Is it bad to still have a high credit limit after I quit my job?

For just about anything you want to get off your chest about credit cards.
4 posts
Hannnah7
 
Posts: 1
Joined: Sat Apr 27, 2013 8:09 am
Location: St. Louis

Is it bad to still have a high credit limit after I quit my job?

Postby Hannnah7 » Sat Apr 27, 2013 8:19 am

Hello,

What happens if you have zero income and credit cards with high limit? Is it a problem?

I have been working for over a year. Income around 50k. When I started I applied for a credit card and got 1k credit line, later this card auto-increased to 4k credit line. A week ago, I was approved for another credit card and they gave me generous 5000 dollars in credit line there. So in total I am close to 10k on my credit line.

I am going to quit my job and go traveling for at least a year before I find another job. I will be living on budget, so I expect spending max 1-5% of my available credit line.

Is that something I need to worry about?

Thank you:-)


paparoach429
Centurion Member
Centurion Member
 
Posts: 331
Joined: Tue Sep 11, 2012 12:21 am
Location: chicago

Postby paparoach429 » Sat Apr 27, 2013 4:40 pm

Not as long as you are still paying your bill. I would be really careful with credit cards now that you dont have a steady income.

User avatar
FastSRT8
Centurion Member
Centurion Member
 
Posts: 1454
Joined: Thu Apr 19, 2012 1:32 pm
Location: Canada

Postby FastSRT8 » Sun Apr 28, 2013 7:26 pm

paparoach429 wrote:Not as long as you are still paying your bill. I would be really careful with credit cards now that you dont have a steady income.


That is really good advise. It is so easy to go 'overboard' when your credit is high. They being credit card companies know it and is one of the reason they keep increasing ones limit.
Carpe diem quam minimum credula postero!

fantasy86dj
Centurion Member
Centurion Member
 
Posts: 164
Joined: Tue Mar 02, 2010 6:47 pm
ICQ: 387113
WLM: katoomba@live.co.uk
Yahoo Messenger: mettymeta242
Location: Australia

Postby fantasy86dj » Mon Apr 29, 2013 1:56 am

Proceed with caution - maybe set up an auto pay for the minimum or a little more for when you are travelling so you don't miss a payment.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests