Your credit limits vs. income.

For just about anything you want to get off your chest about credit cards.
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Money card
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Postby Money card » Sun Jan 27, 2013 9:56 pm

my income is 39,000 my credit limit on my Discover more is 5,500, my capitol1 venture card is 5,000 limit. my green card has no limit
whatever I can pay back is what I can charge.


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Calipso
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Postby Calipso » Mon Jan 28, 2013 5:07 pm

Sevenfeet wrote:Although $90K in limits is impressive (and more impressive is three times income/limits), I've always wondered why you needed to bother collecting 21 products in the first place. Having said that, I cannot criticize paying your cards monthly. I carry balances now and wish I were in your situation. I'll get there over time but it will take time.

As for me, I have $45K in limits (+$39K additional high water mark on my Amex Platinum) with a household income of $170K. I'm hoping to get a new card or two more in the next few months which hopefully will get me another $20K in order to pay down two of the existing cards of the three I carry. My strategy is to concentrate on the best products, not just sheer numbers and split between points and cash back strategies. I'm looking to add a Chase Sapphire Preferred and Discover IT soon. An Amex Blue Cash Preferred looks interesting for groceries cash back but certainly a lower priority (maybe next year). Everything else doesn't interest me.


I churn credit card bonuses. I don't remember the last time I paid for a flight.
My Limits:
NFCU NavCheck: $15,000/NFCU Platinum: $11,500/NFCU nRewards: $8,000
Chase Freedom: $6,500/Chase Slate: $6,000/CSP: $5,000/Marriott Rewards Primier: $5,000/United MileagePlus Explorer: $5,000/Southwest Primier: $3,000
Citi Hilton HHonors: $9,700/Citi Simplicity: $8,200/Citi Forward: $5,500
AMEX Blue Cash Everyday: $8,000/SPG AMEX: $5,000/AMEX Everyday: $5,000/AMEX Delta Skymiles Platinum: $3,400
Discover IT: $7,700
Barclay's NFL Extra Points (Carolina Panthers): $5,000
DCU Platinum: $3,000
RTN FCU CC: $2,000
CCCU Platinum Rewards Visa: $2,000

Current total limit: $129,500

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Calipso
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Postby Calipso » Mon Jan 28, 2013 5:09 pm

lexrj wrote:That's impressive! I had no idea that was possible. If you don't mind me asking, what's the reason you would want that amount of credit?


Utilization. Like I said in a follow-up post......I'd rather have credit and not need it, then need credit and can't get it.
My Limits:
NFCU NavCheck: $15,000/NFCU Platinum: $11,500/NFCU nRewards: $8,000
Chase Freedom: $6,500/Chase Slate: $6,000/CSP: $5,000/Marriott Rewards Primier: $5,000/United MileagePlus Explorer: $5,000/Southwest Primier: $3,000
Citi Hilton HHonors: $9,700/Citi Simplicity: $8,200/Citi Forward: $5,500
AMEX Blue Cash Everyday: $8,000/SPG AMEX: $5,000/AMEX Everyday: $5,000/AMEX Delta Skymiles Platinum: $3,400
Discover IT: $7,700
Barclay's NFL Extra Points (Carolina Panthers): $5,000
DCU Platinum: $3,000
RTN FCU CC: $2,000
CCCU Platinum Rewards Visa: $2,000

Current total limit: $129,500

FutureBillionaire
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Postby FutureBillionaire » Mon Jan 28, 2013 5:21 pm

Calipso wrote:Utilization. Like I said in a follow-up post......I'd rather have credit and not need it, then need credit and can't get it.


+1. I agree on this.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

silver6054
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Postby silver6054 » Mon Jan 28, 2013 6:57 pm

FutureBillionaire wrote:+1. I agree on this.


But only up to a point, surely. I currently have about 200K CL, and my utilization is less than 1%. So I could add against the day my util increases, but there is very little practical impact between 1 and 9% for example. Chasing more and more CL, while perhaps fun and often harmless, cannot always be justified.

FutureBillionaire
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Postby FutureBillionaire » Mon Jan 28, 2013 7:08 pm

silver6054 wrote:But only up to a point, surely. I currently have about 200K CL, and my utilization is less than 1%. So I could add against the day my util increases, but there is very little practical impact between 1 and 9% for example. Chasing more and more CL, while perhaps fun and often harmless, cannot always be justified.


You are correct. I'm ok as long as my utilization is 10% or less.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

Sevenfeet
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Postby Sevenfeet » Mon Jan 28, 2013 8:02 pm

Calipso wrote:I churn credit card bonuses. I don't remember the last time I paid for a flight.


I don't pay for flights either. Then again, I'm Diamond on Delta and earn a bucketful of miles as a part of my job. :)
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

Sevenfeet
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Postby Sevenfeet » Mon Jan 28, 2013 8:05 pm

Calipso wrote:Utilization. Like I said in a follow-up post......I'd rather have credit and not need it, then need credit and can't get it.


I can't argue with that. That's what I learned from my grandfather.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)



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