Total Credit Limit vs Income

[Anonymous]

I'm at 29%. $73k of lines with $248k income. Lowes is my only store card. By next summer adding one card and hoping for a few CLI getting me around 100%

[Anonymous]

With some CLIs this week (and a $500 card that was closed for non-use), I am at about 220% now.

[Anonymous]

Themanwhocan you have given some very sage and sobering information that we all can take notice of. It has worked for you and survived the test of time. Going crazy with app sprees and CLI's can bite when lenders are in one of their risk management modes (we never know for sure when this is). Thanks for the insight! Oh, I follow your methods and do cull the herd to eliminate cards which does effect the total credit limits and income ratios. I am at 305% and that is after one of the banks reduced my credit lines by $10K.

[sarge12]

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@Anonymous wrote:

I was just curious as to what other peoples maximum exposure is vs their income.  If you don't want to give your income just a percentage perhaps.

I'm poor so my income is about 32K per year and $21K total credit limit.

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This is actually a very hard question to answer...I get about 26000 SSDI, and can take any amount out of a retirement fund that I need. Credit Limits are about 150k. When you have a large sum in tax deffered retirement, which due to disability and age of 58, you can withdraw whatever you wish without penalty, I guess I could say income is whatever I want it to be!!!

[redwalker2929]

May I ask what your credit scores are and have you ever been asked to provide proof of income?

[sarge12]

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@redwalker2929 wrote:

May I ask what your credit scores are and have you ever been asked to provide proof of income?

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If this question is directed to me...no I have never been asked to prove income. If the proof they requested was 4506-t, I would not provide it. My scores are in my signature line.

[Anonymous]

I'm at about 300% of income. Started working on my credit situation last year summer with about 5% and it really took off.

Would be fine with 200% on fewer cards honestly.

[Anonymous]

We're currently at 13% DTI. But, that's not where we plan to stay. It's just where we're at until we buy a house at the end of this year.

I estimate we'll probably be at 50%-60% DTI by the time we're done.

Regardless, we don't now and won't in the future use more than 30% of the total available balance. As we have more available credit, that number will actually decrease because our policy is to never use more than we can pay off in a month (even if we decide to carry a balance for a couple of months to throw a bone in hopes of getting a CLI).