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Decent credit limit, what do you consider as such?

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Roarmeister
Frequent Contributor

Re: Decent credit limit, what do you consider as such?

Take the amount that you want to or do spend on the card.  Multiply by 10 so that you achieve < 10% utilization.

If you spend $500 month then a a $5000 credit limit makes sense.

Starting Score: EQ 732 October 2007; Current Score: EQ 839; TU 865, July 2022;
Oldest Reporting EQ Account: 20.4 years; EQ AAoA: 9.9 years;
ACTUAL Oldest account 40.1 years; ACTUAL AAoA 19.3 years.





Message 11 of 34
MrShush
Valued Contributor

Re: Decent credit limit, what do you consider as such?

Anything over $10,000 also.
Message 12 of 34
Revelate
Moderator Emeritus

Re: Decent credit limit, what do you consider as such?


@Roarmeister wrote:

Take the amount that you want to or do spend on the card.  Multiply by 10 so that you achieve < 10% utilization.

If you spend $500 month then a a $5000 credit limit makes sense.


Even with the fact it's not too long of a walk (go go Intarwebz!) these days to pay before the statement date when you really want to maximize your FICO for a given month?




        
Message 13 of 34
haulingthescoreup
Moderator Emerita

Re: Decent credit limit, what do you consider as such?

For reasons that I've long since forgotten, and were probably based purely on emotion, I decided that I wanted a minimum of $1K on store cards and $5K on bank cards.

 

Other than the mind-blowingly stubborn Chase Freedom ($4500), I hit that point a while back.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 14 of 34
Open123
Super Contributor

Re: Decent credit limit, what do you consider as such?

For personal spending, I think $3,000 - $5,000 is pretty decent.  

 

For my personal stuff, I really never need more than that unless I'm only going to use one card.  Having a charge card, I never really need too high of a CL on credit cards. Anything above $3k for personal cards is more than ample for me.  If anything, while I appreciate the high CLs, eventually I call to have them lowered, if only to keep from running into the "enough open credit" thing.

Message 15 of 34
frogfan12
Established Contributor

Re: Decent credit limit, what do you consider as such?

I think $5K is pretty decent. Any more than that is just awesome.


Starting Score: 760
Current Score: 716 Equifax 754 TU 736 Experian
Goal Score: 760
Message 16 of 34
webhopper
Moderator Emeritus

Re: Decent credit limit, what do you consider as such?

5k limit is good. Really this depends on income. For some; 5k is a lot. For others its not much
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 17 of 34
Chris123nTx
Established Contributor

Re: Decent credit limit, what do you consider as such?

Such an interesting question since the answer can change when your limits start to grow. I used to think 2500 was decent, moved it sort of to 5000, and right now, i think 10,000 is what i would want as a minimum were i to apply for new credit. My lowest line right now is Wells Fargo at 6500 and while i dont look down on it, i rarely use except for.small things to keep it active. Now if i were to start.getting 25,000 regularly, my feelings would change. From a practicle stand point, the.numbers i lay out are silly. I have not, nor do i plan on getting anywhere near a 10k charge, but you never know what kinds of mis-fortune can come ones way and having the available credit to handle most things lets me sleep well at night. Thing is though that those numbers only apply to me. I dont actually have an overall opinion on what it should be for anyone else. We are all just to different.
Message 18 of 34
CreditScholar
Valued Contributor

Re: Decent credit limit, what do you consider as such?

For me personally, I would expect no less than 15-20k for a starting CL. Half of my cards are already there.

 

 

In general though:

 

Decent = $5000

Good = $10,000

Excellent = $15,000+

 

If you have less than a 5k limit, you're automatically cutoff from certain levels of cards (mostly visa signatures and world mastercards). "Decent" should mean that you're at least eligible for them. Whether you want them or not is another story, but it's good to have options.

 

 

EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Message 19 of 34
Anonymous
Not applicable

Re: Decent credit limit, what do you consider as such?

$5200 is my highest., $500 my lowest.  I'm satisfied with the $2k AMEXes I have.

Message 20 of 34
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