topic Re: 30k lines... Realistic income? in General Credit Topics

30k lines... Realistic income?

Anonymous — Thu, 06 Jul 2017 12:31:56 GMT

I have been a long time lurker. I've seen many of the regulars with 30,50,100k limits on their cards. I even know some people IRL who have super high limits like that. However those people I know for a fact are reporting over 500k before taxes. Probably more.

I've been digging out of a hole, was at 550 this time last year, and I just broke 720 this week on TU, 700 on EXP/EQ.

So, for a person or couple making, say... 100-120k...what is a realistic upper end? If you're playing the credit "game" and just want the most you can get as fast as possible... Let's call it a more profitable version of candy crush!!

What is a realistic number? If I had an 850 fico 8 and a 900 fico bank card... Can you get a 30k line with 100k income? Can you get more? Can you get multiple? I don't want the headaches of checking 25 credit lines a month. I want say... 5 revolving and I want 10 trillion dollars credit on each haha...

Keep in mind... I don't actually NEED 30k. I make a PIF payment every week or two. I am addicted to the cash back and bonus categories and perks (extended warranty, etc). At what point can I say I've won?

Re: 30k lines... Realistic income?

Anonymous — Thu, 06 Jul 2017 13:46:00 GMT

@Anonymous wrote:
I have been a long time lurker. I've seen many of the regulars with 30,50,100k limits on their cards. I even know some people IRL who have super high limits like that. However those people I know for a fact are reporting over 500k before taxes. Probably more.

I've been digging out of a hole, was at 550 this time last year, and I just broke 720 this week on TU, 700 on EXP/EQ.

So, for a person or couple making, say... 100-120k...what is a realistic upper end? If you're playing the credit "game" and just want the most you can get as fast as possible... Let's call it a more profitable version of candy crush!!

What is a realistic number? If I had an 850 fico 8 and a 900 fico bank card... Can you get a 30k line with 100k income? Can you get more? Can you get multiple? I don't want the headaches of checking 25 credit lines a month. I want say... 5 revolving and I want 10 trillion dollars credit on each haha...

Keep in mind... I don't actually NEED 30k. I make a PIF payment every week or two. I am addicted to the cash back and bonus categories and perks (extended warranty, etc). At what point can I say I've won?

I look at it this way, why? What purpose does it serve to have that much credit line? Sure it can help your utililzation but you say you PIF every week or so, so I don't see that being an issue.

I get the perks but you can get those with a lower limit.

Just curious as to why you want so much?

And yes you can get up to 30K with making that much money a year.

Re: 30k lines... Realistic income?

Gmood1 — Thu, 06 Jul 2017 13:50:09 GMT

You can get 30k lines on half that income and with scores in the upper 600s into the 700s.

Re: 30k lines... Realistic income?

Anonymous — Thu, 06 Jul 2017 13:56:15 GMT

What is the point of the long time members having that high a balance? Essentially, for me, no point.

Did you ever play drug wars (I think it was called) back in the day on your TI calculator? It's a game. Instead of clicking buttons to buy and sell drugs, avoid prison... I'm clicking buttons to pay my bills, request CLis, app for cards and avoiding Amex FR lol!

Oh, and as for being able to "say" I have x amount in credit... Well that's just bragging. All my high scores in the arcade said AAA ;-)

So, back to my original question... What is a realistic upper number? When do I "win"?

Re: 30k lines... Realistic income?

Anonymous — Thu, 06 Jul 2017 13:58:46 GMT

@Anonymous wrote:
What is the point of the long time members having that high a balance? Essentially, for me, no point.

Did you ever play drug wars (I think it was called) back in the day on your TI calculator? It's a game. Instead of clicking buttons to buy and sell drugs, avoid prison... I'm clicking buttons to pay my bills, request CLis, app for cards and avoiding Amex FR lol!

Oh, and as for being able to "say" I have x amount in credit... Well that's just bragging. All my high scores in the arcade said AAA ;-)

So, back to my original question... What is a realistic upper number? When do I "win"?

I don't think you "win". I guess you could always try to have more credit thank you make in a year but I do not see the point in that.

There are a lot of factors that go into play in obtaining credit.

The difference between the Drug wars game (that was a fun game, I bet you can find ithe original online lol) and this, is that this is real life there is no reset button if you get yourself into trouble with having that much credit.

Re: 30k lines... Realistic income?

Anonymous — Thu, 06 Jul 2017 14:01:25 GMT

Define trouble? If I don't use the credit (I don't plan to) then what trouble could I get into? If I want to buy a big ticket item like a house or a bunch of cars at once or something... I could easily call my credit lines and have them lowered... But I don't see any other implications

Re: 30k lines... Realistic income?

