youngandcreditwrthy wrote:
I have $60-70k in personal income plus commissions. I have super low expenses though- no car debt or other debt. I don't want a mortgage for prob another decade, if ever. Buying a home isn't a near term or mid term goal for me. I suspect that I may run in to that problem when trying to buy a home, but I barely use any of it. I do have cc debt at 0%, but I have the cash I'd use to pay that invested collecting 15% in
dividends. I am actually a little worried about having more than my income in avail cred., but my creditors can see that I am responsible.
:-).
I don't want you to under any circumstances think that i meant you couldn't manage your finances, i just see how some people are always looking for more credit and trying to inform you that it could come back to hurt you in the future, no big deal and congrats on the CLI and good job!
i would also like to know your secrets on the 15% dividents on investments, that's some good money!
distantarray wrote:
ryanbush wrote:btw sorry if that sounded negative, just didn't want you to get in over your head with available credit!! btw how long have your had your walmart account open?
I'm sure with the cards he's got and the fact he's on this boards he should know the right way to manage credit, just cause you have high credit limits doesn't mean you'll go nuts. I prefer to have maximum credit limits I can get regardless of my income because incase **bleep** happens.
If I spent a bunch of money over the holidays, with a reasonable limit my FICO scores are going to drop A LOT if they get reported mid month etc which a lot of cards do. So my Fico score can look like a roller coaster. I prefer to have my Fico on a straighter calmer path so incase **bleep** happens my Fico will be right where it should be.
Just cause you have the cards don't mean you have to use them, After I get my house which i'm in the market for, and after 6 months I'll apply for US Cash+ and cancel my secured cards. I only want 5 cards max.
Freedom + Sapphire + US Bank Cash+ and Amex BCP + Navy Federal Platinum
I dont' see the point in anymore but maybe a Amex platinum if I start traveling more
And to be clear I never insinuated that he would go on a 85k dollar shopping spree, I have read quite a few of his posts and make the assumption that he does well with his finances. I just deal with real estate on a daily basis and know first hand that banks will ask people to close large credit lines if the house they are trying to purchase would be pushing it for their income. a bank not only takes into account the debt you have buy also the debt you COULD potentionally have when trying to decide how much to approve you for.
I see all the time people on this board advising people to get the largest credit lines they can, that might be ok if you have big utilization problems. But to the average person (income from 20k to 80k) a year large lines of credit can be a liability when trying to get a mortgage. just sharing info from my expreiences, nothing else!
distantarray wrote:
ryanbush wrote:btw sorry if that sounded negative, just didn't want you to get in over your head with available credit!! btw how long have your had your walmart account open?
I'm sure with the cards he's got and the fact he's on this boards he should know the right way to manage credit, just cause you have high credit limits doesn't mean you'll go nuts. I prefer to have maximum credit limits I can get regardless of my income because incase **bleep** happens.
If I spent a bunch of money over the holidays, with a reasonable limit my FICO scores are going to drop A LOT if they get reported mid month etc which a lot of cards do. So my Fico score can look like a roller coaster. I prefer to have my Fico on a straighter calmer path so incase **bleep** happens my Fico will be right where it should be.
Just cause you have the cards don't mean you have to use them, After I get my house which i'm in the market for, and after 6 months I'll apply for US Cash+ and cancel my secured cards. I only want 5 cards max.
Freedom + Sapphire + US Bank Cash+ and Amex BCP + Navy Federal Platinum
I dont' see the point in anymore but maybe a Amex platinum if I start traveling more
BTW the Platinum is an amazing card ( I have one ) if you can justify the benefits with travel.
Just the way AMEX treats you when you have a issue or need something is almost worth the AF 
Nice CL. Congrats!
Starting Score: 504
Current Score: EQ FICO 819, TU08 775, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
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