Credit Card Limits?

[ilikeaces86_]

Just wondering what type of lines of credit you guys have on your credit cards. Honestly I am just curious what is a normal credit limit and if I should seek higher credit limits or if I am fine. So fire away Plz.

[gazarsgo]

What's your purpose in utilizing credit?

for an individual, your line of credit should cover whatever expenses you might incur between pay cycles beyond what you can cover with liquid assets... personally, i try keep my credit limits at 1 month's pay, but I don't see why this should scale beyond $10k/mo or so.

for a business, your line of credit should cover the amount of operating expenses you need it to in order to sustain growth...i'm not qualified to get into that in any more detail though [img]/images/graemlins/smile.gif[/img]

[emon87]

You want higher limits because it helps your credit rating. You definitely don't want to be maxing or even close to maxing them on a regular basis.

[meditate89]

As long as you're not the type to make impulsive purchases, or forget to pay on time, get 3 or 4 cards. Never know when one is going to be out of commission through no fault of your own. One of my cards got rejected, called up the company, and they asked me if I tried to buy $550 worth of furniture from a store in Italy...

I probably have 40k limit in over ~8 cards (i'm 21)... it's sick how much credit these companies will give you if your credit is good. I hardly ever utilize more than 5% of my limit during the month, probably closer to 2% most months, but it could be good to have around, especially if they start sending you 0% BT offers in the mail =)

[Cubswin]

[ QUOTE ]
You want higher limits because it helps your credit rating. You definitely don't want to be maxing or even close to maxing them on a regular basis

[/ QUOTE ]

Seconded.

My highest line of credit is 19.5. I dont want to go higher than this to avoid a financial review from AMEX. Total available revolving line on credit is probably around 75k. I like to keep my utilization extra low to boost my score. [img]/images/graemlins/smile.gif[/img]

[ilikeaces86_]

I have one with a 17.5k limit one with a 5k limit and one with a 3k limit. Why is there such a disparity in the amount of credit they want to float my way. Like why aren't they all at 15k etc... Don't they all use the same scoring system?

[BradleyT]

My Crap One student card kept it's $700 limit for 6 YEARS before they jumped it up to $3250 last year.

My business with no income (yet) got a $10K BoA card last month. I created the LLC in November.

My providian secure gold card with a $50 savings account deposit + $300 secure deposit turned into a $5K visa platinum + rewards after a few years.

I still have derogatory items (aka unpaid collections) on my credit report from 2000 though so that somewhat limits how much credit I can get. I've never asked for a credit limit increase but I hear it works really well.

[NU Star]

I assume through some error on the part of American Express, they give me a ton of credit. I'm a 20 year old college student.

[hoppscot22]

i need to get a credit card with a much higher limit for this summer, vegas etc. how would you go about this? I have no real yearly salary but am probably in the top 99.99% of wealth for people my age due to poker...

[squiffy]

3k, 3K, 9.5K, 9K, 25K, 22.7K, 24.8K, 34.5K, 2.7K, 20K, 5K, 1K, 12K