What does everyone do with all this credit?

[jl4]

I'm new to the > $20k club, myself. That's a question I haven't been able to figure out an answer for. 

I see folks with tens or hundreds of thousands in revolving credit. What do y'all do with it? How do you manage it all? I love the idea of having substantial revolving credit but having two (maybe three) cards, all with 3-month spending bonuses feels like it'll be tough to manage coming from having zero cards ever that had such a perk. 

Or is it really just a game that I haven't figured out how to play and win, yet...  

[Adkins]

Some people need those high limits because they put a lot of spend through their cards, so it helps keep utilization under control. Others just like knowing they have the credit limits if they need them. Still for others, it's a game - who's got the highest limits (and most cards) of them all is the winner. People use spreadsheets, pen & paper and/or apps to track their cards. And not every card is necessarily used every month, too. It's not so much a game as you need to sit down and decide exactly what your credit card goals are, and go from there. Everyone here has different credit needs, profiles and credit wants. It's up to you to figure out where you are going to stand. 

[Broke_Triathlete]

---

@jl4wrote:

I'm new to the > $20k club, myself. That's a question I haven't been able to figure out an answer for. 

I see folks with tens or hundreds of thousands in revolving credit. What do y'all do with it? How do you manage it all? I love the idea of having substantial revolving credit but having two (maybe three) cards, all with 3-month spending bonuses feels like it'll be tough to manage coming from having zero cards ever that had such a perk. 

Or is it really just a game that I haven't figured out how to play and win, yet...  

---

I know exactly what you mean. I just recently hit the $100K club myself and it's not as exciting as I thought it would be when I first started rebuilding. I don't even run close to 5% of my available credit limit. Most will tell you it's for utilization padding. Very few actually utilize all of their available credit (tens of hundreds of thousands) and pay back each month. 

[Anonymous]

The goal is to build up a million dollar available credit so you can go out on a bang in your 80's.

[Anonymous]

That is a deeply profound question that goes to the heart of this alternate world that exists here in these forums for some people. Chances are when you have these kinds of credit lines, constantly seeking to raise them with strategies, you are sitting on a ticking time bomb. 'Oh but I pay them all off each month, and I have low utilization'. Well kookookachoo Miss Robinson. You and I know that for the vast overwhelming majority of Americans, they are spending on their credit lines to ridiculous levels. Credit cards are FINANCIAL SUICIDE to anybody who runs balances and pays interest. They have outrageous interest rates, even the 'good' ones compared to any other debt instrument. So the short answer to your question is: whatever you do, dont use it. You want to sit there and have it look pretty for you like the apologists on here who are 'maximizing rewards' and 'PIF' then fine. But chances are thats not going to be you

[Anonymous]

At one point I was racing to the $100k limit to help my UTL. Now, all my cards are at $0 balance, so the available credit just sits there. As above said, it is nice to know you have the credit available should you ever need it. With that said, always better to have an emergency savings accounts to use vs a credit card. Some banks will not give you as much credit at you might want because they can see you have too much credit already. I went from over $150k to $120k in credit. I just don't need it anymore. It does look good on your CR profile when you have a lot of credit and you manage it well.

[LionLaw]

Up to a certain point, having higher limits may help you get approved more easily for better credit products.  For example, there are some excellent rewards cards out there with $5,000 or even $10,000 minimum starting limits, and you may have trouble getting approved for them if you don't already have experience handling high credit limits.

Beyond that, I don't see any inherent benefit to having lots of high credit limits.  I'm at about $100,000 myself at this point, and I don't really have any intention of doing anything with it.  I suppose it could help keep my scores high if I ever need to carry a balance.

[Anonymous]

I don't even know what all my limits are combined.  I blame this site for that.    Anyway, it all started with a visit here, and wanting to rebuild my credit.  Or actually, just take better control/increase my scores.  Right now, sitting at a lovely EQ 757, TU 755, and EXP 794.  Need to update my sig.

[K-in-Boston]

Count me in the “I need it for utilization” category. I use a spreadsheet and I enjoy free vacations.

[Remedios]

---

@Anonymouswrote:

That is a deeply profound question that goes to the heart of this alternate world that exists here in these forums for some people. Chances are when you have these kinds of credit lines, constantly seeking to raise them with strategies, you are sitting on a ticking time bomb. 'Oh but I pay them all off each month, and I have low utilization'. Well kookookachoo Miss Robinson. You and I know that for the vast overwhelming majority of Americans, they are spending on their credit lines to ridiculous levels. Credit cards are FINANCIAL SUICIDE to anybody who runs balances and pays interest. They have outrageous interest rates, even the 'good' ones compared to any other debt instrument. So the short answer to your question is: whatever you do, dont use it. You want to sit there and have it look pretty for you like the apologists on here who are 'maximizing rewards' and 'PIF' then fine. But chances are thats not going to be you

---

I'm gonna have to deploy words no man wants to hear...You're doing it wrong