Is it bad to have a high total available credit limit among all cards? (Relative to Income)

[Anonymous]

I recently decided that I want to start traveling a lot and that I should get a travel card.  Earlier this week, I applied for the Capital One Venture Card and was instantly approved with a SL of $10,000.  I'm very ecited about the new card.

However, I noticed when I checked Credit Karma that my approval odds for most of their suggested cards are only Fair or Good.  They used to be mostly excellent.  This got me a little worried about what will happen in the future when I apply for the next card I really want.  I dont need any more cards, but I was hoping i could get 2 or 3 new ones a year to take advantage of nice sign up bonuses.

This is my current set up:

Discover It $11,000 CL (Had card since Jan. 2016)

Capital One Venture $10,000 CL (Just approved for card this week)

Sears Credit Card $6,000 CL (Since July 2018)

Chase AARP $5700 CL (Since May 2018)

Best Buy Card $4,000 CL (Since November 2017)

Dell Revolving Store Credit $3,000 CL (Since December 2016)

Wells Fargo Cash Wise $2800 CL (Since July 2018)

Capital One Platinum Mastercard $2,000 CL (Since Jan. 2016)

I have never missed a payment on any cards.  I almost always PIF.  The only time I don't PIF is when I'm doing 0% financing.

However, I am 24 and my income is only around $35,000.  Will the fact that my available credit is greater than my income keep me from getting more cards in the future?

Thanks!

[Anonymous]

Never look at CK approval odds.  They are garbage and have no bearing on anything at all.

There are members of this forum that have total credit limits that are 2X, 3X, 4X or 5X+ their income.  You've got nothing to worry about IMO where you're at.

Keep utilization low, never miss a payment and you'll be just fine with high limits.

[Physh1]

Every 'recommendation' on CK is advertising...there is zero truth to any approval odds there...if they 'match' up to an approval it's by mere coincidence. My total available credit is 4x my income...I have it spread over many cards which I rotate in a specific way to keep them active & maximize rewards. Manage it well & you've got no worries.

[digitek]

I'm not sure many people get approved by having high limits, such as wow this dude has x4 his income in unsecured credit lines I should definitely give him a lot more, but I know that some lenders will deny you for having too much available credit, or at least give you a low initial limit.

Personally I see no reason at all to have high limits unless you are spending that much each month. Get a HELOC or PLOC if you actually need emergency money and have to carry a balance, the interest rate will be way better.

[Anonymous]

I am not trying to get a high CL.  I have not asked for any CL increases.

I just like applying for cards for their rewards/cashback and sign up bonuses.

[AverageJoesCredit]

To each their own. You should have no problems unless a specific lender deems you have too much credit as is case with some Credit Unions, Penfed is one example ime.

[kdm31091]

It is not a very widespread issue, but you can run into issues with too much available credit with some lenders

[HeavenOhio]

@Anonymous, your limits are nowhere near high enough to trigger any concern about high limits.

As others have mentioned, Credit Karma's recommendations should be ignored. But if we pretend that they have credibility, they might be noticing recently added accounts and/or inquiries.

[pinkandgrey]

As long as you USE your cards, and use them well, you’ll be fine with high limits. CK Approval Odds are worthless. I know from personal experience. It actually says on the website that recommendations are based in part on money from their sponsors.

[Gmood1]

Use, enjoy and respect what your credit offers you. No worries as I'm more than 12x my individual income in over all credit. I'd say you are more than fine! lol