Gmood1 — Thu, 06 Jul 2017 14:12:50 GMT

I also love my cash back! I'm always looking to save some money some where.
It's not the credit lines that get people in trouble. It's not having the discipline to manage them. If you have the discipline, it doesn't matter how large your trade lines are. There are quite a few on this site with a half million and some with more than that. It's the person doing the swiping that causes issues. Lol

Re: 30k lines... Realistic income?

Anonymous — Thu, 06 Jul 2017 14:18:18 GMT

Exactly! If I get into trouble somewhere down the road, and I start carrying a balance... I wouldn't blame the cc company... I'd blame whatever made me so hard up for money... Hopefully not drug wars lol... You know what they say... Blame the video games. It's their fault.

So... We have one vote for same credit as yearly income... I know that can't include mortgages... Those are usually a multiple of most people's income. That would also not count auto loans too? Does anyone think the high score is above that?

Re: 30k lines... Realistic income?

Gmood1 — Thu, 06 Jul 2017 14:24:39 GMT

@Anonymous wrote:
Exactly! If I get into trouble somewhere down the road, and I start carrying a balance... I wouldn't blame the cc company... I'd blame whatever made me so hard up for money... Hopefully not drug wars lol... You know what they say... Blame the video games. It's their fault.

So... We have one vote for same credit as yearly income... I know that can't include mortgages... Those are usually a multiple of most people's income. That would also not count auto loans too? Does anyone think the high score is above that?

Lol...yeah the mortgage and auto loans are secured lines. You are referring to non-secured tradelines.

I'm not following..high score above what?

Re: 30k lines... Realistic income?

Anonymous — Thu, 06 Jul 2017 14:25:42 GMT

Back to the video game analogy... Counting JUST the income, as I don't expect to make 3x more than I make now anytime soon. With all things going exactly perfect, highest possible credit scores etc... I win when I hit the high score...

I think it's higher than yearly income. Is it 1.5x? 2x? What's the best I can hope for? Keep in mind, I've been playing this video game for the past year and I'm addicted... It's fine if it takes me a decade to win :-)

Re: 30k lines... Realistic income?

Gmood1 — Thu, 06 Jul 2017 14:36:41 GMT

@Anonymous wrote:
Back to the video game analogy... Counting JUST the income, as I don't expect to make 3x more than I make now anytime soon. With all things going exactly perfect, highest possible credit scores etc... I win when I hit the high score...

I think it's higher than yearly income. Is it 1.5x? 2x? What's the best I can hope for? Keep in mind, I've been playing this video game for the past year and I'm addicted... It's fine if it takes me a decade to win :-)

IME, yes scores and payment history matter much more than the income does with most lenders. Also consider as you build positive history with those lenders they will give you a higher line of credit. It is possible to go more than 5X your income, if you know how to use all the cheat codes. lol

Re: 30k lines... Realistic income?

Anonymous — Thu, 06 Jul 2017 14:42:46 GMT

As a matter of practicality, I have always found that having about as much credit card limit as easily provable annual income is the sweet spot. So say 150k income (not counting side gigs or hustles) means total credit limits should be near that at least. And definitely some 25-30K minimum CLs in there. That keeps everything humming.

Extra side gig money rips through balances. And there is certainly a limit to what can reasonably be purchased on a credit card in the usa. So that's the rule of thumb I use. Some other great rules to help you come out on top... If you transfer a balance to 0 percent, Pay it off! Never allow you to transfer it again. Keep watch for any signs of living above your means, such as carrying balances for long periods, etc. These things come with heavy opportunity costs and weigh on mental health, so are best avoided entirely.

It's much better to be rich than look rich. On that note, I favor driving cars that cost 10% off your annual total income.

Finally, never lie to AMEX, they are a great financial partner and you shouldn't ever lie to a business partner. It's bad business. Follow this and the FR is a positive experience.

Re: 30k lines... Realistic income?

Anonymous — Thu, 06 Jul 2017 14:53:30 GMT

I can stand up to a FR if they talk to my CPA... I think it's best to leave it at that :-)

I also fancy driving cars around my annual income... They don't fancy me yet though... I'm happy with my tt q50 for now. Tesla is my dream though!

Ok, match income is on the leader board, and 5x income is beating the final level on doom without invincibility... Right?

Re: 30k lines... Realistic income?

Anonymous — Thu, 06 Jul 2017 15:58:14 GMT

I think credit limits equal to your annual income are very solid and likely a goal of many on this forum. Getting to this number is going to put you far ahead of the general population, who may have a couple of cards at combined limits of 1/4 of their income (just shooting from the hip). Some of the more hardcores on this forum push things to 2X-3X their income when it comes to total credit limits. The outliers I'd say are in that 4X-5X+ range that are really opening as many credit lines as they can, hammering away at CLIs (both SP and HP), etc.

