topic Re: Credit Junkies = Total credit lines > Total Income in Credit Cards

Credit Junkies = Total credit lines > Total Income

Anonymous — Sat, 14 Feb 2015 00:18:23 GMT

Who falls in this category??...

Re: Credit Junkies = Total credit lines > Total Income

Anonymous — Sat, 14 Feb 2015 00:48:06 GMT

I believe most people fall into that category.

People who know how to creatively build their credit, raise their scores and increase their limits fare the best in the credit card racket, which is designed to maximize profits and minimize risks for credit grantors at the expense of average citizens.

The way the system is designed for example, to carry a balance of $10,000 and have a score of over 800, one would need total limits of around $80-$100,000 plus a mortgage history.

The higher your limits, the more credit you can use without exceeding 10-30% of the limits.

Many people have substantially more credit than income if they play the game right.

Re: Credit Junkies = Total credit lines > Total Income

Anonymous — Sat, 14 Feb 2015 00:54:35 GMT

@Anonymous wrote:
I believe most people fall into that category.

People who know how to creatively build their credit, raise their scores and increase their limits fare the best in the credit card racket, which is designed to maximize profits and minimize risks for credit grantors at the expense of average citizens.

The way the system is designed for example, to carry a balance of $10,000 and have a score of over 800, one would need total limits of around $80-$100,000 plus a mortgage history.

The higher your limits, the more credit you can use without exceeding 10-30% of the limits.

Many people have substantially more credit than income if they play the game right.

Yes.

Re: Credit Junkies = Total credit lines > Total Income

OffToBetterStart — Sat, 14 Feb 2015 01:21:09 GMT

@Anonymous wrote:
I believe most people fall into that category.

People who know how to creatively build their credit, raise their scores and increase their limits fare the best in the credit card racket, which is designed to maximize profits and minimize risks for credit grantors at the expense of average citizens.

The way the system is designed for example, to carry a balance of $10,000 and have a score of over 800, one would need total limits of around $80-$100,000 plus a mortgage history.

The higher your limits, the more credit you can use without exceeding 10-30% of the limits.

Many people have substantially more credit than income if they play the game right.

+1 Well Said

Re: Credit Junkies = Total credit lines > Total Income

Involver — Sat, 14 Feb 2015 01:39:49 GMT

I am now 4.2x income.

Re: Credit Junkies = Total credit lines > Total Income

Imperfectfuture — Sat, 14 Feb 2015 01:43:24 GMT

@Involver wrote:
I am now 4.2x income.

Wow, impressive.

i'm still woefully under, keeping the Amex balance in check on purpose. Up it later.

Re: Credit Junkies = Total credit lines > Total Income

Anonymous — Sat, 14 Feb 2015 01:43:56 GMT

@Anonymous wrote:
Who falls in this category??...

Raises hand in the back of the room......

Re: Credit Junkies = Total credit lines > Total Income

blessed-man1980 — Sat, 14 Feb 2015 01:57:44 GMT

My over all limit is about 26k and I don't usually make more than 32k in my best yr I used to make 35k . I'm only using 6% of my limit .I was gona ask if it is the norm to have more limit than income ..

Re: Credit Junkies = Total credit lines > Total Income

Anonymous — Sat, 14 Feb 2015 01:59:43 GMT

me lol

Re: Credit Junkies = Total credit lines > Total Income

Anonymous — Sat, 14 Feb 2015 02:02:26 GMT

@blessed-man1980 wrote:
My over all limit is about 26k and I don't usually make more than 32k in my best yr I used to make 35k . I'm only using 6% of my limit .I was gona ask if it is the norm to have more limit than income ..

If not the norm, it's pretty typical here. I would imagine much less so in the real world where people are not collecting trade lines or worrying about score.

Re: Credit Junkies = Total credit lines > Total Income

baller4life — Sat, 14 Feb 2015 02:05:21 GMT

Guilty

Re: Credit Junkies = Total credit lines > Total Income

Cookie2120987 — Sat, 14 Feb 2015 02:06:25 GMT

I'm getting closer, in just over a year I aquifred about 42% of my yearly income, and that is because I was carrying a balance of about $5,000 between all my cards, I am paying a large part of it down next month and we'll see what happens. Within the next year I should easily be able to be over my yearly income.

