@Gunnar419 wrote:
@mzgg09 wrote:I was just wondering and thinking about something when it comes to major credit card limits. You work hard to get high scores so that you can get good credit. And in turn you hope that this good credit earns you some high limit cards. But what do you do when you have the score to get high limit cards but not the income to support? Is it fair to say that since I only make 40k a year, by right I should only get a limit high enough that a low income would support? Am I just pretty much set to never be in that high limit credit card club no matter how high my scores are? Just curious.
I make considerably less than $40k and have scores in the 800s. I have six ccs. Two have CLs over $15k and two have CLs over $10k. That might not be what you call high, but it's not what I'd call stagnation, either.
In the two or so years since I joined MyFico, I've gone from somewhere around $11k total CLs to over $60k total CLs. That's not stagnation, either.
+1
I'm in a similar situation as Gunnar419 in the sense that when I started here in 2012 my total credit limit was $2,475 spread across three cards. Without a major income jump since then, I have gotten myself to to what you see now in my signature. In the future I hope to be somewhere around where Gunnar419 is, with something like 15k on each card. That's my goal.
@Gunnar419 wrote:
@mzgg09 wrote:I was just wondering and thinking about something when it comes to major credit card limits. You work hard to get high scores so that you can get good credit. And in turn you hope that this good credit earns you some high limit cards. But what do you do when you have the score to get high limit cards but not the income to support? Is it fair to say that since I only make 40k a year, by right I should only get a limit high enough that a low income would support? Am I just pretty much set to never be in that high limit credit card club no matter how high my scores are? Just curious.
I make considerably less than $40k and have scores in the 800s. I have six ccs. Two have CLs over $15k and two have CLs over $10k. That might not be what you call high, but it's not what I'd call stagnation, either.
In the two or so years since I joined MyFico, I've gone from somewhere around $11k total CLs to over $60k total CLs. That's not stagnation, either.
JESUS!!!! (gets down on knees to praise) what cards do you have
There's always a lot of talk about credit scores (this is myFICO of course) and that's definitely the first step in the credit approval process, but ultimately, the question is how much can a borrwer pay back? Income is obviously a factor, but some people are able to pay back a lot more because of reimbursements from employers or business expenses, etc.
Also, the lenders have to be thinking about their liability vs. their opportunity to make money. If someone is charging $500 a month, there's only so much a bank can make from those charges. Giving them a huge limit would be a risk with little reward potential. Someone who charges $10k a month would have a lot higher reward potential, so it would be worth the risk (considering other factors of course) to offer them a higher limit.
@Gunnar419 wrote:
@mzgg09 wrote:I was just wondering and thinking about something when it comes to major credit card limits. You work hard to get high scores so that you can get good credit. And in turn you hope that this good credit earns you some high limit cards. But what do you do when you have the score to get high limit cards but not the income to support? Is it fair to say that since I only make 40k a year, by right I should only get a limit high enough that a low income would support? Am I just pretty much set to never be in that high limit credit card club no matter how high my scores are? Just curious.
I make considerably less than $40k and have scores in the 800s. I have six ccs. Two have CLs over $15k and two have CLs over $10k. That might not be what you call high, but it's not what I'd call stagnation, either.
In the two or so years since I joined MyFico, I've gone from somewhere around $11k total CLs to over $60k total CLs. That's not stagnation, either.
Same for moi. Though I am not in the 800's, my limits tend to be higher. (I am NOT comfortable with Barclays 10k, I like 5k, but 3k is good too). I only asked for 1500 increase on BCE. I could of had that at 10k also. What the CCC's see is usage. This is what they like. Then, they tend to match other limits, as much as income allows. I am in the upper 20's, though projected would be lower to mid 30's. I am retired with investment and business income.
@Anonymous wrote:
@Gunnar419 wrote:
@mzgg09 wrote:I was just wondering and thinking about something when it comes to major credit card limits. You work hard to get high scores so that you can get good credit. And in turn you hope that this good credit earns you some high limit cards. But what do you do when you have the score to get high limit cards but not the income to support? Is it fair to say that since I only make 40k a year, by right I should only get a limit high enough that a low income would support? Am I just pretty much set to never be in that high limit credit card club no matter how high my scores are? Just curious.
I make considerably less than $40k and have scores in the 800s. I have six ccs. Two have CLs over $15k and two have CLs over $10k. That might not be what you call high, but it's not what I'd call stagnation, either.
In the two or so years since I joined MyFico, I've gone from somewhere around $11k total CLs to over $60k total CLs. That's not stagnation, either.
JESUS!!!! (gets down on knees to praise) what cards do you have
If you'll get up off your knees and dust yourself off, I'll tell you.
Discover It: $15,700
Cap1 Quicksilver: $15,000
Barclays Sallie Mae MC: $12,000
Amex Costco TE: $11,200
The other two are Chase Freedom and Amex ED, both between $5-10k.
I have to admit, it sometimes amazes me, too, given my paltry income.
I owe it all to MyFico and to having had credit longer than some MyFicoans have been alive.
