Credit Limits Poll Results
The 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.
Get via RSS
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 am