What do you guys consider a high limit.

[kdm31091]

OK fine, so instead of me saying many don't spend that much, I'll just say the majority don't. I'm single, so perhaps I don't get it, but my spending is nowhere even close to $8k a month. Yeah, if some weird expense comes up it's higher, but that's not the norm every month.

[Anonymous]

On the other side of the coin.

MANY people go without credit.

[Anonymous]

I think for 80% of us on this forum, a high limit I sought after for utilization purposes. The other 20% are those who actually put significant spend on their card (8-10k+ a month), and not for the purpose of getting bonuses, that's just a perk and possibly why one would get the card in the first place. I mean, if you're spending any type of money let alone thousand through a CC you might as well get rewarded for it....right?

[Anonymous]

Lets agree that high limit would pay in full for nice weeklong vacation to the tropics for middle class family of 4-5, or $10,000+

[kdm31091]

I was more saying that some people accelerate their spending by prepaying bills for the year and other things in order to get bonuses and/or rewards, meaning their monthly spend is higher that month than it would be on an "average" month, so 8k a month in expenses may not be typical for them.

Either way, a high limit to me is anything past $10k, yes

[elim]

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@Anonymous wrote:
@Anonymous I am the same. I have a few 5k cards and I don't think that's high for me either. I'd like to get the point where I have 2 high limit revolvers with my amex green NPSL.

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  +2

  I will start combining/closing soon.  i would like to have 3 or 4  20-25k limits at less than 9.9%.

[Anonymous]

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@Anonymous wrote:
I think for 80% of us on this forum, a high limit I sought after for utilization purposes. The other 20% are those who actually put significant spend on their card (8-10k+ a month), and not for the purpose of getting bonuses, that's just a perk and possibly why one would get the card in the first place. I mean, if you're spending any type of money let alone thousand through a CC you might as well get rewarded for it....right?

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This is right on the money. I went for almost my entire 20's without using credit cards because I didn't need them. Back in October 2014 I began running my personal spending and business spending through credit cards and I have already accumulated enough points that I won't pay for a plane ticket or a hotel again for a very long time. Onward to the Million MR Points club!

[Themanwhocan]

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@kdm31091 wrote:

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@chalupaman wrote:

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@Anonymous wrote:

Assuming you pay your cards off in full every month, I don't see why anyone would need over $8000.

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It's better than having $500 and $250 limit cards you can't put any spend on without nearly maxing them out. Also high limits are good for keeping utilization in check among other things.

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Yes, but too many high limits isn't good either, unless your income is really high. You don't want to exceed your income by 5x or anything like that (not that you do, just a general point to avoid being eyed by the issuer).

I think for most people are general spend card doesn't need to be over $10k. Category rewards cards can be lower without much of a problem. Your once-in-awhile, low APR, emergency card/util buffer/whatever should be a high limit to be useful for that purpose, meaning $10k or so, IMO.

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Currrently my general spend card only has a $2800 limit. One month I let $1550 report (55% utilization on that one card), and my FICO scores tanked by over 20 points.

[kdm31091]

Yeah, you have to walk a line between high enough limits to not make you end up with crazy util if you have a balance, vs. such high limits that issuers start looking at you funny (DTI and such).

[longtimelurker]

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@kdm31091 wrote:

OK fine, so instead of me saying many don't spend that much, I'll just say the majority don't. I'm single, so perhaps I don't get it, but my spending is nowhere even close to $8k a month. Yeah, if some weird expense comes up it's higher, but that's not the norm every month.

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What was amusing about your advice (basically $10K is enough) is that it fits your cards.  Clearly enormous variation in amount and needs, so it's extremely unlikely that any X figure is going to be useful