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I'd piss myself if I had credit at or above my income level It's so not necessary after a certain point...debt-to-income ratio could only be valid up to a certain level. Other factors such as number of tradelines would play an even more important role.
@heyitsyeh wrote:I'd piss myself if I had credit at or above my income level It's so not necessary after a certain point...debt-to-income ratio could only be valid up to a certain level. Other factors such as number of tradelines would play an even more important role.
if you are good with your existing cards it will happen, over time the CL's will grow on thier own, and compound this if you AP for a new card or two every couple of years to get better rewards.
One day a lender will surprise you with a limit that is 150 or 200% your current highest limit just to try and get you to use their card. When you recieve a 20k CL its not hard to exceed most people's salary. If you have a GE/Sycrony backed card, hit the love button once and they could hit you with 5k CLI, when really you only wanted a $500 CLI.
Decide to take advantage of no interest financing at Home Depot or Lowes, and request a CLI to 10k for new kitchen appliances, after the purchase is paid off a year or more later, are you going to close the card or are you just going to let it sit as available CL on the card it has no AF then have to call and request it again when the water heater or wash machine and dryer need to be replaced?
When I first realized that my total CL's were larger than my income it freaked me out. But after a while I got used to it, and realized that I have some self control and wouldn't max out my cards and ruin what I spent the last 6 years of my life building. Between me and my DW we are total CL are at 150% of annual reported income.