How much credit for 55k income?

[kevinjjc]

45k income

 181,050 total credit card limits

+ 40,000 total LOC limits

--------------------------------------------------

= 221,050 total revolving credit limits

[frddlawson]

GOOD POINT HILINE!!! Having too many cards and too much credit can sometimes do more harm than good. Especially if you are trying to manage 25+ cards. But once again, you have to know whats your stopping point. I believe for myself I shouldnt have any more than 10 prime cards max. If I manage them right, they should be able to take care of me.

[tennisfan78]

---

@kevinjjc wrote:

45k income

 181,050 total credit card limits

+ 40,000 total LOC limits

--------------------------------------------------

= 221,050 total revolving credit limits

---

Wow, are you serious?  Thats amazing.

when you have sometime, I would love to see a list of all the credit cards and the limits on each one. 

Also, the $40,000 LOC, is it the reserve line credit with your bank?

[bs6054]

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@kevinjjc wrote:

45k income

 181,050 total credit card limits

+ 40,000 total LOC limits

--------------------------------------------------

= 221,050 total revolving credit limits

---

I assume (since you joined here in 2009!) that you have a fairly long credit history and these limits were built up over time, right?

The major problem with "too much" credit is that one day a mortgage lendor (or maybe auto loan) that you really want will decline you for too much open credit.  (Getting declined for a new cool credit card is much more minor).   The best rates tend to come from the most conservative lenders and they MIGHT say: "I see you've been very good with credit over the last several years Kevinjjc, but how do I know that as soon as I give you my mortgage, you won't go and run up 221K of debt with no way to repay?"   Good credit history mitigates this, but not against the most risk adverse.

Unfortunately for the OP, no fast and hard rules to tell!  Some lendors might object to 30K in outstanding limits with a 55K income (again, if you ran up all that debt, depending on the interest rate, you probably  wouldn't have enough to meet the DTI ratio for the mortgage), others may not.   You want "enough" for your real needs, then a bit more to push your score up to the top tier for the best rates.  But what that figure is, no idea.

[kevinjjc]

---

@tennisfan78 wrote:

---

@kevinjjc wrote:

45k income

 181,050 total credit card limits

+ 40,000 total LOC limits

--------------------------------------------------

= 221,050 total revolving credit limits

---

Wow, are you serious?  Thats amazing.

when you have sometime, I would love to see a list of all the credit cards and the limits on each one. 

Also, the $40,000 LOC, is it the reserve line credit with your bank?

---

                           CC/LOC                                            LIMIT
American Express Blue Cash Everyday             $17,300
Bank of America Platinum Plus Visa                  $12,500
Chase Freedom Visa Signature                          $18,000
Discover More Card                                                $15,000
JCPenney/GECRB                                                  $5,000
Walmart Discover/GECRB                                    $10,000
Navy Federal nRewards MasterCard                  $25,000
PenFed Visa Gold Card                                         $35,000
PenFed Platinum Cash Rewards Card              $15,000
Staples/Citi                                                               $3,250
USAA Rewards World MasterCard                      $10,000
US Bank Cash+ Visa Signature                           $15,000
Navy Federal LOC                                                   $15,000
PenFed LOC                                                            $25,000

[kevinjjc]

---

@bs6054 wrote:

---

@kevinjjc wrote:

45k income

 181,050 total credit card limits

+ 40,000 total LOC limits

--------------------------------------------------

= 221,050 total revolving credit limits

---

I assume (since you joined here in 2009!) that you have a fairly long credit history and these limits were built up over time, right?

The major problem with "too much" credit is that one day a mortgage lendor (or maybe auto loan) that you really want will decline you for too much open credit.  (Getting declined for a new cool credit card is much more minor).   The best rates tend to come from the most conservative lenders and they MIGHT say: "I see you've been very good with credit over the last several years Kevinjjc, but how do I know that as soon as I give you my mortgage, you won't go and run up 221K of debt with no way to repay?"   Good credit history mitigates this, but not against the most risk adverse.

Unfortunately for the OP, no fast and hard rules to tell!  Some lendors might object to 30K in outstanding limits with a 55K income (again, if you ran up all that debt, depending on the interest rate, you probably  wouldn't have enough to meet the DTI ratio for the mortgage), others may not.   You want "enough" for your real needs, then a bit more to push your score up to the top tier for the best rates.  But what that figure is, no idea.

