Say that someone has a total household income of 90k (not me, I'm still in grad school and working part time) and has total available credit of 64k (this I have). Is this too much?? I heard that it doesn't hurt until you have over 100k in total available credit, but does this apply to most people?? I will be looking for a mortgage in a few years so I want to be careful now rather than later.
Not necessarily. It has been my experience that available credit does come into play when applying for a mortgage. I did buy my present living quarters, a townhouse in Union Beach, with credit cards. I am considered selfemployed and my income would not allow me to be able to pay for my mortage and the possibility of tapping all my available credit, so I used my credit to get a no income verification, low documentation mortgage. www.creditsense.com
