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Frequent Contributor
Razeus
Posts: 387
Registered: ‎04-02-2012

CL compared to gross income

I've set some new goals and will be going for high CL's next year.  I'm currently at $20800 and may lose $2800 if I axe Best Buy and CapOne. Income is at $120k.  I'm guessing $25k CL is a nice goal to shoot for?

My Wallet:
Discover It $11,000 | Chase Freedom $5,000 | AMEX BCE $3,000 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | AMEX Zync NPSL
Valued Contributor
bribro
Posts: 1,367
Registered: ‎04-20-2012

Re: CL compared to gross income

My aggregate CL is pretty close to my yearly income - $25k is a pretty conservative goal that you can definitely achieve.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
New Contributor
xi
Posts: 64
Registered: ‎05-18-2012

Re: CL compared to gross income

I agree. I make a little higher than what you do and my total revolving credit lines are at about $140k.
Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011

Re: CL compared to gross income


Razeus wrote:

I've set some new goals and will be going for high CL's next year.  I'm currently at $20800 and may lose $2800 if I axe Best Buy and CapOne. Income is at $120k.  I'm guessing $25k CL is a nice goal to shoot for?


That depends on the CCs and CLs you have now. Some CCs may not increase by much, but others could take a big jump. I think between 100% and 150% of annual income is a good long-term goal, which doesn't necessarily mean you'll get there next year.

 

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EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Frequent Contributor
Razeus
Posts: 387
Registered: ‎04-02-2012

Re: CL compared to gross income

Sweet Jesus. Ok. I'll shoot for 100%. 25% for the coming year though.
My Wallet:
Discover It $11,000 | Chase Freedom $5,000 | AMEX BCE $3,000 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | AMEX Zync NPSL
Frequent Contributor
SwampSystems
Posts: 358
Registered: ‎06-25-2012

Re: CL compared to gross income

I'm at a combined $20,850 limit to a $40,000 income. This month I intend to take my BCE from $2,000 to $6,000, and then to $18,000 6 months later, for a total combined limit of $36,850. My goal is for my available credit to match or exceed my income, which will be nice encouragement to find a better job. I just want to get to the point that I don't have to care about zero balances before the statement hits, and that if I ever get in a less fortunate situation, I don't have to worry about making creditors jumpy by carrying a balance for a while.

Established Contributor
andre181
Posts: 624
Registered: ‎07-29-2010

Re: CL compared to gross income

I'm just over 200%

 

72.5k CL with 33k income.

Discover IT $24K | FNBO Visa $20K | Citi Forward $12.5K | US Bank Cash+ Visa Sig $10K | Priceline/Barclays $10K | Amazon/Chase Visa Sig $8.3k | Citi ThankYou Preferred $6.5K | BoA Cash Rewards 1-2-3 Sig $7.5K | Sallie Mae World MC/Barclays $5K | Capital One Cash Rewards $5K | Commerce Bank $5K | WF Cash Back Visa $3.6K | Amazon/GEMB $2.5K | Younkers/Comenity $2.4K | AMEX BCE $2K Target $1K | AMEX Green
EX FICO (from AMEX): 754, TU08 FICO (from Discover): 755, AAoA: 3.6 years
Established Contributor
CruzImperial
Posts: 863
Registered: ‎07-04-2012

Re: CL compared to gross income

Removing the accounts I am an AU in, I am left with about 27k total CL with $25k income.

Looking at the limits in this forum, one would think having about 100% your income in CCs is normal.

Fico Scores: . Walmart TU 748 . App free since Aug 2013 .

Cap One Journey 500 | Discover IT 1k | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 6k | Barclays Apple 2.5k | BoA CR 800 | CSP 7.2k
Established Contributor
Smug
Posts: 961
Registered: ‎12-21-2010

Re: CL compared to gross income

30k income. 70.2k CL
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Frequent Contributor
scarrollprint
Posts: 382
Registered: ‎06-26-2012

Re: CL compared to gross income

All this talk about limits to income is depressing...

 

my combined limits are under 50% of my NET WEEKLY income...man if I had 100% of just my net monthly income I'd be happy as I wouldn't have to make 2 payments a week just to avoid going over my credit limits.

 

I can't fathom having 100% of my income available in credit. But then again, I did spend 5 years after college on a cash only lifestyle (except for my student loans ).

 

If only I wasn't battling some baddies on my reports and was gun shy of apping for something other than a Cap 1 card..



Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three

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