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Valued Contributor
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Registered: ‎08-13-2007
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Re: Desirable total CL?

$200k. I am within $9k of making that number!  Smiley Happy

Ray

** Every Card has a Job, and Every Card does its Job **

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Registered: ‎01-10-2008
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Re: Desirable total CL?


bodybuilder510 wrote:
Yes, no hards on all three. A soft pull on experian same day I requested the increase. The increase was approved with in 24 hours. I did in fact use the executive office for the increase but the gentleman was sure it would be a hard pull...

Nice bit of GL, gratz!

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: Desirable total CL?

Desirable total credit line would be 10x of your normal expenditures.   So if you normally put 5k on cards in a month, you want at least 50k.  The goal is not to have to watch utilization and statement dates and have utilization under 10%.  This way credit score can stay healthy without payingfbefore statement date.

               LIMITS IN CARD DESCRIPTIONS
Established Member
Posts: 12
Registered: ‎08-13-2012
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Re: Desirable total CL?

[ Edited ]

Hi,

 

I am a new member and have been reading with interest. My first post was going to be about credit limits, so this actually fits nicely.

 

I recenly upped my limits to a total of $75k across three cards (25k each). Is there any reason to regret increasing the limit in terms of my credit score (currently mid 700s)? The Amex limit has already been at 25k but I increased the CL on the other two. I have had about six hard pulls in the last six months but don't anticipate any more.

 

As of 2012 I have not carried a balance and right now everything is paid in full. What is the risk of Chase, Bank of America, or Amex lowering the limit if I don't utilize most of it? I don't mean charging a few hundred on a card in a month, but bumping against the limit itself (I have only done it once, but I maxed the Amex on a purchase and had to spread the purchase across two cards.)

 

in 2011 I ran about $30k through my cards, 95% of that on an American Express Blue Sky.

 

I foresee either light use of the cards as outlined above or much heavier use.

 

If I plan some major expenses, would it be better to take another hard pull from Amex to ask for a higher limit, spread the utilization across all the cards, or make a purchase, pay the balance, and then use the card again (I used to do this regularly before increasing the Amex limit a few years ago).

 

Thnkas for the help!

Valued Contributor
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Registered: ‎07-23-2012
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Re: Desirable total CL?


Open123 wrote:

OlegWasHere wrote:

bichonmom wrote:

Open123 wrote:

For me, anywhere from $50K to $75K for personal cards.

 

With some recent card additions this year, I've gone above it, but I periodically cancel cards or request CLIs (except Chase--never do this with them) to keep around my preferred range.


Curious why you never do a CLI request w/Chase.

 


because they always HARD pull 

 


A much more succint, concise, and straight to the point answer than mine!


sorry when i replied i was on my phone and did not read all the way through.

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


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Re: Desirable total CL?


RockinRay wrote:

$200k. I am within $9k of making that number!  Smiley Happy


Awesome, Ray! I think I'm going to aim for $100k over the next year. Smiley Happy

 

 

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Valued Contributor
Posts: 1,054
Registered: ‎02-03-2009
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Re: Desirable total CL?


voukephalas wrote:

Hi,

 

I am a new member and have been reading with interest. My first post was going to be about credit limits, so this actually fits nicely.

 

I recenly upped my limits to a total of $75k across three cards (25k each). Is there any reason to regret increasing the limit in terms of my credit score (currently mid 700s)? The Amex limit has already been at 25k but I increased the CL on the other two. I have had about six hard pulls in the last six months but don't anticipate any more.

 

As of 2012 I have not carried a balance and right now everything is paid in full. What is the risk of Chase, Bank of America, or Amex lowering the limit if I don't utilize most of it? I don't mean charging a few hundred on a card in a month, but bumping against the limit itself (I have only done it once, but I maxed the Amex on a purchase and had to spread the purchase across two cards.)

 

in 2011 I ran about $30k through my cards, 95% of that on an American Express Blue Sky.

 

I foresee either light use of the cards (similar to 2011) as outlined above or much heavier use.

 

If I plan some major expenses, would it be better to take another hard pull from Amex to ask for a higher limit, spread the utilization across all the cards, or make a purchase, pay the balance, and then use the card again (I used to do this regularly before increasing the Amex limit a few years ago).

