To Much Credit?

[k0csi]

So, in the last couple months I've managed to find the interest in getting my credit score up.  I got an AmEx BCE to use regularly for everything so I get rewarded for what I already spend my money on instead of using a debit card; have paid down or BT'd several thousand in CC debt I had that I was paying interest on.  So basically, in the last month or two I've added BoA BankAmericard was $2500 limit, they upped it to $7k last week.  AmEx BCE has $5900 limit.  I just upped my Best Buy card after Citi took it over and now have a $7k limit with them too.  I don't expect to max any of these cards out by any means, but it seems that once you get the ball rolling you can get higher limits so when you do spend your utilization is kept low!  Being that I'm 25, what is the next step?  Do I keep working on the same accounts and get them as high as they'll let me and call it good?  My only goal left really is to have at least one card with a $10k limit; and it's just for the principle of having it as I'd never (maybe outside a life or death emergency) spend that much on a credit card!  So basically, back to my point....is there a point where you have "to much credit?"  Is it based on age?  Salary?  If you're using all the credit you have responsibly, does the amount of available credit even matter?  What's the opinions on this?

[enharu]

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@k0csi wrote:

So, in the last couple months I've managed to find the interest in getting my credit score up.  I got an AmEx BCE to use regularly for everything so I get rewarded for what I already spend my money on instead of using a debit card; have paid down or BT'd several thousand in CC debt I had that I was paying interest on.  So basically, in the last month or two I've added BoA BankAmericard was $2500 limit, they upped it to $7k last week.  AmEx BCE has $5900 limit.  I just upped my Best Buy card after Citi took it over and now have a $7k limit with them too.  I don't expect to max any of these cards out by any means, but it seems that once you get the ball rolling you can get higher limits so when you do spend your utilization is kept low!  Being that I'm 25, what is the next step?  Do I keep working on the same accounts and get them as high as they'll let me and call it good?  My only goal left really is to have at least one card with a $10k limit; and it's just for the principle of having it as I'd never (maybe outside a life or death emergency) spend that much on a credit card!  So basically, back to my point....is there a point where you have "to much credit?"  Is it based on age?  Salary?  If you're using all the credit you have responsibly, does the amount of available credit even matter?  What's the opinions on this?

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There is a point where you can have "too much credit". It is relative to income. Lenders are not supposed to discriminate you based on your age / sex / race, etc, but they can judge you based on the lengh of your credit history, which is correlated to age.

It really depends on what you're spending, and how much you're spending. if you are running through a lot of business expenses through your personal card, which is later reimbursed by your company, you will need a higher CL in general. If you're a frugal person, you probably won't charge a lot either, but if you're booking VIP seats and popping expensive alchohol in clubs each week, the charges add up very quickly. Really depends on you.

[navigatethis12]

I'm two years younger than you,have a history of three years and five months, and have almost 300,000 in credit and haven't reached any resistance, yet. As long as you are paying on time and have the income to support it, you shouldn't run into any problems. Some of reported that lenders lowered their limits because they had too much credit available compared to income, but I've yet to see it.

[hot4u]

Your Amex will Grow to reach your Goal.

Don't know your AAOA ,Total Hp's Guessing Bank of America increase was also a Hp

You have a some good TL'S already

Best Buy is your entry into Citi if you desire in Future.

Time is on your side.

[Dustink]

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@k0csi wrote:

So, in the last couple months I've managed to find the interest in getting my credit score up.  I got an AmEx BCE to use regularly for everything so I get rewarded for what I already spend my money on instead of using a debit card; have paid down or BT'd several thousand in CC debt I had that I was paying interest on.  So basically, in the last month or two I've added BoA BankAmericard was $2500 limit, they upped it to $7k last week.  AmEx BCE has $5900 limit.  I just upped my Best Buy card after Citi took it over and now have a $7k limit with them too.  I don't expect to max any of these cards out by any means, but it seems that once you get the ball rolling you can get higher limits so when you do spend your utilization is kept low!  Being that I'm 25, what is the next step?  Do I keep working on the same accounts and get them as high as they'll let me and call it good?  My only goal left really is to have at least one card with a $10k limit; and it's just for the principle of having it as I'd never (maybe outside a life or death emergency) spend that much on a credit card!  So basically, back to my point....is there a point where you have "to much credit?"  Is it based on age?  Salary?  If you're using all the credit you have responsibly, does the amount of available credit even matter?  What's the opinions on this?

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Your 3x cli with amex should get you over the 10k mark.

There is no set boundary. It can just keep building as your history builds, but you income should increase over time as well.

[takeshi74]

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@k0csi wrote:

If you're using all the credit you have responsibly, does the amount of available credit even matter?  What's the opinions on this?

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Generally no unless you run into a lender that says otherwise (and you're not willing to switch to a different lender).  What you can manage is probably going to be the more important limit.

[youngandcreditwrthy]

It's good to have a lot of avail cred.
I recently cut back from about $170k to about $100k in credit.
My Amex BCE gets most of my usage. I'm 24 and have $30k in cred w Amex alone :-)

[ezdoesit]

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@navigatethis12 wrote:

I'm two years younger than you,have a history of three years and five months, and have almost 300,000 in credit and haven't reached any resistance, yet. As long as you are paying on time and have the income to support it, you shouldn't run into any problems. Some of reported that lenders lowered their limits because they had too much credit available compared to income, but I've yet to see it.

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Your 23 and have 300k in credit that is pretty impressive.  Is you income higher or lower than your cl.  I would think creditors would start having a problem once your cl starts to go over 1x your annual salary.  I am sure that is not the case with everybody some might people might start having a problem once their cl reaches half or some 2x their annual income I guess your credit profile would determine that.

[navigatethis12]

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@ezdoesit wrote:

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Your 23 and have 300k in credit that is pretty impressive.  Is you income higher or lower than your cl.  I would think creditors would start having a problem once your cl starts to go over 1x your annual salary.  I am sure that is not the case with everybody some might people might start having a problem once their cl reaches half or some 2x their annual income I guess your credit profile would determine that.

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It's much lower than all of the credit. Almost 100,000 of it is in business credit and a tradeline that doesn't report, so the only lenders who can see it are the one's those accounts are with. I haven't heard anything from any analysts about the amount at all. I always only have a few hundred dollars for reported balances and it's only on one card. I reckon the low debt and perfect payment history puts them at ease. I just spoke with a business analyst at Chase who was fine with me having a massive amount with them compared to everyone else and gave me more with the approval. Obtaining a massive amount of credit really isn't that hard if you have a perfect history and low utilisation in my opinion. I really don't need all of it, but I like to use different cards for business use, so I just keep all of them.