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Your total credit lines

Established Member

Re: Your total credit lines

I went from $11,000 (on my 24 year old Chase card) to $71,000 over the past 12 months. I had more than that, but I closed three cards recently. Those three combined had $15,000 worth of credit. So I technically went from $11k to $86k in 12 months, but currently only have $71k open. 

 

Message 31 of 72
New Member

Re: Your total credit lines

Thanks for sharing very inspiring!! This forum has helped me so much
Message 32 of 72
Member

Re: Your total credit lines

32.5k total credit line - I went from 0 credit cards and mid 500's to high 600's since May of this year. I buried myself in my credit reports and finally took control of it. Maybe one day I can break that 100k mark (not that I will ever need it!)


CURRENT - EQ: 678 TU: 679 EX: 657 - Goal 750
START 6/15/17 - EQ: 590 TU: 610 EX: 587 ----- Gardening 10.12.2017
Message 33 of 72
Established Member

Re: Your total credit lines

What are the needed credit scores for higher limit cards??
Message 34 of 72
Established Member

Re: Your total credit lines

 
Message 35 of 72
Valued Contributor

Re: Your total credit lines


lch4 wrote:
What are the needed credit scores for higher limit cards??

It's a combination of income and credit score. Generally, scores in the 720s or higher will meet credit score requirement for gaining access to 5 figure credit card limits - if income meets credit card issuer benchmarks. However, you may also need to establish a solid payment history on the target card if income is borderline.

Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950 (4/2017)
Message 36 of 72
Established Member

Re: Your total credit lines

What exactly do you mean when you say..."buried myself in my credit reports"? I would like to do the same to increase my CL
Message 37 of 72
Valued Contributor

Re: Your total credit lines

My total revolving CL is almost $210K.  I think I was at about $35K in 2012 when going through a foreclosure and a credit card settlement.  

 

My highest revolving CL is with Discover at over $63K.  Frankly, I am surprised they have allowed me to get this high, with a foreclosure still showing.  Second highest is Amex ED at $38K, with CapOne Venture not being far behind that.  

 

 

 

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Dec 2017: EX8: 736; EQ8: 736; TU8: 747; EQ04: 734 FICO 9 Scores about 50 points higher
In My Wallet: Discover $63.7K; Cap1 Venture $36.7K; Amex ED $38K; Amex Optima $12.5K; Amex Delta Gold $15K; Cap1 Plat $8.4K; Barclay $7K; Citi TY Pref $13K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $209.8K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 38 of 72
Contributor

Re: Your total credit lines

Out of curiosity, how does everyone's CL compare to their income?  I always assumed that my limit would be less than my salary, but with these high numbers I am thinking my assumption is wrong.

Message 39 of 72
Valued Contributor

Re: Your total credit lines


Kree wrote:

Out of curiosity, how does everyone's CL compare to their income?  I always assumed that my limit would be less than my salary, but with these high numbers I am thinking my assumption is wrong.


Your assumption is wrong but, it is a good benchmark. I maintain an aggregate CL around 1X yearly income. That is sufficient to cover credit card charges without bumping up against limits and allows me to keep utilization low while allowing charges to report naturally on statements. There is no need to have total CL at multiples of yearly income to realize top tier credit scores.

 

Some posters do have aggregate CL 3x to 7x yearly income - perhaps even higher. As long as spend level is managed relative to income, high aggregate CL does not translate to increased risk nor does it translate to reduced risk. If you are the type where higher CL may be an enticement to spend more, then a total CL in the 0.5x range might be the best strategy.

Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950 (4/2017)
Message 40 of 72