Decent credit limit, what do you consider as such?

[Revelate]

Not sure how to do a poll here, but I've seen a few posts recently talking about decent credit limits; we've had the question in the past of what's your highest CL, but I'm curious as to what you all consider to be respectable?

In my current existence, I have about 1K worth of random expenses (meals and what not) in any given month, so to me even a 1K limit is decent so I don't have to pay multiple times during a month if I'm running most of my life through that one card.  I'm known as a cheap bastard though so YMMV .

What are your thoughts, and also why?

[Jake0215]

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@Revelate wrote:

Not sure how to do a poll here, but I've seen a few posts recently talking about decent credit limits; we've had the question in the past of what's your highest CL, but I'm curious as to what you all consider to be respectable?

In my current existence, I have about 1K worth of random expenses (meals and what not) in any given month, so to me even a 1K limit is decent so I don't have to pay multiple times during a month if I'm running most of my life through that one card.  I'm known as a cheap bastard though so YMMV .

What are your thoughts, and also why?

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IMO because of the 5k visa sig requirement I think this would be a reasonable place to start for a decent cl.

[boomhower]

That's going to vary from person to person.  For level of spending I am comfortable with a $2k card so I don't have to make multiple payments.  But I consider $5k respectable.  Of my cards only two are at that level.  For my income I don't ever seeing getting farther that $10k.  For others $5k is a pitance and $25k is respectable.  For other only NPSL will suffice. 

[Anonymous]

My Freedom's limit is $2500 and I consider that fair/nice/decent etc....

[Revelate]

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@boomhower wrote:

That's going to vary from person to person.  For level of spending I am comfortable with a $2k card so I don't have to make multiple payments.  But I consider $5k respectable.  Of my cards only two are at that level.  For my income I don't ever seeing getting farther that $10k.  For others $5k is a pitance and $25k is respectable.  For other only NPSL will suffice. 

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Hence my question  The forum population is well educated about credit cards and credit issues in general compared to the vast majority of humanity, so it's interesting (to me at least) to see where people fall on this particular spectrum.

[JenniferinFL]

$1000 for me is plenty..  It's enough where I don't generally have to make a second payment, but it makes me second guess a large purchase.

That's really going to vary though with spending habits.

My huband has a Cap One that still has a $300 limit. That card is hard to use. Basically use it to buy a tank of gas now and then and pay in full as soon as the balance posts. Can't go grocery shopping and buy a tank of gas without having a problem.. lol

[android01]

Whenever I apply for a new card, I hope to get 10K.  

[pakman92]

10k for me.

[BlueNightStar]

I'm a very frugal person and thought I was OK with my highest CL being $2500. However, a few car repairs and vet bills later I'm understanding the need for higher limits. Even though 5K would be adequate for my life in most circumstances, several years ago in the middle of my financial meltdown my boiler needed to be replaced. The cost: $4500. I didn't have the available credit or adequate savings so I had to borrow from my dad and put the charge on his CC. What would I have done without that option? Go without heat? I'm not sure and it makes me cringe to think I lived on the edge like that for so many years.

[Anonymous]

There was an interesting (although I don't know how correct) article I read awhile ago about how banks determine CLs with a $100 loss in mind. Based on creditworthiness if they deem an applicant's risk of default to be 10% they will issue a CL of $1000 b/c 10% of that is $100. For a very good applicant with 1% risk of default the CL will be $10000 and so forth. If this is true, 2% risk = $5000 CL which is also the minimum starting CL for Visa Signature and World MC.

But I agree with others in that what is "enough" is relative to one's income/spending. For me, $5000+ and I don't have to worry about util on that card. I have one card at $3000 and it makes me a bit uncomfortable to let more than $1000 report so I pay it off before the statement cuts.