I found an old thread (2015) stating a 2:1 ratio. Is that what we should be striving for in 2020? Or does it even matter?
Income is taken into consideration in two ways
One is your total exposure with a single lender relative to your income, and your total credit lines relative to your income.
As far as what you're supposed to shoot for, that's really up to you
Shoot for the stars on cards you use, get some extra for utilization padding and dont worry about anything else.
You will get approvals, denials, CLIs based on various factors, income is just one piece of the puzzle.
Dont worry about these things, they are just guesses
Some cannot get 10% of their income, others have total CLs that are many times over their yearly income
Focus on rewards your cards offer, minimize interest payments, and enjoy life
they are just guesses
Okay, that makes more sense when reading here that ppl with lots of credit continue to get lots of credit even though they don't use a sizeable portion of their credit. ty
Some lenders like Synch have known exposure ceilings, some tend to settle in particular range, and some simply follow their own secret sauce formula.
I think often times denial reason for "too much available credit" doesnt really refer to sum of credit lines, or individual TLs, it's more or less "you ain't even using what you got, why give you more" unless it's one of CUs who loathe those with plenty of available credit
Cant say I blame them.
It is nice to not worry about utilization.
It is also nice to not have all your eggs in the same basket or two.
It is a personal choice.
I never get new cards with an AF to increase my available credit.
I pay a total of $108 ($59+49) in AFs and my wife pays $95.
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Income always wins. Id take income over a cl. I wont get into one should do this or that, whatever is right for you is right. Lenders wont let us use whole limits anyway but im still amazed at what ive achieved limit wise. I just need to find the nerve to say fico it let it all go and stay with 3 cards
You have to get life coaching from @pinkandgrey on that!