"What’s the point in having 100k in limits if you can’t spend it?"

[FalconSteve]

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@Aim_High wrote:

@FalconSteve wrote:

For me:

1) Bragging rights

2) Credit Padding- overall

3) Credit Padding- individual cards (I can put a used car on almost any card and a new car on several- would I want to... well I do get 3% cashback on general purchases on one card)

4) emergencies happen

I have about $200k CL (SO CLOSE to $250k)

EDIT: I just realized they meant $100k on one card, not total.

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Actually, the reddit OP posting was referring to $100K in Total Credit Limits, @FalconSteve.  For @reluctantgarden's posting, I think the topic was more like, "Why pursue high limits (in general)?" - whether on one card or aggregatge.

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Oh, then I guess revert back to my original post. Thanks.

[ways2go]

What do y'all consider a high TCL?

[Anonymous]

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@ways2go wrote:

What do y'all consider a high TCL?

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It's not an absolute number but more something like a total many (many) times your current maximum spend.   And certainly one which, if fully used, you couldn't afford minimum payments on.

But if you want a number, for many of us $1M in TCL would qualify as high.

[Zoostation1]

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@Anonymous wrote:

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@ways2go wrote:

What do y'all consider a high TCL?

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It's not an absolute number but more something like a total many (many) times your current maximum spend.   And certainly one which, if fully used, you couldn't afford minimum payments on.

But if you want a number, for many of us $1M in TCL would qualify as high.

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What's considered high by people frequenting myFICO is likely to be far higher than the general population.  I think it's pretty safe to say the median income and TCL here is well above average.

[NYC_Fella]

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@Zoostation1 wrote:

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@Anonymous wrote:

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@ways2go wrote:

What do y'all consider a high TCL?

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It's not an absolute number but more something like a total many (many) times your current maximum spend.   And certainly one which, if fully used, you couldn't afford minimum payments on.

But if you want a number, for many of us $1M in TCL would qualify as high.

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What's considered high by people frequenting myFICO is likely to be far higher than the general population.  I think it's pretty safe to say the median income and TCL here is well above average.

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This. I'm at $175K TCL and get depressed when I look at some other posters' numbers! IRL people think that's very high.

[reluctantgarden]

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@Anonymous wrote:

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@ways2go wrote:

What do y'all consider a high TCL?

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It's not an absolute number but more something like a total many (many) times your current maximum spend.   And certainly one which, if fully used, you couldn't afford minimum payments on.

But if you want a number, for many of us $1M in TCL would qualify as high.

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Good point. I recently calculated that although my TCL is $400k, I could only service payments on $250k. But the game continues to call me, lol.

[reluctantgarden]

Truth!

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@NYC_Fella wrote:

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@Zoostation1 wrote:

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@Anonymous wrote:

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@ways2go wrote:

What do y'all consider a high TCL?

---

It's not an absolute number but more something like a total many (many) times your current maximum spend.   And certainly one which, if fully used, you couldn't afford minimum payments on.

But if you want a number, for many of us $1M in TCL would qualify as high.

---

What's considered high by people frequenting myFICO is likely to be far higher than the general population.  I think it's pretty safe to say the median income and TCL here is well above average.

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This. I'm at $175K TCL and get depressed when I look at some other posters' numbers! IRL people think that's very high.

[md_rebuild]

For me it's a variety of factors.

1.  Utilization padding.   

2.  Knowing I can weather a major life event.   With a bit over $100K in total CL (util is a bit high right now, but will be down to less than 10% in the next 3 months) and with 2 cards at $25K CL, I know I can handle a lot of different financial situations and not be worried about the immediacy of having enough cash on hand to handle it.

3.  It's fun.   I have to admit, after filing for BK7 in 2019 and being on the rebuild journey, I find it fascinating.   I'm bucketed on a few cards, NFCU has been amazing, but I like reading about different cards, strategies for increasing CL, and then putting those into practice to see if it works for me!

[markbeiser]

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@reluctantgarden wrote:

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@Anonymous wrote:

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@ways2go wrote:

What do y'all consider a high TCL?

---

It's not an absolute number but more something like a total many (many) times your current maximum spend.   And certainly one which, if fully used, you couldn't afford minimum payments on.

But if you want a number, for many of us $1M in TCL would qualify as high.

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Good point. I recently calculated that although my TCL is $400k, I could only service payments on $250k. But the game continues to call me, lol.

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This statement made me look at a CC minimum payment calculator.
My TCL, not counting my HELOC, only just broke $100k this week.
I technically could service $100k in CC debt, but TopRamen would figure large in my diet for a number of years!🤣

[coldfusion]

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@Anonymous wrote:

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@ways2go wrote:

What do y'all consider a high TCL?

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It's not an absolute number but more something like a total many (many) times your current maximum spend.   And certainly one which, if fully used, you couldn't afford minimum payments on.

But if you want a number, for many of us $1M in TCL would qualify as high.

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I guess if one were looking to quantify something that even remotely approached an objective amount, somewhere roughly around $200K or so would be where some issuers start thinking twice about an approval.  The concern wouldn't be tied to perception of risk, but belief that the card would likely only see minimal use.