Re: Credit Junkies = Total credit lines > Total Income

creditconcept — Sat, 14 Feb 2015 02:07:39 GMT

Income: $14,000

Revolding Credit: $13,000

Instalment Loan $18,000 (Student Loan, so not really income dependent)

Re: Credit Junkies = Total credit lines > Total Income

Anonymous — Sat, 14 Feb 2015 02:14:54 GMT

@Anonymous wrote:
@blessed-man1980 wrote:
My over all limit is about 26k and I don't usually make more than 32k in my best yr I used to make 35k . I'm only using 6% of my limit .I was gona ask if it is the norm to have more limit than income ..
If not the norm, it's pretty typical here. I would imagine much less so in the real world where people are not collecting trade lines or worrying about score.

You mean collecting credit cards like they're Yu-Gi-Oh cards isn't normal......

Re: Credit Junkies = Total credit lines > Total Income

Anonymous — Sat, 14 Feb 2015 02:15:53 GMT

@Anonymous wrote:
@Anonymous wrote:
@blessed-man1980 wrote:
My over all limit is about 26k and I don't usually make more than 32k in my best yr I used to make 35k . I'm only using 6% of my limit .I was gona ask if it is the norm to have more limit than income ..
If not the norm, it's pretty typical here. I would imagine much less so in the real world where people are not collecting trade lines or worrying about score.
You mean collecting credit cards like they're Yu-Gi-Oh cards isn't normal......

Well, remember that if the Creator didn't intend you to app, why did he/she/it give you hands?

Re: Credit Junkies = Total credit lines > Total Income

elim — Sun, 08 Nov 2015 00:58:35 GMT

100k CL > 50k Income... in 18 months of rebuilding (plus Amex charger with the Revolving feature). I don't plan on stopping, just taking the normal garden breaks and keeping the highest quality accounts that fit my spend and lifestyle.

edit: updated

Utilization is 1% reporting (great benefit of playing this game)

congrats everyone on your nice CL's :]

Re: Credit Junkies = Total credit lines > Total Income

Anonymous — Sat, 14 Feb 2015 03:01:12 GMT

Not there yet but working on it!!!!

I have right at 50k in revolving accounts. and 80k income. I only list 65k on apps.

Not bad considering 1 yr ago this month when I started lurking around here I had about 5K in revolvers...

Re: Credit Junkies = Total credit lines > Total Income

Anonymous — Sat, 14 Feb 2015 03:12:34 GMT

@Anonymous wrote:
@Anonymous wrote:
@blessed-man1980 wrote:
My over all limit is about 26k and I don't usually make more than 32k in my best yr I used to make 35k . I'm only using 6% of my limit .I was gona ask if it is the norm to have more limit than income ..
If not the norm, it's pretty typical here. I would imagine much less so in the real world where people are not collecting trade lines or worrying about score.
You mean collecting credit cards like they're Yu-Gi-Oh cards isn't normal......

Well I hope no one wants to be normal in the way described in this thread since normal is being used to describe average behavior. While some of us cannot help but be average or even below average in many ways, I hope we all aim to be exceptional or at least well above average in most ways

I do have 120% more in CLs than my annual income, but CC issuers think I have 187.5% more in limits than my income because my disclosed income on CC applications is my base wages from 2013, which is significantly less than my actual income (including raise and bonus) in 2014. I generally don't update income till I file my taxes and I don't use bonus wages because there is always a chance I get none. Either way, I have over 100% of my income in CLs.

Re: Credit Junkies = Total credit lines > Total Income

gdale6 — Sat, 14 Feb 2015 04:36:02 GMT

Currently over 2x CLs to income

Re: Credit Junkies = Total credit lines > Total Income

lexandra90 — Sat, 14 Feb 2015 04:53:28 GMT

im not there yet or even halfway there at all. $250k income and only $47k credit. But just started in 2011. Before that all I had were student loans. I used cash for everything until I found MyFICO