250K Club

[Anonymous]

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@Anonymous wrote:

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@TrulyyBlessed wrote:

I see no need for most individuals ... to have over 250K in personal credit

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Indeed. What I'd find much more interesting is the ratio between reported income and total credit lines. If someone makes $600k annually I'd laugh at him with a lousy $250k in credit. Somebody with $50k income and $70k credit I'd love to talk to and ask how s/he accomplished that ;-)

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Its not really how much you make but how well you manage your whole credit potfolio

[longtimelurker]

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@Anonymous wrote:

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@Anonymous wrote:

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@TrulyyBlessed wrote:

I see no need for most individuals ... to have over 250K in personal credit

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Indeed. What I'd find much more interesting is the ratio between reported income and total credit lines. If someone makes $600k annually I'd laugh at him with a lousy $250k in credit. Somebody with $50k income and $70k credit I'd love to talk to and ask how s/he accomplished that ;-)

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My W-2 Income is just over 43K. Lol.

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Right, certainly not unusual to see 2-3x income in total CL 

[CreditCuriosity]

Alot of people on this forum have 3-5 times their income in credit if not more.  I would say if I reach 2x my income I will start to feel uncomfortable, but along ways to go for that.  If people have self control (most do on this forum) then more power to them.  I just don't want to hit a point where I get declined for something card wise that I really want due to having to much available credit.  This is why I constantly purge cards as credit is an evolving game for me.  I will love the day when all my CL are over 15k at least more so 20k and have about 7 cards and I will be happy.  Plus you never know when an oh shiz thing in life will happen when you do need credit to fall back upon, although savings might be a better bet..  I need to work personally on my savings reserve, just not my credit and 401k!  Goal is to sock away 1500-2k a month into savings per month plus continuing to max out my 401k.  Tough, but doable.  In the long run it is a total win!

[Anonymous]

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@Anonymous wrote:

My W-2 Income is just over 43K. Lol.

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So: how did you accomplished that? 117k vs 43k sounds amazing and makes me feel like a bloody noob with 103k vs a generously rounded 75k...

[JSS3]

Great going!

I make 40,000 and currently @ 68,400 in limits. Going on a major spree at the end of the year that'll definitely take me over the 100,000 mark. I just know it.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

My W-2 Income is just over 43K. Lol.

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So: how did you accomplished that? 117k vs 43k sounds amazing and makes me feel like a bloody noob with 103k vs a generously rounded 75k...

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My W-2 Income isn't my only income. Rental and hobby business income too.

I usually put down my income + half the wife's income on apps.

[longtimelurker]

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@Anonymous wrote:

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@Anonymous wrote:

My W-2 Income is just over 43K. Lol.

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So: how did you accomplished that? 117k vs 43k sounds amazing and makes me feel like a bloody noob with 103k vs a generously rounded 75k...

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If you spread it out among issuers, it's easier.  Usually the first hurdle is when an issuer decides that their exposure is too much and won't give a CLI or a new card.  Worrying about total CL over all issuers seems very much second place.

[Anonymous]

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@CreditCuriousity wrote:

savings might be a better bet..  I need to work personally on my savings reserve, just not my credit and 401k!  Goal is to sock away 1500-2k a month into savings per month plus continuing to max out my 401k.  Tough, but doable.  In the long run it is a total win!

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This is so true and I'm honestly delighted to finally see some decent folks here on this board. I mean no offense but the usual consenus here is "I have balances on 3 different cards, should I ask them for a lower APR or just open a new one".

Your savings rate certainly depends on your income and your goals. 2k a month would be several steps back for us. Just checked my cash flow plan - turns out we sock away some 3.5k each and every month for different short, medium and long term purposes. And we're living in one of the more expensive areas of the country I'd say. It's about self control and having goals. Having been raised by frugal parents probably didn't hurt either ;-)

[Anonymous]

I like this discussion.. Very different, thorough and insightful...

And I agree with @Azurman.  It is how you manage it.  I have a good income and can probably get more in credit but I think I have enough.. 

[CreditCuriosity]

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@Anonymous wrote:

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@CreditCuriousity wrote:

savings might be a better bet..  I need to work personally on my savings reserve, just not my credit and 401k!  Goal is to sock away 1500-2k a month into savings per month plus continuing to max out my 401k.  Tough, but doable.  In the long run it is a total win!

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This is so true and I'm honestly delighted to finally see some decent folks here on this board. I mean no offense but the usual consenus here is "I have balances on 3 different cards, should I ask them for a lower APR or just open a new one".

Your savings rate certainly depends on your income and your goals. 2k a month would be several steps back for us. Just checked my cash flow plan - turns out we sock away some 3.5k each and every month for different short, medium and long term purposes. And we're living in one of the more expensive areas of the country I'd say. It's about self control and having goals. Having been raised by frugal parents probably didn't hurt either ;-)

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That is a very nice nest egg you are putting away... Being single makes it a bit tougher at least for me to put as much away as you.. Maxing the 401k, plus the 1.5k-2k in savings a months plus a 1500 rent payment, plus car payment, student loan payments, etc, etc, etc.  All adds up pretty dang quickly!  This is where a dual income and no kids would help lol!  I make > 100k as I assume you are well above that as well if you are putting that kinda money away.  Anyways kudos to you!  I find myself getting more and more frugal as I get older.. 41 years old now and it only took me until I was 38ish years of age to figure out something needs to change in my life!