How do I get credit with a high debt to income ratio?
Question: I was recently turned down on an application because my debt to income >ratio was to high. Iv’e heard %20 is the standard cuttoff for this >criteria. The problem is, my credit to debt ration is around %47 right >now, based on annual income. I’ve made every payment to every debt I >have on time for years. These companies should love me! Does anyone know >of a card or bank that would extend more credit to me based on this >merit of on time payment? I don’t really care about high rates but I >need about $3000 credit.
Answer: Yeah, 47% is pretty high, normally the max is 38 – 40% depending on the lender. Also people with higher incomes, $50,000+ normally are allowed higher dti’s. Try consolidating or if you have a home, apply for a home equity loan.
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