That person may not deserve lines of credit, their income may support under different circumstances.
If having a multitude of revolving lines makes you look shabby. I'm definitely one of the shabby ones 😂
@Gmood1 wrote:
When it comes to finances. There's a world full of folks that are high earners but can't manage their way out of a paper bag.😂Yeah!
If having a multitude of revolving lines makes you look shabby. I'm definitely one of the shabby ones 😂
Lol! Thank you for responding.......In your case how's about "Shabby Sheek"(I'd gladly take that)
Really just saw the old thread relating to the 2:1 ratio; thinking about our upcoming refinance and wanted to know how income/total available credit is viewed today 2020 vs. the OP of 2015.
Our total credit limit is not huge; our income is not huge...that's why I want to optimize my cr's before my conserative CU under writing lays eyes on our reports. Want a good balance if balance matters.
I'm about 1:1 currently if I look at my higher paying gig... though given that wasn't consistent through the entire year using the one that was it's more like 1.375:1 objectively.
Frankly that's about 40x what I have reported in any given month and those are months I make tax payments too, it's more absurd in a normal month. Back in 2013ish I never expected to need/want more than 50K in TCL and that would still be appropriate honestly, but then my approvals jump-shifted from 5-7.5K range into the 22-30K range for the majority of my approvals and my TCL rose substantially as a result.
I just haven't closed any tradelines even if I took a strategic CLD on some of them... whenever we have a downturn I'm expecting to get half of them whacked so my thought is with more than I need but not absurd compared to income I have a good chance of coming through with more than enough credit to not worry about it even if I can always pretty up when needed anyway by pre-paying I'd rather not to (got grace period, use it, adds up over time) without maxing my tradelines as if we do have a pull-back, lenders will probably go back to caring about such things again whereas they don't now unless there are other red flags.
