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I know having big lines is nice but what's the point?

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Themanwhocan
Senior Contributor

Re: I know having big lines is nice but what's the point?


@Swapmeet wrote:

@longtimelurker wrote:

@Swapmeet wrote:

I just want people on the internet to think I'm cool....


Sorry, with cool inflation, as of Feb 10, 2014, to be cool you need one of:

 

1) One card with CL $17K or above

2) Two cards with CL $15K or above.

3) Seven cards with CL 10K or above

 

 

So not cool yet, but you are getting there!


Damn inflation! I will be cool one day, you just wait!    Of course I'm being facetious...Only because I feel like the question has been answered well....and I'm a bit ornery before 8 am...lol.


It also helps if the card is a nice cool blue.

 

Thanks, American Express BCE!





TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752    
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800
Message 21 of 29
Swapmeet
Valued Contributor

Re: I know having big lines is nice but what's the point?


@Themanwhocan wrote:

@Swapmeet wrote:

@longtimelurker wrote:

@Swapmeet wrote:

I just want people on the internet to think I'm cool....


Sorry, with cool inflation, as of Feb 10, 2014, to be cool you need one of:

 

1) One card with CL $17K or above

2) Two cards with CL $15K or above.

3) Seven cards with CL 10K or above

 

 

So not cool yet, but you are getting there!


Damn inflation! I will be cool one day, you just wait!    Of course I'm being facetious...Only because I feel like the question has been answered well....and I'm a bit ornery before 8 am...lol.


It also helps if the card is a nice cool blue.

 

Thanks, American Express BCE!


Hell, all your cards are blue Smiley Wink



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
USAA World MC: ||23k|| US Bank Cash+ Siggy: ||7.5k|| Citi TYP World MC: ||12k|| Barclays Arrival World MC: ||13k||Citi Double Cash World MC ||25k||Sallie Mae World MC ||18.8k||Fico Scores (3 Fico Monitoring): EQ 751,TU 749, EX 743. Last app: 9-12-14 Sallie
Message 22 of 29
bribro
Valued Contributor

Re: I know having big lines is nice but what's the point?

So that I can put my large credit limits in my myFICO signature and feel good about myself.

 

As a side benefit, I can let my relatively large statement balances report and not have to worry about my FICO score blowing up.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Message 23 of 29
gdale6
Moderator Emeritus

Re: I know having big lines is nice but what's the point?


@IWOL wrote:

Enharu...I realize there are people who spend far more, but if you make 250k gross with mortgage interest and other deductions you probably take home around 200k a year. In my example.... I was saying that someone who earns 250 k might have around 15 in disposable income a month assuming that is their only income.

 

Since I joined this board I have increased my revolving credit from 10k to now close to 70k. Its been a fun ride but I've started to wonder....do I really need more CLI and more cards, so just wanted to get some perspective from you guys.

 

It's easy to get caught up in the game of seeking more credit and larger lines but I think often unnecessary. 

 

 


You will enjoy having them when you are fired or layed off from your job, I have own business with huge lines corporate & personal they come in handy thru lean times. I never worry about BK I have done 2 in my life, crap happens I just get up and start over. I havent punched a clock in over 25 yrs. I knew how to repair credit in the 80s.

Message 24 of 29
enharu
Super Contributor

Re: I know having big lines is nice but what's the point?


@bribro wrote:

So that I can put my large credit limits in my myFICO signature and feel good about myself.

 

As a side benefit, I can let my relatively large statement balances report and not have to worry about my FICO score blowing up.


And to make others feel bad about themselves........ Smiley Tongue

I'm envious of your CLs.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 25 of 29
CreditScholar
Valued Contributor

Re: I know having big lines is nice but what's the point?


@Lin55 wrote:

@unc0mm0n1 wrote:

@Vegas247 wrote:

IWOL...i was asking myself the same question because I see a lot if not most everyone here wanting a higher credit limit. I do as we'll want higher credit limits...


...expenses add up quick. I think the answer to the original question is that not everyone is the same. I need my high limits because even though I pay in full sometimes my statement cuts with a balalnce and I don't want my score to drop..... If I had much lower credit limits revoling such a b ig debt would kill my score. Maybe you don't use your increased credit, which is completely fine but some of us do and having it is helpful.


