Comments on: Money Poll #26: Credit Limits http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/ personal finance tips, tricks, and commentary Sat, 21 Nov 2009 22:51:28 -0500 http://wordpress.org/?v=abc hourly 1 By: Kristina http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-126337 Kristina Fri, 31 Oct 2008 21:18:58 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-126337 Wow! I have a $44000 CL between all of my cards. I thought that was a lot but those of you six figure limits have put me to shame. I have six cards and 4 of them were opened to take advantage of 0% offers. Wow! I have a $44000 CL between all of my cards. I thought that was a lot but those of you six figure limits have put me to shame. I have six cards and 4 of them were opened to take advantage of 0% offers.

]]> By: Thomas http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-117325 Thomas Fri, 16 May 2008 14:19:06 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-117325 I'm really bad.. I have 36 Credit Cards, total Credit line about 650K. I have played the 0% game with great gains. As the percent of High YSA rates dropping to 3.5%. I've decided to relax a bit with this. The good news - I carry no debt. I use the cards as a free 30 day loan; pay the cards off every month. I use these cards at least every 2 months just for little things that I would normally buy like gas, food, etc. With this many cards you have alot of options. Note: I couldn’t get a credit card 6-7 yrs ago. I learn to use the FCRA to my advantage. First Goal was to get a CC. Second goal 50K and so on, people will say having to many cards is a bad thing.. (it might be, but I’m not having any issues) The Gentleman that created this site - http://www.fivecentnickel.com/ has really good knowledge!! (Good guy to learn from) I’m really bad.. I have 36 Credit Cards, total Credit line about 650K. I have played the 0% game with great gains. As the percent of High YSA rates dropping to 3.5%. I’ve decided to relax a bit with this.

The good news – I carry no debt. I use the cards as a free 30 day loan; pay the cards off every month. I use these cards at least every 2 months just for little things that I would normally buy like gas, food, etc. With this many cards you have alot of options.

Note: I couldn’t get a credit card 6-7 yrs ago. I learn to use the FCRA to my advantage. First Goal was to get a CC. Second goal 50K and so on, people will say having to many cards is a bad thing.. (it might be, but I’m not having any issues)

The Gentleman that created this site – http://www.fivecentnickel.com/ has really good knowledge!! (Good guy to learn from)

]]> By: RichGuy http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-115980 RichGuy Tue, 18 Mar 2008 01:34:41 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-115980 ON MY 3 AVAILABLE CREDIT CARDS ,one with $48,000 limit. Second with $39,000 and third with $38,000. total BALANCE... zero. I pay in full each month. ON MY 3 AVAILABLE CREDIT CARDS ,one with $48,000 limit. Second with $39,000 and third with $38,000.

total BALANCE… zero.

I pay in full each month.

]]> By: savvy http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-80756 savvy Sun, 16 Sep 2007 14:30:50 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-80756 According to Yodlee... about $330,000 in available credit, $195,000 in balances (60% utilization). There's a few cards with $0 balance I've never set up because I don't plan to use them ever, so actual utilization might be a bit lower. According to Yodlee… about $330,000 in available credit, $195,000 in balances (60% utilization). There’s a few cards with $0 balance I’ve never set up because I don’t plan to use them ever, so actual utilization might be a bit lower.

]]> By: Sam http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-80532 Sam Fri, 14 Sep 2007 21:29:24 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-80532 I have one credit card that I don't use that has a limit of $12,000. I recently asked BOA to lower my credit limit from $17,000 to $12,000 as it had creeped up. I wonder what the point is of having so much available credit ($50,000+), you wouldn't be able to use it all before the banks would start flagging for fraud and change in habits, etc. and they would shut you down. Does have a lot of available credit help the FICO score because of low utilization? I have one credit card that I don’t use that has a limit of $12,000. I recently asked BOA to lower my credit limit from $17,000 to $12,000 as it had creeped up. I wonder what the point is of having so much available credit ($50,000+), you wouldn’t be able to use it all before the banks would start flagging for fraud and change in habits, etc. and they would shut you down. Does have a lot of available credit help the FICO score because of low utilization?

]]> By: Leroy Brown http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79937 Leroy Brown Mon, 10 Sep 2007 14:15:43 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79937 $346,000 at last tally. If I want to carry just $3,000 in credit card debt , I'm at less than 1% of utilization, which is a beautiful thing. $346,000 at last tally. If I want to carry just $3,000 in credit card debt , I’m at less than 1% of utilization, which is a beautiful thing.

]]> By: Single Ma http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79919 Single Ma Mon, 10 Sep 2007 04:13:52 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79919 I have 8 cards with s combined limit of $181k, but I don't play the 0% BT game. I have 8 cards with s combined limit of $181k, but I don’t play the 0% BT game.

]]> By: Tim http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79909 Tim Sun, 09 Sep 2007 20:15:12 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79909 yikes is right. $150k with the highest being one at $30k, three at $20k each. 13% utilization b/c of 0% arbitrage. after the promos end, no more arbitraging for us. yikes is right. $150k with the highest being one at $30k, three at $20k each. 13% utilization b/c of 0% arbitrage. after the promos end, no more arbitraging for us.

