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I'll look later, but my total credit lines are probably around five times my annual income.
DW might be at six or seven times her annual income.
Conservative credit unions frown at us, but big box banks don't seem to mind...
@tcbofade wrote:Conservative credit unions frown at us
My CU is conservative. I hope they don't frown at us when the time comes.
IDK but I'm actually a teensy bit above 2:1 ratio but not by design. I really just focus on having the UT padding for when I do want to make a larger than usual spend.
And, personally, I feel quite comfortable at this ratio now that I've taken the time to think about it, which I never have before.
Thanks GApeachy for asking the question. It gave me pause for thought.
@CreditInspired
Combined dh and I are 2:1 or a hair above. Don't know if CU/banks look at it that way or not. If they don't that's great! (eta: a few months back I have trimmed the fat thinking that was a good thing; plus it made life easier.)
None of you are wrong, I am not yet ready to trim the fat... still need the utilization padding as we pay off debt with the help of the zero percent balance transfer shuffle...
Current overall credit lines are 7.6 times my annual income.
DW overall lines are 6.9 times her annual income.
@CreditInspired wrote:Thanks GApeachy for asking the question. It gave me pause for thought.
Idk if it really means all that much or not; wanted to know. Like @Remedios pointed out, CU's don't like an avg. client having an overabundance of available credit when looking to extend more credit...like why bother, right? I'm preparing for a refinance at my local CU in a little over a year....I wanna look goooooood; not shabby.
I'm the myFico counter-example with tcl only around 20% of total income.
@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.