I got 1x my annual income in new CC credit limits just in the last 12 months.
@Anonymous wrote:
@Anonymous wrote:
@Kostya1992 wrote:More like smart people who build up their credit, take out a bunch of loans and credit cards with high limits, and then cash out big time and BK7 everything off. I know people who do this and are very successful, not that'd I'd do that
- too young.
Doesn't work... If u do that with credit card (cash advance) on it and default on it and file bk if u have property they will take it from u
Those who are truly good at their scam don't have any tangible property in their name. An acquaintance back in about 2007 had forecasted that things were headed south. He refied his house and took out about $180k, which went off shore, as he prepared for his next move.He decided he was leaving the country and he began to cash advance his credit cards, of which many had very high limits. There's much lower cash advance limits today, but back then he was able to get out around $125k. Just before 90 days from his next move, he got his passport in order, bought plane tickets and sold most everything he didn't need to live on. His house was basically bare, except for where he slept, showered and dressed. He simply quit paying his bills, then left the country with the money. Last I heard he was running a hotel in a foreign country. I figure he probably left with around $400k, all told. Unsecured is unsecured, when it comes right down to it. Is he a criminal? Yes!
Good for him. Now he lives outside the US and may have difficulty getting back into the country. Probably best for all of us. On the bright side, he probably fits in very well to the culture of whatever country he went to, meaning less-than-honest dealings.
I'm at 80% of annual income.
The more important metrics IMO are cl compared to monthly
spend (I'm at 25x or more = less than 4% utilization average)
and
how many cards you're comfortable with (I have at least 2 more
cards than I want.)
+
850 FICO8 since 2015, Thanks MyFICO - 5+ years since last HP