 

Thnkas for the help!


There is no problem with the limits being high in terms of your score as long as your utilization is not high. Most people keep several cards to offset utilization ( for example, if in the unlikely occasion that a creditor reduces your limit or closes a card on you). You wouldn't want to use 2 cards, and then have a creditor lose one, and your utilization goes through the roof.

 

I have approx.168k worth of available credit, with a current utilization of approx 5-6%. I could close cards I am not using, but if they have no AF, why bother?

 


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (4), Chase (6), Nordstrom Visa,US Bank Cash+, Huntington Voice, UMB Visa, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Walmart Discover, Sam's MC, Cabela's Visa, Cap One QS, BOA (2), BMW Visa, Comenity Visa/MC (3), Ebates Visa Siggy, 5/3 RLR MC, Diner's Club MC; Macy's AMEX; A few store cards.

Current Scores (5/2015): EQ My Fico: 789; TU MyFico: 777; EX (My Fico): 764
Senior Contributor
Posts: 3,322
Registered: ‎05-05-2011
0

Re: Desirable total CL?


voukephalas wrote:

Hi,

 

I am a new member and have been reading with interest. My first post was going to be about credit limits, so this actually fits nicely.

 

I recenly upped my limits to a total of $75k across three cards (25k each). Is there any reason to regret increasing the limit in terms of my credit score (currently mid 700s)? The Amex limit has already been at 25k but I increased the CL on the other two. I have had about six hard pulls in the last six months but don't anticipate any more.

 

As of 2012 I have not carried a balance and right now everything is paid in full. What is the risk of Chase, Bank of America, or Amex lowering the limit if I don't utilize most of it? I don't mean charging a few hundred on a card in a month, but bumping against the limit itself (I have only done it once, but I maxed the Amex on a purchase and had to spread the purchase across two cards.)

 

in 2011 I ran about $30k through my cards, 95% of that on an American Express Blue Sky.

 

I foresee either light use of the cards (similar to 2011) as outlined above or much heavier use.

 

If I plan some major expenses, would it be better to take another hard pull from Amex to ask for a higher limit, spread the utilization across all the cards, or make a purchase, pay the balance, and then use the card again (I used to do this regularly before increasing the Amex limit a few years ago).

 

Thnkas for the help!


Welcome to the forum!

 

#1, I can't think of any reason why increasing your CL would hurt your score. If anything it could help it if it lowers your overall util/DTI.

 

#2, AFAIK, CCs don't usually CLD for not maxing out the card. *Some* regular use will keep the card in good standing and prevent any CLD. I think they usually only CLD if you are late or they soft you and see problems with other cards.

 

#3, Amex doesn't HP to CLI. But you can only go to $25k without talking to a live rep and possibly providing income verification or other info. If you have 3 $25k cards, I'm not sure what kind of "major expenses" you'd have that would exceed the CL on any one card. ($25k is a lot of money!)

 

If you're going to PIF, then it doesn't really matter if you put it all on one card or spread it out. If you plan on carrying  a balance, then you need to think strategically about what's going to look better to the CCs when they soft you. If you're planning on incurring some expenses that you're going to want to finance, you might plan in advance and app for another card or two. I'd look for cards w/0% intro rates or BT so you can finance w/o interest. (That's what I am in the process of doing myself.) That way, your util won't be dinged as much when the balance(s) are showing.

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Senior Contributor
Posts: 4,694
Registered: ‎02-23-2011
0

Re: Desirable total CL?


OlegWasHere wrote:

sorry when i replied i was on my phone and did not read all the way through.


No worries.  Anyway, I liked your answer better!

Valued Contributor
Posts: 1,960
Registered: ‎08-13-2007
0

Re: Desirable total CL?


bichonmom wrote:

RockinRay wrote:

$200k. I am within $9k of making that number!  Smiley Happy


Awesome, Ray! I think I'm going to aim for $100k over the next year. Smiley Happy

 

 

 


Thanks! It will take some time I am sure. I have no plans for anything new (maybe a Ring from Barclay - doubt it though), so this will have to come from CLI's. This is okay though as I am patient! Smiley Happy

 

Glad to see you back by the way...

Ray

** Every Card has a Job, and Every Card does its Job **

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