Thursday, December 8, 2011

I wonder if having 100K in available balance when you apply for a mortgage would hurt your chances?

Lets say you make 50K a year and have 100K in available credit.


Wouldn't that hurt your chances for a loan, or will it improve them?


Wouldnt the leder be afraid, you'd "go shopping" in the future?|||Been there and had no problem getting a mortgage. I had enough to pay cash for the house if I was so inclined.


Other factors carry more weight.|||The best question is... what do you owe? if you have 100k in available credit, and have 100k in balance, then your ratio is 50/50. will the bank or lender want to give you another loan for another 100k? maybe, usually lenders want to see that you only owe up to 35% of your available credit. (0 is even better)





other things also affect their decision, how is your paying history, your job history, how many times have you move from work or homes, etc.|||More and more during these times, banks are looking at your whole credit report, not just your score. Your score was once an easy way to summarize your report and give you an overall grade, but now banks look for these details.





Yes, it will hurt your chances of getting approved if you have $100k in available credit on revolving accounts. Obviously the concern is that you are going to buy a bunch of crap and then file bankruptcy to get out of paying for it. You should close some accounts and/or ask for credit limits to be lowered and locked in place at your requested levels.|||Hi Judy.





I have said for years it makes no difference how many credit cards someone has what matters is how they manage them.





For you to have this much available credit you must have a lot of cards, I think since you have $0 balances on every one of them this would say to a lender that this is someone who obviously knows how to manage their money.|||It will depend on your present credit obligations. If you have 1000K available and owe 100K in credit card debt etc 50K a year would be frowned upon. Actually anyone can "go shopping" after they obtain a mortgage. The secret is NOT to go shopping while you're APPLYING for that mortgage. AH HA!|||This is way too much available credit for someone who only makes 50k a year. These days banks are scared to death to loan to anyone that poses any kind of risk. My recommendation is that you get some of your limits lowered, Obviously your credit score will be the biggest factor, because this will let them know how you handle your open credit.|||the key question is your credit rating. check it out with source 1





I'm amazed that you have 100k credit lines on 50k income.


the standard today. you can easily get yourself into big trouble. suggestion: cancel the cards---all of them!





source 2 should help you figure out what you can afford.


hoe much cash is avail. for a down payment?





what is the ratio of mort. payment to income?|||Yes it will lower your credit score because of the high amount of available credit. If I was you, I would cancel some of my newer cards to get this amount down to say 25K.|||Way too much available credit. That will be viewed as a negative.

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