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CL compared to gross income

Frequent Contributor

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:
AMEX Platinum | Discover It $20.3k | Chase Sapphire Reserved $16k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX Schwab $9k | AMEX BCEP $8.2k | Citi Costco Anywhere Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Wells Fargo $5k | Citi Best Buy $4.2k | Citi Visa Signature $3k | Care Credit $3k
Message 1 of 15
14 REPLIES
Valued Contributor

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)
Message 2 of 15
New Contributor

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.
Message 3 of 15
Senior Contributor

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.

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
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!

Message 4 of 15
Frequent Contributor

Re: CL compared to gross income

Sweet Jesus. Ok. I'll shoot for 100%. 25% for the coming year though.
My Wallet:
AMEX Platinum | Discover It $20.3k | Chase Sapphire Reserved $16k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX Schwab $9k | AMEX BCEP $8.2k | Citi Costco Anywhere Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Wells Fargo $5k | Citi Best Buy $4.2k | Citi Visa Signature $3k | Care Credit $3k
Message 5 of 15
Frequent Contributor

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.

Message 6 of 15
Established Contributor

Re: CL compared to gross income

I'm just over 200%

 

72.5k CL with 33k income.

Discover IT $35K | FNBO Visa $30K | Cash+ Visa Sig $19.5K | Southwest Premier $16K | Priceline $15K | Citi Forward $14.3K | US Bank Plat $14K | Commerce Bank $13K | CSP $13K | CSR $10K | Sallie Mae World MC $10K | Lowe’s Consumer 10K | BoA Cash Rewards 1-2-3 Sig $7.5K | Fidelity Visa $7K | Citi Double Cash $6.5K | WF Cash Back Visa $5.4K | Capital One Cash Rewards $5K | AMEX BCE $3.9K | Freedom $2.5K | Younkers/Comenity $2.4K | Kohl’s 1.5K | Target $1.4K | EX FICO (from AMEX): 768, TU FICO (from Discover): 797, AAoA: 4.4 years
Message 7 of 15
Established Contributor

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 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | 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 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |
Message 8 of 15
Established Contributor

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!
Message 9 of 15
Frequent Contributor

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
Message 10 of 15