On my credit report the statement say You hold lb__ of available credit (excluding mortgages) ?
Does this mean i have this much money to apply for as credit?
Answers:
is it the total of your available balance on credit cards/lines of credit you have open?
The available credit is sum of the ends that each lender has set you. On your credit cards and store cards, it funds you can spend that much.
On loans, it is the amount of the loan that you took out. You would need to apply for a new loan to go and get that money.
Any settled accounts will be excluded from that total, so loans you've repaid or credit cards you've cancelled.
The total often bears no relation to what you could afford to repay, especially if you hold lots of cards. On my report it says I have available credit of 1 1/2 x my annual pay. I'd be bankrupt if I tried to use it. That's also why I don't include my wife on my credit cards!
Related Questions:
Mortgage and raise credits mark cross-question?
I was hoping for a answer to a quick press. I am looking to buy a house. Getting financing is not a problem, getting the mortgage insurance is. The finance company tells me that my wife's chalk up is about 25 points too low (to...
Answers:
is it the total of your available balance on credit cards/lines of credit you have open?
The available credit is sum of the ends that each lender has set you. On your credit cards and store cards, it funds you can spend that much.
On loans, it is the amount of the loan that you took out. You would need to apply for a new loan to go and get that money.
Any settled accounts will be excluded from that total, so loans you've repaid or credit cards you've cancelled.
The total often bears no relation to what you could afford to repay, especially if you hold lots of cards. On my report it says I have available credit of 1 1/2 x my annual pay. I'd be bankrupt if I tried to use it. That's also why I don't include my wife on my credit cards!
Related Questions:
Mortgage and raise credits mark cross-question?
I was hoping for a answer to a quick press. I am looking to buy a house. Getting financing is not a problem, getting the mortgage insurance is. The finance company tells me that my wife's chalk up is about 25 points too low (to...