12-03-2012 07:05 PM
Kinda hard to explain what im looking for in the title actually. Obviously income plays a major role in determining credit but how big of a role does it actually play?
My case for example my income is 50k (not great but not terrible) and my available credit is around 12k which in my opinion is plenty but I could always use more luv!
Obviously there is going to be a halt in the CLI's in the near future for me but im wondering where is the halt going to be.
Who here has their available credit near or higher than their income?
My goal is to have 25k in available credit and wondering if thats possible due to my income.
12-03-2012 07:18 PM - edited 12-03-2012 07:22 PM
It's more than possible.
There are many people I've read about on this and other forums that have a total CL =/> their income.
It just happened to me this year (= to), and you should have no problems getting your total CL to 1/2 your salary.
12-03-2012 07:19 PM
12-03-2012 07:25 PM
You know, just earlier today out of curiosity I made a small spreadsheet calculating my available CLs + some other parameters (overall util, debt-to-income etc). Apparently, with income similar to yours (~55k) and length of my credit history of a little bit more than a year I currently have ~23k in available credit across all cards and I doubt I reached my overall limit.
Just as a kind of benchmark - one of my relatives with 150k-ish income claims to have around 100k in available credit on cards (not including home equity lines etc) in addition to mortgage and auto loan. He has spotless history of 15+ yrs as far as I know.
12-03-2012 07:43 PM
My credit limits exceed my income, but no individual lender is exposed for more than a third of my income.
My income is much less than yours.
12-03-2012 08:11 PM
I currently have about 188k in revolving credit (LOC's and CC's). Let's just say that's more than 4x my annual salary.
Just in case you're wondering, I have 40k in LOC's (25k PenFed, 15k Navy Federal).
12-03-2012 08:22 PM
Thanks for the replies. I havent seen any much talk of CL exceeding incomes so I figured I would ask. I need to get a LOC with NFCU im sure that will help me out as well.
12-03-2012 08:24 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.