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simonjb

2,760 Posts.

29/10/16

17:01

Post #: 20223776
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Originally posted by lispingduck ↑

Well you have approval for a loan of 500K potentially taken out to buy a property. You cash in bank is likely to be your deposit (im guessing this is right). If you took out the loan and bought a property you cash in bank would be zero if not close to it. Your business has negative cash flow and now essentially a $5000 per month debt.

The bank has probably assessed you on the assumption you will need to be able to service both your mortgage and your credit card. Hence they thought it was too risky to give you a $10k limit knowing that your cash balance to approach zero (deposit paid) when you activate the mortgage - just a thought/opinion.

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Good post lisping.
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