How much available credit do you need?

[Archaic2021]

I'm trying to get my mortgage score into the mid 700s

Is having too much availabe credit bad or is it about utilization.

[bsmit107]

It's your balance in relation to your credit limit......from what i've heard if your balance is higher than 1/3 of your available credit it's hurting you.

But also, not having enough revolving credit (having a balance, then paying it down) isn't helping you either. If you just have available credit, but never use it or have nothing that you're paying, your credit can decrease.

[taperedtam]

I'm trying to get my mortgage score into the mid 700s

Is having too much availabe credit bad or is it about utilization.

you want to try to keep utilization low. keeping it low shows that you dont just try to borrow as much money as you can; at a low utilization, it shows that you have the availability to take out a lot of money, but you choose not to.

[nutsy54]

No credit score is the best credit score. $0 available credit.
(Then manual underwriting for the mortgage).

[tripod29]

lol hard at debtcels. Couldn't imagine living like that


Inb4 muh scores

[_zman]

you want to try to keep utilization low. keeping it low shows that you dont just try to borrow as much money as you can; at a low utilization, it shows that you have the availability to take out a lot of money, but you choose not to.

This.

The number of inquiries, accounts, account history, available credit, credit used, all impact score. But paying 100% on time is one of the biggest contributors to score. My score is a few points from being maxed out, if you have any questions.

[Destor]

Some people like to claim that having unutilized credit capacity will affect your ability to secure loans because lenders will consider your credit capacity as fully maxxed when determining whether to hand out money, but I don't think that's accurate at all.