How much credit do we need.

[wmarat]

I do understand advantages of big credit lines. Utilization, credit is not a debt, more buying power etc.

But I 've been thinking where to stop, how much is enough.

I have around 120k of available revolving credit. My highest util. was in August (vacation) 3%, usually 0-2%. My spending patterns have not changed since the time when I had 1k secured card.

I started seeking CLI's and new CC, when I found credit related forums, MyFico (the best), CB,FW.

OK, at the beginning it was a need, then it was kind of confirmation. Here I am, recent immigrant whom big guys like BOA, Citi, Chase etc. trust money, means I do right things, but I am beyond this stage now.

So, what makes me call lenders and seek CLI. Probably greed.

Then, how a need transformers into greed.

Opinions?

[haulingthescoreup]

I'm up a bit over $100K CL, and I don't seem to have any empty space left in my heart, needing to be filled, when it comes to credit. I think that if I start jonesing for more credit, all that I will wind up doing is worrying about losing it.

Any credit adventures left for me will be to improve the quality (for me, = rewards) of the credit that I have.

I figure that my main salary is not quite $50K, and I make another $15 or $20K part-time, so I'm somewhere around 1.5 to 2X my personal income, which is absurdly high enough. I think I'm good.

[smallfry]

Assuming you don't lose any lines in the future due to skittish banks I would say as long as you have enough available credit to stay under 5% monthly utilization then you have enough. I have way more than enough. 

[wmarat]

So, HTSU and SF, if I understood you right , you are not going to ask any CLI on your cards. are you?

[haulingthescoreup]

For me, PenFed already gave me an un-asked-for CLI. I have 4 5-digit CK cards (USAA x2, PenFed, and Bank of America); OK, well, 5 including DH's Discover card that I'm AU on. These cards do all the heavy lifting, and I see no reason to stir up the anthill.

I've been around enough veterans to learn about not sticking my head up from the foxhole when the bullets are flying!

[wmarat]

I know that HTSU. But

Are not you curious how high you can get?

Message Edited by wmarat on 10-11-2008 07:37 PM

[smallfry]

I have 7 credit cards now all but my recently acquired BofA are 5 figures. With the exception of that card I am done with CLI requests. I had originally planned on laying low on that one but after the experience I had on the phone Friday I plan on pushing for an online CLI after the third statement cuts. If they close me down I don't care. I have plenty of other options. 

[haulingthescoreup]

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wmarat wrote:

I know that HTSU. But

Are not you curious how high you can get?

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Nope!

Although I'm terribly impulsive in some areas, I am very allergic to risk in the important areas. I can't even bear to watch the tight-wire workers at the circus. Once I'm in my comfort zone, I'm perfectly happy.

[wmarat]

Speaking of CLI. I have just gotten hard free CLI on Citi wich makes my 5th 5 digit CL card.

[marty56]

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@haulingthescoreup wrote:
I'm up a bit over $100K

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My total credit is under 20k.  I know I'm a whimp.