My only real goal for my limits were to be able to charge most everything I need to without coming too close to the limits (Usually less than $5K).
(I pay off in full every month)
However to prevent that amount of spending from dragging down my FICO score, I've been raising them over time and now have $52,900 total limits. Due to the way the NPSL BOFA Visa Signature reports to the CB's my total limit is about 41K for the purposes of calculating Util.
Now when I charge 5K, which is about the max I ever do now since I PIF every month, my Util only shows about 12%.
Now my normal utilization won't impact my credit score too much and I don't have to pay the balance down prior to statement time to keep my scores up.
I'll probably ask for increases from time to time. But I'm satisfied with what I have now.
I have 55k+ now, I'm aiming for 100k+ mainly because I prefer my Fico score to fly first class in luxury, and not have to face the rocky roads of credit / debt ratios
Since I'm known to charge upto 10k a month or so, it's nice to not have to worry about paying my balance down RIGHT before the statement cuts to maximize my Fico score.
I'm in the same situation and I'm looking for 100k. I average about 10k per month so that would keep my util under 10%, save December when I always have huge spending. I don't like having too many cards, so I'd like the 100k to be spread over a maximum of 4 cards. This is easily done and I'll have it by the end of thIs year. I'm fairly conservative as far as applications go, so I'm not in any real hurry.
I like having my limits high enough to be able to book airfare and hotel for family vacations without having to worry about multiple payments.
That´s a good one.
In additon: Enough to not worry about UTIL if a balance reports. Still PIF of course, but not before statement cuts. Aiming to pay on due date.
I agree with both of these thoughts.
I have been thinking 5k was enough for most of my cards but I guess it would be nice to aim higher on at least one card for that purpose. We are planning a vacation across Florida this summer and I want to charge everything to one card to earn cash back and then pif when we get back. But I don't want to max it out.
Short term, I'd like to get any national bank card above a 5K limit. I'm hoping to do that within a year but it wouldn't surprise me if it takes two years with my profile.
Long term, I think I'd like to get to around 50K of available credit (we're talking YEARS in my case admittedly); I think this is enough float to cover me for six months if I'm unemployed for a non-trivial amount of time with theoretical expenses of marriage, kids, and mortgage all at some point in the future. Probably longer than that even, but a six month financial defense position is an absolute minimum in my opinion for target aggregate limit.
I want to break the $20K limit I am currently at $16K! Hopefully this year
Edit to add break the $100K barrier! Almost there
Alright y'all I have accomplished my goal of breaking the $100K barrier with my Cap One CLI today. Soo across all my cards including my biz cards I made it!! Whohoo!! Thanks to this board. Now to maintain it and hopefully no AA or CLDs!!
How about...... NO CL's ......ONE DAY........ONE DAY......ill own a credit card that doesnt have my name because im a AU....... someday.......
I blew past my goal of $100K last year. Now it's a matter of getting the right cards in my portfolio where the points actually mean something to me.
im at 20k right now
income is at 30k (before bonuses and 401k etc..)
if i could have a 10k card for emergencies and some use that would be pif would be nice.
currently have a 5k Mastercard and Amex Zync. (idk if id count walmart since i can only use it there)
|Current: Discover Fico 709 3/15 Walmart Fico 743 4/15|
Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Earn Cash Back
|Amex Zync(Unicorn) |
Citi DC $10,000