Fed cuts rates... again Options

[Spectatrix]

... by three quarters of a percent. Thoughts?

[Spectatrix]

Question for you, Impala: did your mortgage lenders give you a ballpark estimate for how much available credit is ok and how much is too much? I presume it depends partially on how big a mortgage you're trying to get, but some guidelines would be nice.

[impala454]

Question for you, Impala: did your mortgage lenders give you a ballpark estimate for how much available credit is ok and how much is too much? I presume it depends partially on how big a mortgage you're trying to get, but some guidelines would be nice.

My mortgage lenders didn't, but my vehicle loan people did. I don't recall exactly the number he gave me, but he said they tend to weigh the amount available as much if not more than the % available, if that makes sense. They also mentioned it is definitely a factor but not nearly as much as previous vehicle loan experience. Which kinda sucks when you get your first one .

The mortgage lender didn't give me a ballpark figure of what % is good, but she did mention that closing a bunch of accounts just before going to get a home loan isn't a good idea. She said if you wanted to get available balance down just lower your limit by a decent amount. I.e. maybe take a $10,000 limit down to $6,000 - 7,000. She said if you have a ton of accounts then yeah closing some is ok, but start with "store" cards first.

Most of this is no big deal to people like us. The dealership loan guy mentioned my credit "problems" (as I had called them, had about $3k on a card at the time) were laughably small compared to anything that would hurt a person getting a decent rate. He said the bad rates tend to start when people have $20k+ in revolving debt. He said he actually had a couple come in once with over $200k in combined revolving debt (like $150k for the wife and $50k for the husband ). The mortgage people had similar stories.