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I recently cancelled 2 store cards I don't see myself ever needing again. I'm keeping open cards that either I will use and/or have a nice CL with no AF for UT purposes. I make $65-70k/year and am left with a tad over 80k in total credit lines. I don't need more credit, there are maybe 2 more cards I'd like to aquire for the rewards but as far as credit, I don't need any more. I look at my open credit lines and I look at my income and I'm probably topping out as far as potential risk as far as creditors would be allowing, I'd think? I stopped requesting with the store cards because I don't want to "top out" due to stupid little store cards having huge lines. I mean, who needs more than $5200 at Penneys... and so on! Know what I mean? It's not needed, it's just a rush to get the congrats.
So my question is, when do you stop hitting those luv buttons? Should I be concerned that Amex woudn't give me a CLI when I get to 181x, etc?
It is enough when you feel it is enough to suit your needs. Many people have 4-5x their income in credit limits. As long as a person can handle it and not overspend, I don't see it as a problem. Many times, just by being responsible and paying on time, credit limits will grow on their own (auto CLI's). I have a few cards I will not try for CLI's on, because I don't see the point, I will never come close t using $12k at Walmart, for instance. However, lots of people seek CLI's for utilization purposes just in case they need to carry a balance; to help with getting higher limits on subsequent cards; or because taking part in these forums and building credit and getting new cards is addictive. Whatever their reason, if people do what works for them it is not a big deal.
@kroberts67 wrote:I recently cancelled 2 store cards I don't see myself ever needing again. I'm keeping open cards that either I will use and/or have a nice CL with no AF for UT purposes. I make $65-70k/year and am left with a tad over 80k in total credit lines. I don't need more credit, there are maybe 2 more cards I'd like to aquire for the rewards but as far as credit, I don't need any more. I look at my open credit lines and I look at my income and I'm probably topping out as far as potential risk as far as creditors would be allowing, I'd think? I stopped requesting with the store cards because I don't want to "top out" due to stupid little store cards having huge lines. I mean, who needs more than $5200 at Penneys... and so on! Know what I mean? It's not needed, it's just a rush to get the congrats.
So my question is, when do you stop hitting those luv buttons? Should I be concerned that Amex woudn't give me a CLI when I get to 181x, etc?
Never.
@emptypockets wrote:It is enough when you feel it is enough to suit your needs. Many people have 4-5x their income in credit limits. As long as a person can handle it and not overspend, I don't see it as a problem. Many times, just by being responsible and paying on time, credit limits will grow on their own (auto CLI's). I have a few cards I will not try for CLI's on, because I don't see the point, I will never come close t using $12k at Walmart, for instance. However, lots of people seek CLI's for utilization purposes just in case they need to carry a balance; to help with getting higher limits on subsequent cards; or because taking part in these forums and building credit and getting new cards is addictive. Whatever their reason, if people do what works for them it is not a big deal.
+1
It's your journey. When you say it is enough, then it is enough.
@BootStraps wrote:
@emptypockets wrote:It is enough when you feel it is enough to suit your needs. Many people have 4-5x their income in credit limits. As long as a person can handle it and not overspend, I don't see it as a problem. Many times, just by being responsible and paying on time, credit limits will grow on their own (auto CLI's). I have a few cards I will not try for CLI's on, because I don't see the point, I will never come close t using $12k at Walmart, for instance. However, lots of people seek CLI's for utilization purposes just in case they need to carry a balance; to help with getting higher limits on subsequent cards; or because taking part in these forums and building credit and getting new cards is addictive. Whatever their reason, if people do what works for them it is not a big deal.
+1
It's your journey. When you say it is enough, then it is enough.
+10000
Stop until they are not willing to give you more lol Or once you're at a point that you feel like you have achieved your goals. If no more is needed, then just use your cards as you see fit and enjoy your successes.
I'm at the point where I don't need anymore credit. But, I'll still apply for a few credit card signup bonuses, and I have no problem closing the cards later.
But If you don't want to play that game, you can always sit pat and find something else to occupy your time. Perhaps Hulu.com ...
@emptypockets wrote:It is enough when you feel it is enough to suit your needs. Many people have 4-5x their income in credit limits. As long as a person can handle it and not overspend, I don't see it as a problem.
I make $80k... and only have about $25k in revolving credit limits. I'm rebuilding and don't need more credit.
Back in the day I had CL equal to my annual income, after after losing my job in 2008 and living off my CL's due to FL's craptastic $275 weekly unemployment benefit not paying the bills, I ended up filing BK13.
One thing the experience taught me was paying with cash... Will I ever approach CL's equal to my annual income? I don't plan to. Will I ever have a desire for 4-5x my income in CL's? Don't think so.
I pretty much pay with cash now... the CC util I have are long term 0% offers so I don't mind carrying a balance. I just don't have a desire for $100-$400k in credit lines... even if I had an 850 score. In the end, you still have to pay back what you borrow.
I stop when I have enough credit on a card to keep from having to pay the card more than once a month. So after getting $20k on the Arrival+ I stopped and both my Chase cards were approved at $15k which I will never hit so I will never ask for a CLI again.
You are the only one that can answer that. I currently have more than $160k in unsecured lines which is basically 100% of my annual income.
I am currently refinancing my house to save some bucks and time and after that will probably look at a couple sign up bonus options.