Good Afternoon everyone. So it’s always been a concern of mine regarding getting a TS. I have approximately 140k in debt 60-70k is student loans, 20k in credit card debt, 20k personal loan, and 20k car loan. Approximately 120-130 total debt.
I’m currently a contractor, going active duty navy.
Let’s get the questions out of the way.
Yes. Everything is current
Nothing is defaulted
100% payment records
My question.
This seems excessive to me; however, I’m not sure if the government sees this as excessive. Can I get some help as there’s no definitive formula that I’m aware of that is available.
That’s nothing really out of the ordinary for a college grad. Just wait until you have a mortgage .
Most of your debt is student/car loans and that is considered “good debt” meaning it should help you build your net worth and increase you future income. That usually helps your credit score. So it really depends on your debt-to-income ratio. If most of your debt is good debt and your debt-to-income ratio is below 43%, you are probably in good shape.
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