We introduce the abstract notion of a \emph{smoothable fine compactified Jacobian} of a nodal curve, and of a family of nodal curves whose general element is smooth. Then we introduce the notion of a combinatorial stability condition for line bundles and their degenerations. We prove that smoothable fine compactified Jacobians are in bijection with these stability conditions. We then turn our attention to \emph{fine compactified universal Jacobians}, that is, fine compactified Jacobians for the moduli space $\overline{\mathcal{M}}_g$ of stable curves (without marked points). We prove that every fine compactified universal Jacobian is isomorphic to the one first constructed by Caporaso, Pandharipande and Simpson in the nineties. In particular, without marked points, there exists no fine compactified universal Jacobian unless $\gcd(d+1-g, 2g-2)=1$.