Re: 30k lines... Realistic income?

Anonymous — Thu, 06 Jul 2017 16:09:55 GMT

I think this is my new goal. Thanks :-)

Re: 30k lines... Realistic income?

pipeguy — Thu, 06 Jul 2017 19:40:48 GMT

There is a line in the end of the movie (old movie) called "War Games" that says "the only way to win is to NOT play the game" and while there are all kinds of "games" one can play with credit such as cash back, catagory spend, 0% promotions, spending bonuses, etc. one needs to understand (IMO) that credit is a tool that can make your life easier or pure hell depending on how you manage it.

Our available revolving credit meaning not installment loans (cars) or mortage (house) income (DW and mine) is about 3.25 X our regular annual income and we have almost all of our cards in the 5 digit range - a few $25k to $40k - there are times when we need to spend and carry a balance for $5-6k, we have cards that let us do that at 0%. There are other times when we choose to carry a higher number over a period of time such as major purchases for the house ($2000 in flooring 18 months 0%, $10,000 for a new roof 4.99% for 84 months). Their are times when costly things pop up like a water heater going out or "fido" gets sick and needs a $5000 operation) Higher credit limits allow us the flexibility of using credit tools without hurting utility - altought the higher balances will ding the score a little.

The "ego" says wow nice big credit limits, the brain says it's not free money and new toys lose their shine rather quickly - much faster than the balance due

Re: 30k lines... Realistic income?

Anonymous — Thu, 06 Jul 2017 22:42:39 GMT

credit card lines low 6 figures across 5 cards

annual income near 7 figures

assets 8 figures

i win.

Re: 30k lines... Realistic income?

Anonymous — Thu, 06 Jul 2017 23:26:35 GMT

Stop taking the bait....

Re: 30k lines... Realistic income?

iced — Fri, 07 Jul 2017 17:22:39 GMT

@Anonymous wrote:
What is the point of the long time members having that high a balance? Essentially, for me, no point.

Did you ever play drug wars (I think it was called) back in the day on your TI calculator? It's a game. Instead of clicking buttons to buy and sell drugs, avoid prison... I'm clicking buttons to pay my bills, request CLis, app for cards and avoiding Amex FR lol!

Oh, and as for being able to "say" I have x amount in credit... Well that's just bragging. All my high scores in the arcade said AAA ;-)

So, back to my original question... What is a realistic upper number? When do I "win"?

Both of your questions are not simple or directly answerable, but I'll take them on one at a time anyway.

A realistic upper number shouldn't even be based on your income, but rather your spending. Only you can determine your realistic number. If you spend $1000 a month on a card, then I would say $10000 is more than enough for your situation and is realistic. If you're looking for some number where you can claim banks fawn over you despite not wanting to brag, well...that depends on bank. A conservative bank may only extend you $10,000 tops while a more tolerant one might let you build up to $50,000 or more. A bank like Chase wouldn't care in the least if I had one of their cards with a limit higher than my annual income, but I seriously doubt I'll get that same treatment from a credit union (most have hard limits) or a bank like Barclays.

As for the second question, if you have enough credit line to buy what you need to buy without hassle, then you have "won." Everything beyond that is just fluff. There is no magic percentage or number or forumla you can run your numbers through that will spit out a 'I'm doing the best I can possiby do" answer.

Furthermore, your definition of success may be someone else's definition of failure. Some people would gladly trade a $30,000 low-end or store card for a $10,000 card that is one they desire but can't get approved for.

Re: 30k lines... Realistic income?

iced — Fri, 07 Jul 2017 17:32:02 GMT

@Anonymous wrote:
Back to the video game analogy... Counting JUST the income, as I don't expect to make 3x more than I make now anytime soon. With all things going exactly perfect, highest possible credit scores etc... I win when I hit the high score...

I think it's higher than yearly income. Is it 1.5x? 2x? What's the best I can hope for? Keep in mind, I've been playing this video game for the past year and I'm addicted... It's fine if it takes me a decade to win :-)

No. Just...no. Why? Well, let's play this game.

- Player A makes $25,000 a year, spends $1000/month on a card, PIFs every month, and has an 850 score. Cap One drops confetti and gives player A a $10,000 CL.

- Player B makes $100,000 a year, spends $1000/month on a card, PIFs every month, and has an 850 score. Cap One drops confetti and gives player B a $30,000 CL.

- Player C makes $50,000 a year, spends $1000/month on a card, PIFs every month, and has an 850 score. She applies to Chase twice in the same day and gets two cards with $20,000 each. Six months later, she calls in and cancels one and moves the CL over (except $500, because, Chase) and now has $39,500.

Playing by your defined rules, player C smoked both B and A, and B did the worst of all. In the real world, however, they all did just fine.