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Your total credit lines

Contributor

Re: Your total credit lines


Thomas_Thumb wrote:

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.


Thanks for the explanation. I'm looking to increase my CL over the next year, and now have some numbers to shoot for. Other than a baddie that drops off in february, all of my stats are great. I expect to get over 800 once my utilization drops a bit more. Hoping to speed that up with a CLI or two.

 

In regards to the original intent of the thread.

Current high score 12800 with discover.

Message 41 of 72
Super Contributor

Re: Your total credit lines

From $0 to $143,000 in 2 year rebuild. Hoping Navy lets me join 1.5k club in Nov. All on a low income. Manage ones credit well and i believe sky is the limit, or at least top of Empire State BuildingSmiley Wink
Message 42 of 72
Valued Contributor

Re: Your total credit lines

I am ~ $135,000.00, not counting biz TL's, which is less than my annual income and not counting DW's income.  I am really happy with my CL's.

 

Edit:  I have been adding commercial mortgages which I am not including in the above.  I have also not added our personal mortgage which we will pay off once we close on a commercial mortgage in December.

 

CSR | Amex Platinum | EDP | QS (2)
Amex Blue Business Plus
Message 43 of 72
Frequent Contributor

Re: Your total credit lines

15000 flat

 

Eight months.  Started from 522, up to 650ish, see sig.

In the garden since 11/15/17 = Last FICO Update: 12/07/17 = CL 23,800 = EX 660 = TU 667 = EQ 717 = Make credit great again!

Message 44 of 72
Valued Contributor

Re: Your total credit lines

Update:

 

Came out of the garden and did some SP CLIs

 

Now at $123,850 -> waiting on my US Bank card to arrive to find out the CL

Message 45 of 72
Valued Member

Re: Your total credit lines

So question, in general just how much does income factor into starting limits and increases?
Message 46 of 72
Valued Contributor

Re: Your total credit lines

Income is really important. You're not likely to get a card with a $100,000 limit if you have a $20,000 income. However, people who are new to credit or starting a rebuild tend to start out with low limits that are pretty similar.

 

Note that income isn't part of scoring. It's considered separately.

Message 47 of 72
Regular Contributor

Re: Your total credit lines


HeavenOhio wrote:

Income is really important. You're not likely to get a card with a $100,000 limit if you have a $20,000 income. However, people who are new to credit or starting a rebuild tend to start out with low limits that are pretty similar.

 

Note that income isn't part of scoring. It's considered separately.


+1 on the importance of income.  12/14 : CL's were $20k, scores 690's.  10/17: CL's - $305K, scores 750 +/-.  Notes: closed 5 cards this year; opened 1 new account this year; will take sp cli's when available (no other new apps).  Back to the income: the higher your income is, the faster your limits can grow.  Example: my cl with BOA is 76k off of a 125k income.  I received a notification from them, on my last cl request and reallocation.   No worries!

Am EX | Barclay | BOA | Citi | Discover | USB | Current: EQ 740 TU 739 EX 763 300K Club
Message 48 of 72
Super Contributor

Re: Your total credit lines

IMHO spending is more likely to get you a CLI then income.  When I started to use my Apple card the doubled the CL after is was PIF.  No income change.

12/08/2017 FICO: EQ 843 TU 849 EX 844
Message 49 of 72
Valued Contributor

Re: Your total credit lines


c00mtg wrote:

Update:

 

Came out of the garden and did some SP CLIs

 

Now at $123,850 -> waiting on my US Bank card to arrive to find out the CL


SP CLI's are permitted, even encouraged, in the Garden.  

CSR | Amex Platinum | EDP | QS (2)
Amex Blue Business Plus
Message 50 of 72