]]> By: Mark http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79876 Mark Sun, 09 Sep 2007 01:05:35 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79876 I have two rewards cards with a combined $30,000 limit. I have two rewards cards with a combined $30,000 limit.

]]> By: Mike http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79874 Mike Sat, 08 Sep 2007 20:01:13 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79874 i have about 4 credit cards with $35k in limits. However, this weekend, i plan on procuring an additional $100k in credit limits to stuff into a high yield savings. My global utilization is under 20% so i like my odds. It feels so nice to commiserate with fellow arbitragers! i have about 4 credit cards with $35k in limits. However, this weekend, i plan on procuring an additional $100k in credit limits to stuff into a high yield savings. My global utilization is under 20% so i like my odds. It feels so nice to commiserate with fellow arbitragers!

]]> By: Sun http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79691 Sun Fri, 07 Sep 2007 02:38:59 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79691 I have some 20 credit cards with a total limit over $200K. I am thinking of getting a couple of more cards each year if there are good deals. Right now, my utilization ratio is almost 50% because of the balance transfer, yet my credit score is close to 800. I have some 20 credit cards with a total limit over $200K. I am thinking of getting a couple of more cards each year if there are good deals. Right now, my utilization ratio is almost 50% because of the balance transfer, yet my credit score is close to 800.

]]> By: mapgirl http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79654 mapgirl Thu, 06 Sep 2007 15:50:32 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79654 I keep three with $10K+ limits, and a charge plate of unlimited balance, but that has to be paid off every month, so theoretically the limit is whatever I have in my savings. The utilization thing is tricky. I have very low utilization on 2 cards, but very high on one, which was a balance transfer. I am working on it, but it's slow going. I keep three with $10K+ limits, and a charge plate of unlimited balance, but that has to be paid off every month, so theoretically the limit is whatever I have in my savings.

The utilization thing is tricky. I have very low utilization on 2 cards, but very high on one, which was a balance transfer. I am working on it, but it’s slow going.

]]> By: JustBeth http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79652 JustBeth Thu, 06 Sep 2007 15:26:26 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79652 I had to guess what my credit card limits are, because I don't really know. I've never really cared about my limit because I have no plans of going anywhere close to the insane limits on the cards I currently use. I had to guess what my credit card limits are, because I don’t really know. I’ve never really cared about my limit because I have no plans of going anywhere close to the insane limits on the cards I currently use.

]]> By: H Lee D http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79650 H Lee D Thu, 06 Sep 2007 15:04:37 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79650 The one we use all the time has a $20K limit. The other three we have between us have $22K. Two of those we're going to cancel, though, because we just don't use them. The one we use all the time has a $20K limit. The other three we have between us have $22K. Two of those we’re going to cancel, though, because we just don’t use them.

]]> By: jim http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79639 jim Thu, 06 Sep 2007 14:16:05 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79639 It's worse to have many cards with low limits than fewer with high limits. It’s worse to have many cards with low limits than fewer with high limits.

]]> By: MoneyNing http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79569 MoneyNing Thu, 06 Sep 2007 05:32:21 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79569 I wonder if it's worst to have many credit cards or few cards with high credit limits? I wonder if it’s worst to have many credit cards or few cards with high credit limits?

]]> By: Rocketman http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79566 Rocketman Thu, 06 Sep 2007 05:14:59 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79566 Yeah, I might be over $50k in CC limits, but it's the utilization rate that's the key. (Mine is 15-20% and dropping.) That utilization "snapshot" they take for your credit rating had better stay LOW. I'm still not sure if it's the per-card or cumulative utilization that matters, though. Yeah, I might be over $50k in CC limits, but it’s the utilization rate that’s the key. (Mine is 15-20% and dropping.) That utilization “snapshot” they take for your credit rating had better stay LOW. I’m still not sure if it’s the per-card or cumulative utilization that matters, though.

]]> By: nickel http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79550 nickel Thu, 06 Sep 2007 02:45:20 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79550 NCN: You make the call... NCN: You make the call…

]]> By: NCN http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79547 NCN Thu, 06 Sep 2007 02:41:04 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79547 Hey Nickel... I HAVE more than 40K in credit card limits... but I don't use the cards... So, should I pick option 1 or 40 - 50K? I await your reply... I think I should go w/ 1, b/c, even though I HAVE the limit, I refuse to use the cc... NCN Hey Nickel…
I HAVE more than 40K in credit card limits… but I don’t use the cards… So, should I pick option 1 or 40 – 50K? I await your reply…
I think I should go w/ 1, b/c, even though I HAVE the limit, I refuse to use the cc…
NCN

]]> By: tom http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79542 tom Thu, 06 Sep 2007 02:03:06 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79542 This is odd because I keep a majority of my credit cards in my fire safe cabinet. By chance, I happened to add up my credit limit on all of them and it was actually pretty staggering on how much I had available, haha. With 8 credit cards, I had about 80k+ in credit. This is odd because I keep a majority of my credit cards in my fire safe cabinet. By chance, I happened to add up my credit limit on all of them and it was actually pretty staggering on how much I had available, haha. With 8 credit cards, I had about 80k+ in credit.

