$36,000 limit with Chase!!

[johnpalley]

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@longtimelurker wrote:

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@johnpalley wrote:

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@eagle2013 wrote:
Credit is NOT money. Please don't get the two confused.

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this might be the most unintelligent post in this whole thread. credit isnt money lol you sound crazy

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OK, to use your example.   Person A has $400K in credit lines, person B has $400K in cash.  Both suddenly need a lawyer to avoid 30 years in prison.

Both succeed and are billed $400K by their legal teams.   Clearly money well spent for both, but now are they both equally well off financially?   Obviously so as credit is money!

Also, high credit lines may also prevent you getting cards you really want, as some lenders get nervous.  Not necessarily a huge issue, but a factor.

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im talkin about if your broke lol of course if you had the cash you wouldnt need the credit. i can think of countless emergencies and struggles that could happen in life where credit could come in handy. you have to use your imagination

[johnpalley]

how about this senario person a has $1000 in credit and no cash and person b has no cash and 100k in credit who's better off in an emergency? this is just common sense

[azguy13]

I think we have established that each person has their own opinion on credit and how it should/can be used. People may disagree but this is why this forum is so valuable, to spread our opinions without argument. 

[eagle2013]

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@johnpalley wrote:

how about this senario person a has $1000 in credit and no cash and person b has no cash and 100k in credit who's better off in an emergency? this is just common sense

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If you have "no cash" you're still defaulting, be it on $1000 or $100k. That's the point. If you want to use credit as an emergency fund, fine. But understand that's a risky game because credit limit decreases are very real, particularly the higher in credit you have.

[09Lexie]

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@azguy13 wrote:

I think we have established that each person has their own opinion on credit and how it should/can be used. People may disagree but this is why this forum is so valuable, to spread our opinions without argument. 

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Agreed. 

In the end of the day, you can't take credit or money with you.  Yes, it feels great to be rewarded with high credit lines but they must be paid back and if you don't have the means to pay off your debt you'll see how far your credit relationship will last.  Banks giveth and they can take it away- the financial crisis of a few years ago is a reminder on how quick lenders will cut CL's. 

[johnpalley]

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@eagle2013 wrote:

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@johnpalley wrote:

how about this senario person a has $1000 in credit and no cash and person b has no cash and 100k in credit who's better off in an emergency? this is just common sense

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If you have "no cash" you're still defaulting, be it on $1000 or $100k. That's the point. If you want to use credit as an emergency fund, fine. But understand that's a risky game because credit limit decreases are very real, particularly the higher in credit you have.

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it just boggles my mind that alot of people cant imagine how credit is good for emergencies.im not talkin about defaulting im talkin about just not having money saved at that point. some people live week to week at certain periods of there life. you can use the credit and pay the debt off later or slowly when cash comes in. i could also have a house that i could liquidate to pay it later or something like that. i little imagination please guys everyone is in a different situation in life

[Ghoshida]

I like the overall content of the thread (not necessarily the "how to get a billion dollar credit limit" part but the why's and why not's of credit). 

This thread should be renamed as the philosophy of credit.

Some of these posts here got me really thinking about the end game.

Thanks to all contributors.  

[dodgerslv]

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@johnpalley wrote:

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@eagle2013 wrote:

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@johnpalley wrote:

how about this senario person a has $1000 in credit and no cash and person b has no cash and 100k in credit who's better off in an emergency? this is just common sense

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If you have "no cash" you're still defaulting, be it on $1000 or $100k. That's the point. If you want to use credit as an emergency fund, fine. But understand that's a risky game because credit limit decreases are very real, particularly the higher in credit you have.

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it just boggles my mind that alot of people cant imagine how credit is good for emergencies.im not talkin about defaulting im talkin about just not having money saved at that point. some people live week to week at certain periods of there life. you can use the credit and pay the debt off later or slowly when cash comes in. i could also have a house that i could liquidate to pay it later or something like that. i little imagination please guys everyone is in a different situation in life

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+1...agree, its different for everyone. Yes, the best way to approach it is ask yourself when about to use your credit cards " do i have the money to pay it off at the end of the month?". But then throughout history credit cards are for the purpose of buying now and paying off in a extended period of time. Everyones situation is different. Of course racking up debt or having debt puts you in danger of defaulting if unexpected events in life happen (lose a job, health issues, etc). In my circumstances, i dont mind paying a little interest if its reasonable of course. I carry balances most times than not but they are paid off in a period of 3-6 months. Dont let balances get higher than what they already are unless i have paid off the original starting balance and start a new purchase. I have prepared myself financially to be able to pay off all of my credit cards if i was to max them all out. I guess some of us PIF others do not. Well sorry if it may seem i was just babbling...LOL

[Shogun]

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@Ghoshida wrote:

I like the overall content of the thread (not necessarily the "how to get a billion dollar credit limit" part but the why's and why not's of credit). 

This thread should be renamed as the philosophy of credit.

Some of these posts here got me really thinking about the end game.

Thanks to all contributors.  

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I've come quite close to locking it down several times, but ultimately, to this point, I've decided to let it run.  Why?  Just for this reason.  Maybe someone will learn something from it.

So, as far as CLs go.  Yes, I have over 100K CL limit.  How much of it am I currently using?  $8.06 on my DiscoverIT.  Why did I get those limits?  Well, probably for the same reason the OP did, to see if I could.  How much do I really need?  Oh, $10K or less.

Restraint and self control are needed in these areas.  Actually, I spend less now that I have good credit then when I had bad credit.  Just because I don't want to put myself in that situation again.   

[watch44]

Are we about to get into a hard money argument? Cause I will stop this car and turn it around!