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Credit Limits for incomes less than $30k...

Valued Contributor

Re: Credit Limits for incomes less than $30k...


Smug wrote:
At 30k, I have 81k. At the moment

Was all 81k credit extended to you at 30k salary?

CH7 Discharged: 4-14-16
Rebuilding in Progress.....
May 2016 - EX: 594, TU: 582, EQ: 619
July 2016 - EX: 629, TU: 600, EQ: 622
Message 11 of 26
Established Contributor

Re: Credit Limits for incomes less than $30k...

Not really my goal is 100K... I PIF each month.
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 12 of 26
Established Contributor

Re: Credit Limits for incomes less than $30k...

Yes......
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 13 of 26
Frequent Contributor

Re: Credit Limits for incomes less than $30k...

Thats awesome Smug. I will be at a low income for several years (medical school + residency) but afterwards I shouldn't have a problem getting higher limits. Honestly my 16K is enough.

-------------------------------------------------------------------------------------------------Fico Score Range 600-625 across the board
Message 14 of 26
Valued Contributor

Re: Credit Limits for incomes less than $30k...

I have about $40k in total credit with $78k annual income.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 15 of 26
Valued Contributor

Re: Credit Limits for incomes less than $30k...


Smug wrote:
Yes......

Post #6

CH7 Discharged: 4-14-16
Rebuilding in Progress.....
May 2016 - EX: 594, TU: 582, EQ: 619
July 2016 - EX: 629, TU: 600, EQ: 622
Message 16 of 26
Established Contributor

Re: Credit Limits for incomes less than $30k...

We (wife and I) have a combined income of less than $30K/yr on which we live quite comfortably but modestly. Our combined CL's are about $53K, of which, if we really wanted to, max out all of them, and still PIF every one of them before the statement cuts and still be in great shape. But none  of our creditors knows that, except one.

 

ETA: Forgive me if I sound like I'm bragging. I don't mean to.

Amex BCE $11.1 / Citi Diamond Preferred WMC $12K / Citi Double Cash WMC $3.8K / Comenity Total Rewards Visa $2.5K / Citi Home Depot $5K / AU- Amex BCP $12K / Chase Freedom Visa $11014.00 / PenFed Platinum Rewards Visa Signature $6K / GE Lowes $10K
myFico Scores on 10/03/2014
Eq 798 / Exp 811 / Trans 814
CCT Fico 08 on 1/3/16 - Trans 786 / Exp 793 / Eq 797
Message 17 of 26
Valued Contributor

Re: Credit Limits for incomes less than $30k...

last year i reported about 12k and this year about 25k next year will be around 35k. (i used 28k on most of my apps july-present)

current cards

 

Best Buy-2500 (Joint with my mom who has bk reporting) 10/10

Macy's 12/10 started with 100 now at 3.5k

Kohls 400 1/12

Citizens 500 6/12

Citizens 2k 8/12

Citizens 5k 12/12

Amex Zync 8/12

Chase Freedom 1k 7/12

AE 700 7/12

Walmart-5k 7/12

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000
Message 18 of 26
Established Contributor

Re: Credit Limits for incomes less than $30k...

I think they look at long term more than just income....
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 19 of 26
Valued Contributor

Re: Credit Limits for incomes less than $30k...

I think most banks look at your credit history and what limits are on the cards that you are already managing.  One higher limit card is a catalyst for more higher limit cards.  I think that income would be used to verify that you do not owe signifantly more money then you make.... that would be a red flag.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 20 of 26