How much dept can DQ someone?

[leowonderer]

I have been thinking awhile after filling out my BI packets and there was a question on there about debt. Something like this

List your current persons that you owe... (sorry do not remember the exact wording.

I have two credit cards, both from educational expenses, low interest. I also have student loans. I pay my payment every month, more than minimum by about 60 percent of minimum (about 250 dollars a month). I owe about 7500 in school and personal related credit cards, about 70 percent was for books, materials, and other various expenses and 30 percent was personal (some stuff to fix my car, various living expenses. I also owe about 12000 in tuition (all from a school that costs 19000 a year, paid out of my own pocket for 4 years and a loan for one.

I am very resonsible with my credit and I spend as little as possible on credit cards. I am supporting myself as much as possible, living in an apartment with two friends.

Question is being I have a good credit rating (approx 620) can having nearly 18000 in debt be a problem during my BI? Remember I am paying my bills and plan on having all them paid off in 24 months or so...

Thank You

[spitfire]

It'll vary by department. I knew of someone who went through a process, with over $92,000 in debt...now that was an obvious DQ.

Just be prepared to articulate your debt situation, in a way that makes it clear to your BI that you are financially responsible.

And by the way...good luck in your endeavors.

[Ranger__101]

I don't see a problem with that at all. College debt is going to happen. Since you are paying minimum balance + and have a good credit history you'll be fine.

When you think about it, if you just bought a house you're in debt at least 150,000 to 200,000 so when they look at debt they really are looking at credit card, vehicle, and other types of revolving loans to make sure you can pay them.

[leowonderer]

That is how I feel about it, I have debt but I pay it every month. I just read a post where someone mentioned debt and it made me a little worried. I have paid full college the last 4 years and that should show that I can manage my money, work a full time job and go to school...

Thanks

[Fury]

what if you have any credit??? i dont like bills, and pay everything cash.

[Fury]

sorry to hijack

[ngcsubutterbar]

That is how I feel about it, I have debt but I pay it every month. I just read a post where someone mentioned debt and it made me a little worried. I have paid full college the last 4 years and that should show that I can manage my money, work a full time job and go to school...

Thanks

that was a fair question, my58vw. I think because the details are such an unknown thing, many people worry about 'credit checks', including me.

[spitfire]

Are you serious? My 58vw is back?

Run, run for the hills everybody.

[ChesCopPodz]

Now, I am merely humoring the original poster <coughmy58vwcough>and putting info for any other people with a question on this topic, but the type of debt is almost as much of an issue as the amount itself. Yours is leegitimate debt, not charging 10000 on shopping sprees. You should be fine.