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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.
@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?
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.
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.
I think $5K is pretty decent. Any more than that is just awesome.
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.
$5200 is my highest., $500 my lowest. I'm satisfied with the $2k AMEXes I have.