+1000 here. I just started working and between me and my SO we avg about $15K a month (she's now my AU). I have $44K in total CLs (Last month it was only $12K!). I have to freakin' micro-manage my UTIL all the time so my score won't drop (looking for a HL and AL within the next 5-16 months so I need high scores.) And yup, micro managing UTIL all the time is ANNOYING

 

If i had $160K in available CLs, then letting my $15K report monthly will only be 9% UTIL. So assuming our spend will be the same, my goal is to have $160K in CLs. Possibly a dream though but we'll see...

 

For now, my Amex charge card is helping with UTIL for big expenses but I prefer Chase UR points so we pretty much max out our Chase cards and micro-manage the UTIL.


+1. This is perhaps the main reason why I like having large CLs. I don't have to worry about util since I rarely will charge more than 10% in a given month, and I always PIF.

 

Unlike some others on here, virtually all of my CC spending is personal so I can't get reimbursed for it. However there are times in the year where my util spikes, and it's good to be able to charge that much and not set off warning bells at the banks.

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 26 of 29
Lin55
Frequent Contributor

Re: I know having big lines is nice but what's the point?


@CreditScholar wrote:

@Lin55 wrote:

@unc0mm0n1 wrote:

@Vegas247 wrote:

IWOL...i was asking myself the same question because I see a lot if not most everyone here wanting a higher credit limit. I do as we'll want higher credit limits...


...expenses add up quick. I think the answer to the original question is that not everyone is the same. I need my high limits because even though I pay in full sometimes my statement cuts with a balalnce and I don't want my score to drop..... If I had much lower credit limits revoling such a b ig debt would kill my score. Maybe you don't use your increased credit, which is completely fine but some of us do and having it is helpful.


+1000 here. I just started working and between me and my SO we avg about $15K a month (she's now my AU). I have $44K in total CLs (Last month it was only $12K!). I have to freakin' micro-manage my UTIL all the time so my score won't drop (looking for a HL and AL within the next 5-16 months so I need high scores.) And yup, micro managing UTIL all the time is ANNOYING

 

If i had $160K in available CLs, then letting my $15K report monthly will only be 9% UTIL. So assuming our spend will be the same, my goal is to have $160K in CLs. Possibly a dream though but we'll see...

 

For now, my Amex charge card is helping with UTIL for big expenses but I prefer Chase UR points so we pretty much max out our Chase cards and micro-manage the UTIL.


+1. This is perhaps the main reason why I like having large CLs. I don't have to worry about util since I rarely will charge more than 10% in a given month, and I always PIF.

 

Unlike some others on here, virtually all of my CC spending is personal so I can't get reimbursed for it. However there are times in the year where my util spikes, and it's good to be able to charge that much and not set off warning bells at the banks.


+1, +1, +1

 

I know i'm beating a dead horse here but I think these are reasons why everyone should have HUGE CLs (assuming you can handle it & already have a nice emergency fund somewhere else)!

Message 27 of 29
Cloudlb
Regular Contributor

Re: I know having big lines is nice but what's the point?

FSM forbid I should ever have anything close to my CL, which is only about $29,000, on my cards.  My income couldn't handle it, and I'd be in BIIIGGG TROUBLE! 

 

Yes, it's good to thin out your util, and of course they can be used in an emergency, but I'd hate to.  A good cash emergency fund in savings is a far better option overall for one's personal finances. 

 

After so many years of bad credit and no credit, I'm just not going to take a chance of messing up my now very good credit with debt. 

Message 28 of 29
Open123
Super Contributor

Re: I know having big lines is nice but what's the point?


@gdale6 wrote: I never worry about BK I have done 2 in my life, crap happens I just get up and start over. I havent punched a clock in over 25 yrs. I knew how to repair credit in the 80s.

+1

 

A pivotal aspect of credit is to have the ability to leverage when one has an idea to build a "better mousetrap."  As one who equally eschews puching a clock, nothing as trivial as a fear of BK or regulations will ever stop me from pursuing a worthwhile venture.

 

There comes a time that if I owe you $10K, that's my problem; but, if I owe you a Million, that's yours.

Message 29 of 29
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