topic Re: CL compared to gross income in Credit Cards

CL compared to gross income

Razeus — Wed, 05 Sep 2012 21:29:38 GMT

I've set some new goals and will be going for high CL's next year. I'm currently at $20800 and may lose $2800 if I axe Best Buy and CapOne. Income is at $120k. I'm guessing $25k CL is a nice goal to shoot for?

Re: CL compared to gross income

Anonymous — Wed, 05 Sep 2012 21:36:17 GMT

My aggregate CL is pretty close to my yearly income - $25k is a pretty conservative goal that you can definitely achieve.

Re: CL compared to gross income

Anonymous — Wed, 05 Sep 2012 22:06:08 GMT

I agree. I make a little higher than what you do and my total revolving credit lines are at about $140k.

Re: CL compared to gross income

bichonmom — Wed, 05 Sep 2012 22:22:42 GMT

@Razeus wrote:
I've set some new goals and will be going for high CL's next year. I'm currently at $20800 and may lose $2800 if I axe Best Buy and CapOne. Income is at $120k. I'm guessing $25k CL is a nice goal to shoot for?

That depends on the CCs and CLs you have now. Some CCs may not increase by much, but others could take a big jump. I think between 100% and 150% of annual income is a good long-term goal, which doesn't necessarily mean you'll get there next year.

Re: CL compared to gross income

Razeus — Wed, 05 Sep 2012 23:02:11 GMT

Sweet Jesus. Ok. I'll shoot for 100%. 25% for the coming year though.

Re: CL compared to gross income

Anonymous — Thu, 06 Sep 2012 06:09:34 GMT

I'm at a combined $20,850 limit to a $40,000 income. This month I intend to take my BCE from $2,000 to $6,000, and then to $18,000 6 months later, for a total combined limit of $36,850. My goal is for my available credit to match or exceed my income, which will be nice encouragement to find a better job. I just want to get to the point that I don't have to care about zero balances before the statement hits, and that if I ever get in a less fortunate situation, I don't have to worry about making creditors jumpy by carrying a balance for a while.

Re: CL compared to gross income

andre181 — Thu, 06 Sep 2012 06:18:28 GMT

I'm just over 200%

72.5k CL with 33k income.

Re: CL compared to gross income

Anonymous — Thu, 06 Sep 2012 06:32:57 GMT

Removing the accounts I am an AU in, I am left with about 27k total CL with $25k income.

Looking at the limits in this forum, one would think having about 100% your income in CCs is normal.

Re: CL compared to gross income

Smug — Thu, 06 Sep 2012 10:08:07 GMT

30k income. 70.2k CL

Re: CL compared to gross income

Anonymous — Thu, 06 Sep 2012 14:37:32 GMT

All this talk about limits to income is depressing...

my combined limits are under 50% of my NET WEEKLY income...man if I had 100% of just my net monthly income I'd be happy as I wouldn't have to make 2 payments a week just to avoid going over my credit limits.

I can't fathom having 100% of my income available in credit. But then again, I did spend 5 years after college on a cash only lifestyle (except for my student loans ).

If only I wasn't battling some baddies on my reports and was gun shy of apping for something other than a Cap 1 card..

Re: CL compared to gross income

Kidcat — Thu, 06 Sep 2012 14:47:08 GMT

I'm with you. My combined CL are less than a week's pay. I have great income $150k plus bonus, but I've been spending every extra dime trying to get totally out of debt erase/ payoff past mistakes. I'm also paying a chunck toward my sons college tuition so he is not saddled with student loan debt, as mine is crushing.

Prior to divorce and BK my CL were multiples of my income. There are pros and cons. I've experienced both. If you use wisely (we didn't) it can help for things such as paying tuition bills early and getting the rewards. Now that is all paid with cash (it's own advantage).

I would be happy if I can get to $25k in CL on prime cards.

Re: CL compared to gross income

CS800 — Thu, 06 Sep 2012 14:51:12 GMT

At around 120K/yr while other factorrs in your credit report will determine you CL, A decent report will get you CL's close to or higher than $25K

Re: CL compared to gross income

ramblin_wreck08 — Thu, 06 Sep 2012 14:56:48 GMT

I was sitting at 15%, but am now at 18% after a CLI from Citi the other day. Granted, I only have two credit cards, but I would really like to get this number up to around 50%.

Re: CL compared to gross income

navigatethis12 — Thu, 06 Sep 2012 14:56:55 GMT

I am already over income (35000). Lenders would be more nervous about you having more than your income on just their cards.

Re: CL compared to gross income

Razeus — Thu, 06 Sep 2012 20:42:03 GMT

I can see this is going to become a sport for me. Let the games begin!