car loan/insurance question

[quote=“sureshot!,post:34,topic:33546"”]

I don’t necessarily agree with this. I’m interested in hearing you elaborate on it.

[/quote]

Short definition is: you have to much potential liability.

There is no reason to have 5 cards worth 50k unsec. loc when you make $30k / year.

As far as LOC accounts are concerned, it is about how much debt you are exposed to - not just how much you currently have in use. Again, it is relative to income level.

If your AGI is 250k, then its not a large concern to have 5 / 50k because if they were maxed out you should still be able to handle the minimum payments without throwing your DTI to shit.

BTW, these are not exact figures.

[quote=“jeeves744,post:36,topic:33546"”]

Don’t know if its true, but i have been told it could look bad if you have a bunch of CCs because even if they aren’t maxed out they can still be looked at as debt since you can max them out whenever.

[/quote]

it is true, and you’ve heard correctly.