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I went from $11,000 (on my 24 year old Chase card) to $71,000 over the past 12 months. I had more than that, but I closed three cards recently. Those three combined had $15,000 worth of credit. So I technically went from $11k to $86k in 12 months, but currently only have $71k open.
32.5k total credit line - I went from 0 credit cards and mid 500's to high 600's since May of this year. I buried myself in my credit reports and finally took control of it. Maybe one day I can break that 100k mark (not that I will ever need it!)
@lch4 wrote:
What are the needed credit scores for higher limit cards??
It's a combination of income and credit score. Generally, scores in the 720s or higher will meet credit score requirement for gaining access to 5 figure credit card limits - if income meets credit card issuer benchmarks. However, you may also need to establish a solid payment history on the target card if income is borderline.
My total revolving CL is almost $210K. I think I was at about $35K in 2012 when going through a foreclosure and a credit card settlement.
My highest revolving CL is with Discover at over $63K. Frankly, I am surprised they have allowed me to get this high, with a foreclosure still showing. Second highest is Amex ED at $38K, with CapOne Venture not being far behind that.
Out of curiosity, how does everyone's CL compare to their income? I always assumed that my limit would be less than my salary, but with these high numbers I am thinking my assumption is wrong.
@Kree wrote:Out of curiosity, how does everyone's CL compare to their income? I always assumed that my limit would be less than my salary, but with these high numbers I am thinking my assumption is wrong.
Your assumption is wrong but, it is a good benchmark. I maintain an aggregate CL around 1X yearly income. That is sufficient to cover credit card charges without bumping up against limits and allows me to keep utilization low while allowing charges to report naturally on statements. There is no need to have total CL at multiples of yearly income to realize top tier credit scores.
Some posters do have aggregate CL 3x to 7x yearly income - perhaps even higher. As long as spend level is managed relative to income, high aggregate CL does not translate to increased risk nor does it translate to reduced risk. If you are the type where higher CL may be an enticement to spend more, then a total CL in the 0.5x range might be the best strategy.