topic Re: How much credit do we need. in General Credit Topics

How much credit do we need.

wmarat — Sun, 12 Oct 2008 00:17:58 GMT

I do understand advantages of big credit lines. Utilization, credit is not a debt, more buying power etc.

But I 've been thinking where to stop, how much is enough.

I have around 120k of available revolving credit. My highest util. was in August (vacation) 3%, usually 0-2%. My spending patterns have not changed since the time when I had 1k secured card.

I started seeking CLI's and new CC, when I found credit related forums, MyFico (the best), CB,FW.

OK, at the beginning it was a need, then it was kind of confirmation. Here I am, recent immigrant whom big guys like BOA, Citi, Chase etc. trust money, means I do right things, but I am beyond this stage now.

So, what makes me call lenders and seek CLI. Probably greed.

Then, how a need transformers into greed.

Opinions?

Re: How much credit do we need.

haulingthescoreup — Sun, 12 Oct 2008 01:15:48 GMT

I'm up a bit over $100K CL, and I don't seem to have any empty space left in my heart, needing to be filled, when it comes to credit. I think that if I start jonesing for more credit, all that I will wind up doing is worrying about losing it.

Any credit adventures left for me will be to improve the quality (for me, = rewards) of the credit that I have.

I figure that my main salary is not quite $50K, and I make another $15 or $20K part-time, so I'm somewhere around 1.5 to 2X my personal income, which is absurdly high enough. I think I'm good.

Re: How much credit do we need.

smallfry — Sun, 12 Oct 2008 01:53:48 GMT

Assuming you don't lose any lines in the future due to skittish banks I would say as long as you have enough available credit to stay under 5% monthly utilization then you have enough. I have way more than enough.

Re: How much credit do we need.

wmarat — Sun, 12 Oct 2008 02:22:30 GMT

So, HTSU and SF, if I understood you right , you are not going to ask any CLI on your cards. are you?

Re: How much credit do we need.

haulingthescoreup — Sun, 12 Oct 2008 02:29:00 GMT

For me, PenFed already gave me an un-asked-for CLI. I have 4 5-digit CK cards (USAA x2, PenFed, and Bank of America); OK, well, 5 including DH's Discover card that I'm AU on. These cards do all the heavy lifting, and I see no reason to stir up the anthill.

I've been around enough veterans to learn about not sticking my head up from the foxhole when the bullets are flying!

Re: How much credit do we need.

wmarat — Sun, 12 Oct 2008 02:37:57 GMT

I know that HTSU. But

Are not you curious how high you can get?

Message Edited by wmarat on 10-11-2008 07:37 PM

Re: How much credit do we need.

smallfry — Sun, 12 Oct 2008 02:49:28 GMT

I have 7 credit cards now all but my recently acquired BofA are 5 figures. With the exception of that card I am done with CLI requests. I had originally planned on laying low on that one but after the experience I had on the phone Friday I plan on pushing for an online CLI after the third statement cuts. If they close me down I don't care. I have plenty of other options.

Re: How much credit do we need.

haulingthescoreup — Sun, 12 Oct 2008 03:08:50 GMT

wmarat wrote:

I know that HTSU. But

Are not you curious how high you can get?

Nope!

Although I'm terribly impulsive in some areas, I am very allergic to risk in the important areas. I can't even bear to watch the tight-wire workers at the circus. Once I'm in my comfort zone, I'm perfectly happy.

Re: How much credit do we need.

wmarat — Sun, 12 Oct 2008 15:45:40 GMT

Speaking of CLI. I have just gotten hard free CLI on Citi wich makes my 5th 5 digit CL card.

Re: How much credit do we need.

marty56 — Sun, 12 Oct 2008 16:54:30 GMT

@haulingthescoreup wrote:
I'm up a bit over $100K

My total credit is under 20k. I know I'm a whimp.

Re: How much credit do we need.

Anonymous — Sun, 12 Oct 2008 17:18:26 GMT

I have under $30K available credit and have no interest in trying to go higher becase that doesn't matter.

The scores in my sig. matter.

Re: How much credit do we need.

MidnightVoice — Sun, 12 Oct 2008 17:45:53 GMT

I want enough credit so that in a normal month if I do not Pif early, then my util is under 10%.

Re: How much credit do we need.

wmarat — Tue, 14 Oct 2008 14:03:42 GMT

How much is enough?

What if you have some kind of emergency?

@MidnightVoice wrote:
I want enough credit so that in a normal month if I do not Pif early, then my util is under 10%.

Re: How much credit do we need.

wmarat — Tue, 14 Oct 2008 14:06:11 GMT

Nice scores.

So, If you offered Auto-CLI, you would reject an offer, would not you?

@Anonymous wrote:
I have under $30K available credit and have no interest in trying to go higher becase that doesn't matter.

The scores in my sig. matter.

Message Edited by wmarat on 10-14-2008 07:06 AM

Re: How much credit do we need.

fishbjc — Tue, 14 Oct 2008 14:19:15 GMT

Excellent thread and interesting point of views.

DH has $42k. The only card he will next app for is NFCU MC in six months. We're hoping to keep going with cli's for the next year. I would absolutely NOT turn down a cli or a gli or whatever I was offered.

Re: How much credit do we need.

Anonymous — Tue, 14 Oct 2008 14:33:17 GMT

I kinda recall there was a thread similar to this a few months ago - or was it last year? Anyway, the consensus was (I think) 1x your annual salary should be enough. But, I 'spose each person has their own number in the back of their minds, based on their spending habits, income, etc. As for me, I have always maintained a cl of 2x my annual salary. After a few years with the same bank, such as Chase and Citi, they tend to give you cli at regular intervals.

Re: How much credit do we need.

Anonymous — Sun, 19 Oct 2008 15:01:13 GMT

Shwew man if I need 1x's my annual salary I need to get to app'in. I only $4100 in credit... and thats divided among 5 cards - there could potentially be a gas card coming too. I don't know, they didn't say yes and they didn't say know. It was for the BP Visa that usually means your getting a BP gas card.

Any hoo I digress.... I either need some serious CLI or some more CC.

(just kidding Im happy where I am. At least I know even if I go on a major shopping spree one day I can't get in too much trouble with $4000)