Credit Limits Poll Results
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FacebookThe Money Poll on credit limits has now run it’s course, so it’s time to take a look at the results… As of this writing a whopping 36% of you reported having over $50,000 in available credit. Apparently I underestimated you guys when I put together the list of possible responses! On the low end, 6% reported that they don’t use credit, 10% had $5k or less, another 20% fell between $5k-$20k, and the balance (28%) wound up in between $20-$50k. As I suspected, it looks like 0% balance transfer credit card offers have inflated numbers somewhat for at least a few of you.
If you haven’t had a chance to participate in the credit limits poll, please do so.
Published on September 9th, 2007 - 4 Comments
Filed under: Credit Cards, Polls
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About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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I’m surprised it’s not more than 36% with over $50K. Maybe I’m just old. My credit card I got right out of college, the longer I don’t carry a balance on it, the more they raise my limit. in 1996 it started with a $5K limit. It now has a $49K one. Every few months they bump it up a few thousand to amuse themselves I guess.
Maybe they think I’ll behave irresponsibly with it if I can buy a car with my limit. I’ve had my fill of irresponsible use with the other card and I’m reformed now lol.
Comment by paidtwice — Sep 9th 2007 @ 11:28 pmI answered with my credit limit (over 50k) instead of the other answer I could have used (I don’t use credit).
I have multiple cards with a 15-20k limit, but I don’t use any of them. I have an emergency fund of over 3 months expenses, so I’m not sure why I don’t just cut the cards up. It’s probably because I have very good self control (maybe too good) and don’t use the cards anyway. I only carry one of them, and that’s only for things like big box electronics purchases (not that I ever buy those anyway).
Comment by Daniel — Sep 10th 2007 @ 8:18 ampaidtwice,
i am a student and am curius which credit card gave u a 5k limit when u just started out from college? and did u have a salaried job when u got the card?
Comment by college student — Apr 30th 2008 @ 5:28 amMY CREDIT LIMIT ON AN AMERICAN EXPRESS CARD WHICH I BARELY USE WAS LOWERED 75%. WHEN I CONTACTED AMERICAN EXPRESS ABOUT THIS REDUCTION I WAS IN FOMED THE REDUCTION WAS MADE ON MY BEHALF AS MY CREDIT SCORE WOULD BE INCREASED BECAUSE OF THIS CREDIT LINE REDUCTION.I WAS ALSO INFORMED THE LIMIT WOULD BE RAISED AGAIN AT MY REQUEST. THIS REDUCTION WAS ONLY MADE BY AMERICAN EXPRESS AND NOT BY ANY OTHER OTHER CREDITCARD I HOLD.
Comment by WALTER — Nov 1st 2008 @ 7:43 pm