topic Re: Total CL vs Income? in General Credit Topics

Total CL vs Income?

Anonymous — Thu, 25 Jul 2019 19:01:35 GMT

I am curious as to how your income plays into your overal CL, mine is at $107K with an income of $60K. And an average monthly balance of $8K in CCs. Would I be safe to assume that any future apps wouldn't net sizeable SL above $10K? The last two have been in that ballpark, with one just prior ar $14K. Is there a point when we should consider closing out a CC to in order for the new one to net a good SL? Not expecting anything $20K or above just hoping they don't start dropping too low like under $5K.

When I apped for the BBP I only got $9,500, $5K of which came from my BCE. While that;s probaly just an internal thing, I recently I apped for the Lowe's Biz w/PG and only got $2K SL.

Not sure if this is just because of it being Biz accounts and I have no Biz credit. Or if being close to my ceiling on personal side is also comming into play.

Re: Total CL vs Income?

Anonymous — Thu, 25 Jul 2019 19:18:48 GMT

I've got $73,150 between 12 cards and a CLOC with $18K of income and my most recent approval was a SavorOne at $10K. I would say that your $8K revolving balance would hold you back vs my PIF though.

Re: Total CL vs Income?

gdale6 — Thu, 25 Jul 2019 20:32:37 GMT

@Anonymous wrote:
I am curious as to how your income plays into your overal CL, mine is at $107K with an income of $60K. And an average monthly balance of $8K in CCs. Would I be safe to assume that any future apps wouldn't net sizeable SL above $10K? The last two have been in that ballpark, with one just prior ar $14K. Is there a point when we should consider closing out a CC to in order for the new one to net a good SL? Not expecting anything $20K or above just hoping they don't start dropping too low like under $5K.

When I apped for the BBP I only got $9,500, $5K of which came from my BCE. While that;s probaly just an internal thing, I recently I apped for the Lowe's Biz w/PG and only got $2K SL.
Not sure if this is just because of it being Biz accounts and I have no Biz credit. Or if being close to my ceiling on personal side is also comming into play.

You have a ways to go i'm just a little over 4x income in total available CLs while revolving about 6K out of that. At some point income will enter into it but if you show that you do not run all your cards up and then not PIF monthly you should have no problem getting approvals of 10K+. Space your apps out and keep your Ficos 760+ and you are gold.

Re: Total CL vs Income?

Anonymous — Thu, 25 Jul 2019 20:56:53 GMT

@Anonymous wrote:
I've got $73,150 between 12 cards and a CLOC with $18K of income and my most recent approval was a SavorOne at $10K. I would say that your $8K revolving balance would hold you back vs my PIF though.

HOLY COW! You're $73,000 in debt and you only make 18k a year? How is that even possible?

Re: Total CL vs Income?

Anonymous — Thu, 25 Jul 2019 20:59:30 GMT

@Anonymous wrote:

@Anonymous wrote:
I've got $73,150 between 12 cards and a CLOC with $18K of income and my most recent approval was a SavorOne at $10K. I would say that your $8K revolving balance would hold you back vs my PIF though.
HOLY COW! You're $73,000 in debt and you only make 18k a year? How is that even possible?

Those are my credit limits, not my debt. I have no debt as I PIF and don't even have an installment loan.

Re: Total CL vs Income?

CreditInspired — Thu, 25 Jul 2019 21:01:42 GMT

@Anonymous wrote:

@Anonymous wrote:
I've got $73,150 between 12 cards and a CLOC with $18K of income and my most recent approval was a SavorOne at $10K. I would say that your $8K revolving balance would hold you back vs my PIF though.
HOLY COW! You're $73,000 in debt and you only make 18k a year? How is that even possible?

Not $73K in debt. @Anonymous has a total credit line of $73K.

Re: Total CL vs Income?

Anonymous — Thu, 25 Jul 2019 21:19:15 GMT

@CreditInspired wrote:
@Anonymous wrote:

@Anonymous wrote:
I've got $73,150 between 12 cards and a CLOC with $18K of income and my most recent approval was a SavorOne at $10K. I would say that your $8K revolving balance would hold you back vs my PIF though.
HOLY COW! You're $73,000 in debt and you only make 18k a year? How is that even possible?
Not $73K in debt. @Anonymous has a total credit line of $73K.

Oh! I completely misread his/her post.

