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#16 scasey77

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Posted 21 April 2006 - 08:34 AM

I'm a bit late but it doesn't matter whether you have maxed out your credit card or not. As far as I know the banks take your total credit card limit into account anyway - whether you have used it or not. So the fact that you have maxed it out should not make any difference to the mortgage calcs.

Just thought that might help calm hubby down.

Paying off my credit card debt was the best thing I ever did though so maybe set up a savings plan to pay it off. We now are at a point where we pay our balance off every payday.
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#17 CookiesandCream

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Posted 21 April 2006 - 12:00 PM

This was my understanding to - We just got asked what our limits were when we were applying.
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#18 toffee

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Posted 26 April 2006 - 04:57 PM

QUOTE (Nic2005 @ Apr 21 2006, 12:00 PM)
This was my understanding to - We just got asked what our limits were when we were applying.

ditto

#19 Happy_Mummy

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Posted 02 May 2006 - 03:35 PM

QUOTE (scasey77 @ Apr 21 2006, 09:34 AM)
As far as I know the banks take your total credit card limit into account anyway - whether you have used it or not. So the fact that you have maxed it out should not make any difference to the mortgage calcs.


This is exactly correct. The amount you owe on your credit card is irrelevant, to the bank they look at it from the perspective that the amount available to you is your liability.

Which I guess should make people think twice when they get offers from the credit card company to increase your limit. wink.gif

hehe, but I personally love credit cards, we pay for everything with credit then tranfer between our cash accounts because it works out to be nothing in bank fees this way, rather than withdrawing cash or paying with eftpos.




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