Posted by Brandon (FL) on February 22, 2002 at 16:02:46:
I’m 20 and at 16 I went to studentcreditcard.com and got a $500 limit. 4 years later I’ve got $10k in credit available and could easily have $50k.
When banks figure your debt/income ratio they usually take on avg 3% of your total revolving debt to figure your monthly obligation.
Rev debt: 3% of total balance
Install debt: (auto, credit line, etc…)
= Total monthly debt
/ Monthly Income