EDIT: Still though, you have access to 73k yet you only make 18k a year? How is THAT even possible... too? So, let's say I make roughly 36k a year after taxes, what kind of CL would I have access to? Provided I pay all my bills and maintain excellent credit history?

Re: Total CL vs Income?

FireMedic1 — Thu, 25 Jul 2019 21:42:04 GMT

OP. When I started rebuilding back in 2015. I was so worried about passing my yearly income. I turned in 16k to Cap1 because i was scared to pass my income. And I heard about it from the old timers then. But as I learned more here. It doesnt really matter actually. Its how you handle your credit. Now? Doesn't bother me in the least. Turning in that 16k got me 29k more with more approvals. Now at 76k+. Doesnt even cross my mind any longer.

Re: Total CL vs Income?

Anonymous — Fri, 26 Jul 2019 00:47:23 GMT

Honestly the sky is the limit when you have the profile to support it. Capital One has extended my more credit than any lender at $18,250 between two cards and three of my cards are $10K or more - my SavorOne, my Discover IT, and my NFCU Platinum. I have some low limit cards that bring down my average but I still have a $6K average credit card limit.

It’s definitely all about the relationships you build with your lenders.

Re: Total CL vs Income?

AverageJoesCredit — Fri, 26 Jul 2019 01:06:13 GMT

At 60k, you havent even scratched what you can accomplish in credit limits. Ill trade you yours for mine lol

Re: Total CL vs Income?

Anonymous — Fri, 26 Jul 2019 02:49:24 GMT

Thanks for the info all. I'll have that $8K balance paid off within 10 months. right about when I'm finally under 5/24. So that I can get one more Chase card I've been wanting. However, some of the stories I've read got me to thinking my overal CL might be too high, as my CSP's CL is $14K.

Re: Total CL vs Income?

Anonymous — Fri, 26 Jul 2019 05:24:30 GMT

I have read that Chase is comfortable extending credit up to 50% of your annual income.

Re: Total CL vs Income?

Anonymous — Fri, 26 Jul 2019 07:04:06 GMT

I'm at a little more than 2X my income in overall credit limits, which seems pretty "middle of the road" for this forum

Re: Total CL vs Income?

Anonymous — Fri, 26 Jul 2019 09:48:48 GMT

In reading these posts, I am over 50% CL with Chase. Yikes ... likely they are on watch. Better keep my self PIF

Re: Total CL vs Income?

FireMedic1 — Fri, 26 Jul 2019 12:33:55 GMT

@Anonymous wrote:
In reading these posts, I am over 50% CL with Chase. Yikes ... likely they are on watch. Better keep my self PIF

Ut oh. Least it isn't the IRS asking to do an audit.LOL!

Re: Total CL vs Income?

AverageJoesCredit — Sat, 27 Jul 2019 16:58:56 GMT

@Anonymous wrote:
I'm at a little more than 2X my income in overall credit limits, which seems pretty "middle of the road" for this forum

Yeah but in your case, you have very few cards, very high income and you could easily get more limit if you wanted. Id take your income over high credit limits any day

Re: Total CL vs Income?

iced — Sat, 27 Jul 2019 20:58:02 GMT

@Anonymous wrote:
I have read that Chase is comfortable extending credit up to 50% of your annual income.

They'll go higher than 50%, or at least they did with me. Heck, they'll go higher than 50% on a single card.

Re: Total CL vs Income?

Anonymous — Sat, 27 Jul 2019 21:56:39 GMT

@iced wrote:
@Anonymous wrote:
I have read that Chase is comfortable extending credit up to 50% of your annual income.
They'll go higher than 50%, or at least they did with me. Heck, they'll go higher than 50% on a single card.

You have an existing relationship with them though. I haven't heard of them starting people out that high like NFCU will.

Re: Total CL vs Income?

RSX — Tue, 30 Jul 2019 19:08:56 GMT

I am running about equal to salary right now

taking a break for now and just closed 2 cards with another getting closed in 2 weeks. I am going to let it settle and wait for some Offered CLI for a change

Re: Total CL vs Income?

aesl1982 — Fri, 13 Sep 2019 13:38:55 GMT

im at 182k and have 5000 in credit lines lol. just started and finsihing up this rebuild credit clean up. hopefully we can skyrocket this number soon. currently i have

discover it miles-5k

cap one AU-500

CAp one Au-500

Total visa AU-300

Merrick bank AU-550