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CCL what amounts are considered high on average?

Valued Contributor

Re: CCL what amounts are considered high on average?


ilovepizza: But I'd say I only know 1 person under 30 yrs with over $40k in total rev credit. That's a lot of money.
I'm under 30 and my revolving credit limits add up to around 58k.

I also think I am going to try to break 100k overall by my 30th birthday (I have a little under a year). I've got a couple of apps in mind for a few months down the road, and I think I can get some CLIs out of some of my current cards.

*Edit: added goal

Message Edited by erchambers on 04-04-2008 09:10 AM
Message 31 of 38
Regular Contributor

Re: CCL what amounts are considered high on average?

My lowest credit line is 15,500. My highest is 30K I got my first CC (Discover) in 1991. No late payments ever. I had most of these lines/limits by the time I was 25. I have no idea why. I did not purchase my home until the age of 28.
 
During my 20's, when I was in grad school, and struggling, my Utilization was always high, yet the credit lines were always increased, without my asking. I paid only minimums on 10K worth of debt until my graduation. As soon as  I landed a job, I made large monthly payments to eliminate the debt.
 
I think the CC companies should only increase CL's based on an individuals income. In 1996, I was earning 38K, and had available CL's of roughly 80,000. I was very responsible, but for some, it's  easy temptation. I was over extended 2 years ago, after a medical illness. Learned my lesson, and will never let myself be held hostage by these CC companies again These banks need to be more responsible with their lending.
 
Just my 2 cents. Your mileage may varySmiley Wink
Message 32 of 38
Senior Contributor

Re: CCL what amounts are considered high on average?



haulingthescoreup wrote:
OP, most of the members here with high scores and high CL's have pretty long histories, which accounts for both. And they frequently say that these high limits were automatic CLI's. They tend to have relatively few cards (3-5), so I'm sure that makes their CCC's more generous.
...




Yep, all the above applies to me -- the oldest of my four credit cards is over 25 years and the newest about 10, with no baddies on any of them. I consistently pay the full balance each month, and have never gone anywhere near the limit, nor have I ever asked them to raise the limits. I believe the interest rates on all my cards are under 8% but I don't pay close attention since I don't pay interest on CCs anyway, my only debts are the mortgage (30-year fixed rate) and a car loan which will be gone in a couple months (a 2000 Camry which I got in 2004 and plan to keep for at least another year).

I do see regular soft inquiries from the credit card companies checking to see that my FICO score remains in the upper 700s to 800 plus range.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
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Message 33 of 38
Moderator Emerita

Re: CCL what amounts are considered high on average?


MattH wrote:

haulingthescoreup wrote:
OP, most of the members here with high scores and high CL's have pretty long histories, which accounts for both. And they frequently say that these high limits were automatic CLI's. They tend to have relatively few cards (3-5), so I'm sure that makes their CCC's more generous.
...

Yep, all the above applies to me -- the oldest of my four credit cards is over 25 years and the newest about 10, with no baddies on any of them. I consistently pay the full balance each month, and have never gone anywhere near the limit, nor have I ever asked them to raise the limits. I believe the interest rates on all my cards are under 8% but I don't pay close attention since I don't pay interest on CCs anyway, my only debts are the mortgage (30-year fixed rate) and a car loan which will be gone in a couple months (a 2000 Camry which I got in 2004 and plan to keep for at least another year).

I do see regular soft inquiries from the credit card companies checking to see that my FICO score remains in the upper 700s to 800 plus range.


You're one of our living versions of those FICO High Achievers who are held up to the rest of us on screen 2 of our more pedestrian reports! Smiley Very Happy
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 34 of 38
New Contributor

Re: CCL what amounts are considered high on average?

can you imagine if a person with your CL does a 0% BT and put the entire 100k into a high yield savings account? 8)

fwiw, i'm in my early 20s and i have 3 CCs. the combined CL is about 40% of your total. i also have one store card w/ a $1k CL, but i don't think it counts.

Message Edited by biturbomunkie on 05-11-2008 10:19 PM
Message 35 of 38
Moderator Emerita

Re: CCL what amounts are considered high on average?

All revolving credit, whether bank cards or store cards, are counted in total available credit.

This is one reason why store cards from stores with expensive toys, like Best Buy and Home Depot, are popular around here. They know that you can't do any serious shopping without a high CL, so theirs are typically more generous. Smiley Wink

My HD store card has a $4K CL, and BB has $2500. Together, they're about 9% of my total CL. If I didn't have such high CL's on my USAA cards, they'd be a bigger percentage.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 36 of 38
Senior Contributor

Re: CCL what amounts are considered high on average?

I would think any CL over 20K with a prime issuer can be considered a high limit. Since credit unions seem to be overly generous I would take them out of the equation.
Message 37 of 38
Frequent Contributor

Re: CCL what amounts are considered high on average?

Because of the ongoing credit crisis, I think that anything over 10K should  be considered high.  If you ever run into a problem, one 10K CC should be able to pay your mortgage, car note and groceries for at least 2 months before you reach 50% of the CL.  I do have a few CC that are higher but they are for extreme emergencies. 

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Message 38 of 38