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 Post subject: Credit Limit increase done, could cause issue with mortgage?
PostPosted: Wed Jan 16, 2013 2:28 pm 
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Joined: Sat Feb 23, 2008 10:32 pm
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I asked for a credit limit increase on my Diamond preferred card a few days ago. I spoke to my accountant about purchasing a home and was informed that when I apply for a mortgage, this could be an issue. Balance is 10% on the card and was told that if the balance is really low and the limit is really high, it could be a cause for concern. I was pretty stumped as Ive never heard of this but I did speak to PenFed and a rep there did inform me that it could be a deterrent.

Thinking about asking citi to bring it down a bit or just might transfer a balance from another card. Fees only 3% and its 0% interest.

Any recommendations?

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 Post subject: Re: Credit Limit increase done, could cause issue with mortg
PostPosted: Mon Jan 21, 2013 10:02 am 
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Legend of NYFS

Joined: Sun Oct 01, 2006 10:03 pm
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It shouldn't be too much of a concern if your history is good. From what I have gathered over the years is that mortgage companies do not want you to over extend yourself and having too much available credit is a red flag for possible debt.

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 Post subject: Re: Credit Limit increase done, could cause issue with mortg
PostPosted: Mon Jan 21, 2013 6:16 pm 
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Thanks Az.

I just did a balance transfer from the recently upgraded Amex (0% @ 18 months) so Im good on that front.

Now I know not to ask for a CLI again. Meh, oh wells!

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<3 Palestine National Futbol/Brazil/Bulls/Mets/Giants (da football 1)/UNC

Otherwise, the season will be over before we play the Marlins come monday september 26th


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