---

Oldest Account Age: 13.4
Average Account Age: 6.8

[tennisfan78]

---

@kevinjjc wrote:

---

@tennisfan78 wrote:

---

@kevinjjc wrote:

45k income

 181,050 total credit card limits

+ 40,000 total LOC limits

--------------------------------------------------

= 221,050 total revolving credit limits

---

Wow, are you serious?  Thats amazing.

when you have sometime, I would love to see a list of all the credit cards and the limits on each one. 

Also, the $40,000 LOC, is it the reserve line credit with your bank?

---

                           CC/LOC                                            LIMIT
American Express Blue Cash Everyday             $17,300
Bank of America Platinum Plus Visa                  $12,500
Chase Freedom Visa Signature                          $18,000
Discover More Card                                                $15,000
JCPenney/GECRB                                                  $5,000
Walmart Discover/GECRB                                    $10,000
Navy Federal nRewards MasterCard                  $25,000
PenFed Visa Gold Card                                         $35,000
PenFed Platinum Cash Rewards Card              $15,000
Staples/Citi                                                               $3,250
USAA Rewards World MasterCard                      $10,000
US Bank Cash+ Visa Signature                           $15,000
Navy Federal LOC                                                   $15,000
PenFed LOC                                                            $25,000

---

Dude, that is incredible. Thanks for the listing.

How do you keep these accounts active? Do you take turns on which cards to use each month?

Also, can we know your Credit Score? Also, how does the LOCs impact your score (was discussing about this in the USBank PLOC thread). Do they have same impact as credit cards.

Ps. I am still in awe and shock

[kevinjjc]

---

@tennisfan78 wrote:

---

@kevinjjc wrote:

---

@tennisfan78 wrote:

---

@kevinjjc wrote:

45k income

 181,050 total credit card limits

+ 40,000 total LOC limits

--------------------------------------------------

= 221,050 total revolving credit limits

---

Wow, are you serious?  Thats amazing.

when you have sometime, I would love to see a list of all the credit cards and the limits on each one. 

Also, the $40,000 LOC, is it the reserve line credit with your bank?

---

                           CC/LOC                                            LIMIT
American Express Blue Cash Everyday             $17,300
Bank of America Platinum Plus Visa                  $12,500
Chase Freedom Visa Signature                          $18,000
Discover More Card                                                $15,000
JCPenney/GECRB                                                  $5,000
Walmart Discover/GECRB                                    $10,000
Navy Federal nRewards MasterCard                  $25,000
PenFed Visa Gold Card                                         $35,000
PenFed Platinum Cash Rewards Card              $15,000
Staples/Citi                                                               $3,250
USAA Rewards World MasterCard                      $10,000
US Bank Cash+ Visa Signature                           $15,000
Navy Federal LOC                                                   $15,000
PenFed LOC                                                            $25,000

---

Dude, that is incredible. Thanks for the listing.

How do you keep these accounts active? Do you take turns on which cards to use each month?

Also, can we know your Credit Score? Also, how does the LOCs impact your score (was discussing about this in the USBank PLOC thread). Do they have same impact as credit cards.

Ps. I am still in awe and shock

---

I just use whichever card gives me the most rewards for that particular purchase, and rotate the usage on the other cards.

My Walmart TU08 FICO score is currently 790. Credit Sesame score is 833 (EX FACO).

[tennisfan78]

Nice. Thanks Kevinjjc!

[bichonmom]

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@kevinjjc wrote:

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---

                           CC/LOC                                            LIMIT
American Express Blue Cash Everyday             $17,300
Bank of America Platinum Plus Visa                  $12,500
Chase Freedom Visa Signature                          $18,000
Discover More Card                                                $15,000
JCPenney/GECRB                                                  $5,000
Walmart Discover/GECRB                                    $10,000
Navy Federal nRewards MasterCard                  $25,000
PenFed Visa Gold Card                                         $35,000
PenFed Platinum Cash Rewards Card              $15,000
Staples/Citi                                                               $3,250
USAA Rewards World MasterCard                      $10,000
US Bank Cash+ Visa Signature                           $15,000
Navy Federal LOC                                                   $15,000
PenFed LOC                                                            $25,000

---

Impressive lineup. You have some really nice cards with healthy limits!

I have 11 cards totalling around $70k, which is slightly above my annual income. I have stopped using several of the cards because I'm just terrified that I'll accidently forget a due date, or stmt date, if I want to PIF before the stmt cuts, and I'll end up w/a late payment. I've seen people post here about their FICO diving from one 30-day late and I've read about interest rates going through the roof on a CC from a payment just a day late (not to mention other AA). I guess that might depend on the CC. Still, I decided to limit my usage to just a few cards to be on the safe side and prevent overwhelm! As much as I admire your portfolio, I wonder how you keep on top of all of them!