How do CC affect your credit

capebretoner · Joined: 02 Aug 2006 Posts: 82

I am thinking about buying something big, big enough that I will need a loan.

Will having credit cards lower the amount that I can borrow? And if I cancel ro lower the limti on the CC's today how long will I have to wait for the banks to see my Lower credit load?
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LennyP · Joined: 27 Jul 2007 Posts: 6

Having too much available credit can hurt your ability to get a loan. Having large amounts of available debt makes you a bigger risk.

capebretoner · Joined: 02 Aug 2006 Posts: 82

So if I cancelled my extra credit today, how long would I have to wait till it was wiped from my credit report?
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altyfc · Joined: 29 Dec 2004 Posts: 1232 Location: Aardvarkland

I know this isn't answering your question, but must you get a loan for what you want to buy?

Could you not just spend longer saving up? You pay through the nose when it comes to borrowing money, so I think it's best avoided wherever possible (within reason).
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Stroh · Joined: 21 Oct 2007 Posts: 11

I am thinking about buying something big, big enough that I will need a loan.

Will having credit cards lower the amount that I can borrow? And if I cancel ro lower the limti on the CC's today how long will I have to wait for the banks to see my Lower credit load?

It will affect how much you can borrow. You will have to wait depending on what the credit card companies say, most are updated within a few business days and won't show up on your bill until the next month.

iFinancialAdviser · Site Admin Joined: 28 Dec 2004 Posts: 1699

I second to this.