]]> By: Minimum Wage http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79520 Minimum Wage Wed, 05 Sep 2007 22:02:08 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79520 $0 - I can't get credit cards. At least not the conventional kind. $0 – I can’t get credit cards. At least not the conventional kind.

]]> By: Brainy Smurf http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79509 Brainy Smurf Wed, 05 Sep 2007 20:31:39 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79509 Yeah, my cards top out at $100500, which scares the hell out of me, but that's spread across 6 different cards. The highest limit is $24k, and two others are over $20k as well. One thing I've noticed is that once you start knocking $1000's off of your balances per month, they increase your limit fast (as well as inch up the rate). I'm pretty sure all of my cards started with a limit hovering around $5k. Thankfully, 4 of them have a zero balance and I only actually use one of them these days... Yeah, my cards top out at $100500, which scares the hell out of me, but that’s spread across 6 different cards. The highest limit is $24k, and two others are over $20k as well.

One thing I’ve noticed is that once you start knocking $1000’s off of your balances per month, they increase your limit fast (as well as inch up the rate). I’m pretty sure all of my cards started with a limit hovering around $5k.

Thankfully, 4 of them have a zero balance and I only actually use one of them these days…

]]> By: ntguru http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79505 ntguru Wed, 05 Sep 2007 19:30:12 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79505 We've got several at 30 or so grand and a couple regular ones (with better rewards) at 4-6K. The small ones we use and pay every month. The big ones are 0% and sometimes we ride big purchases on those until the 0% is gone and keep the cash in a 5-5.5% MM until then. We’ve got several at 30 or so grand and a couple regular ones (with better rewards) at 4-6K. The small ones we use and pay every month. The big ones are 0% and sometimes we ride big purchases on those until the 0% is gone and keep the cash in a 5-5.5% MM until then.

]]> By: Cindy http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79487 Cindy Wed, 05 Sep 2007 19:04:41 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79487 I'd be curious what the average credit limit is. That is, are we getting >$50k because of 5+ credit cards, or do we have several with very large balances. In my case, I only have 3 credit cards, but they all have limits over $20k. I’d be curious what the average credit limit is. That is, are we getting >$50k because of 5+ credit cards, or do we have several with very large balances.

In my case, I only have 3 credit cards, but they all have limits over $20k.

]]> By: Brian http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79486 Brian Wed, 05 Sep 2007 19:01:25 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79486 Man, I thought I had a lot of credit card availability at ~$46K. But with 38% (at this point) having more than $50K, I guess I need to step it up and go apply for some more cards! Man, I thought I had a lot of credit card availability at ~$46K. But with 38% (at this point) having more than $50K, I guess I need to step it up and go apply for some more cards!

]]> By: Jesse http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79485 Jesse Wed, 05 Sep 2007 18:32:00 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79485 Good luck with the month of credit card fun...if your case was anything like mine, your credit would be pretty immediately flagged for potential fraud, and you would end up spending most of your time removing the flag rather than soaking up the rays on your own private island. Good luck with the month of credit card fun…if your case was anything like mine, your credit would be pretty immediately flagged for potential fraud, and you would end up spending most of your time removing the flag rather than soaking up the rays on your own private island.

]]> By: Clever Dude http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79482 Clever Dude Wed, 05 Sep 2007 17:53:37 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79482 I personally have 9 credit cards, but I don't know my limit on one of them (the AmEx Business Gold Card) since it supposedly doesn't have a limit. For the other 8, I have $92,500. Two of the cards have a $25,000 limit each (my two oldest cards). I'm considering canceling two poor performing cards since I'll never use one of them and I won't be using the rewards on the other (GM Card). We'll see. Yes, I could have alot of fun with my cards if I was dying in a month and had no family to worry about :) or should I say :( I personally have 9 credit cards, but I don’t know my limit on one of them (the AmEx Business Gold Card) since it supposedly doesn’t have a limit. For the other 8, I have $92,500. Two of the cards have a $25,000 limit each (my two oldest cards). I’m considering canceling two poor performing cards since I’ll never use one of them and I won’t be using the rewards on the other (GM Card). We’ll see.

Yes, I could have alot of fun with my cards if I was dying in a month and had no family to worry about :) or should I say :(

]]> By: David http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/comment-page-1/#comment-79465 David Wed, 05 Sep 2007 15:04:52 +0000 http://www.fivecentnickel.com/2007/09/05/money-poll-26-credit-limits/#comment-79465 $73,000. Yikes. I guess I can go that new BMW I always wanted now ;-) $73,000. Yikes. I guess I can go that new BMW I always wanted now ;-)

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