What is the credit limit on your credit card?

[Anonymous]

Anonymous wrote:

Anonymous wrote:$0 do not have one.

Bad credit?

Nope. Excellent credit actually.

[Anonymous]

Anonymous wrote:PPs, can some of you post your HHI's too? I have a Discover card that I applied for right after college with a credit limit of $5K. Thinking about asking for an increase so we can run some of the expenses related to our house addition through, but not sure what is reasonable.

Our HHI is mid $200K.

I'm the 8k poster. Our HHI is $225k

[Anonymous]

No idea. I haven't noticed what it is. I know I don't come close.

[Anonymous]

Anonymous wrote:8k, but I have never sought out an increase.

Curious - why would people have such high 50k+ limits? Do you ever spend to that level in a month? Is there another benefit?

Besides needing it, another reason is that a high, and unused, credit line is good for your credit rating. If you've got a $10k limit and you routinely put $5k on it each month, even if you pay it off, the credit bureaus will see that you've got an average of 50% of your credit being used and interpret that as you're in need of credit to get by. Alternatively, if you've got a $50k limit and use $5k, you only consume 10% of your available credit and bureaus look at you more favorably. It's called your "credit utilization ratio." It's kind of preposterous that it's such an influence on credit scores, but to a large degree, bureaus believe that if someone's willing to give you a high limit and you don't use it, then you're a low credit risk and thus get a higher score.

[Anonymous]

$30k

[Anonymous]

Anonymous wrote:$50K on one and $30K on another. Pay both cards off in full every month.

This is ours as well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:8k, but I have never sought out an increase.

Curious - why would people have such high 50k+ limits? Do you ever spend to that level in a month? Is there another benefit?

Besides needing it, another reason is that a high, and unused, credit line is good for your credit rating. If you've got a $10k limit and you routinely put $5k on it each month, even if you pay it off, the credit bureaus will see that you've got an average of 50% of your credit being used and interpret that as you're in need of credit to get by. Alternatively, if you've got a $50k limit and use $5k, you only consume 10% of your available credit and bureaus look at you more favorably. It's called your "credit utilization ratio." It's kind of preposterous that it's such an influence on credit scores, but to a large degree, bureaus believe that if someone's willing to give you a high limit and you don't use it, then you're a low credit risk and thus get a higher score.

Thanks for this explanation! I found it very helpful. (I'm the pp who asked).

[Anonymous]

Anonymous wrote:

Anonymous wrote:PPs, can some of you post your HHI's too? I have a Discover card that I applied for right after college with a credit limit of $5K. Thinking about asking for an increase so we can run some of the expenses related to our house addition through, but not sure what is reasonable.

Our HHI is mid $200K.

You should ask for an increase. They probably still have your old income on file.

Definitely ask, sometimes they will let you know the max increase for automatic approval. I picked up a Discover a few years ago with HHI of 70k and have a credit limit of 15k or 18k, can't remember.

[Anonymous]

I have no idea. I never get close.

[Anonymous]

Anonymous wrote:PPs, can some of you post your HHI's too? I have a Discover card that I applied for right after college with a credit limit of $5K. Thinking about asking for an increase so we can run some of the expenses related to our house addition through, but not sure what is reasonable.

Our HHI is mid $200K.

We have an Amex with a $25k limit plus two Chase visas with $25k each, for a total of $75k. We typically spend 2k a month and pay it off in full. HHI is 90k.

[Anonymous]

18K

[Anonymous]

$35k and $20k for me; DH has a separate card with a $40k limit. We charge about $2k per month and pay it off each month.

[Anonymous]

we have 2 cards with 50k each. Never come close to that and pay them off monthly.

[Anonymous]

Anonymous wrote:I have no idea. I never get close.

+1

We use Amex for most day to day expenses, including groceries, and typically charge $2-4k each month, depending. Pay it off in full every month. I also have 2 Visa cards but almost never use them and carry $0 balance. No idea what the limit on any of these cards is. HHI $200k.

[Anonymous]

Anonymous wrote:I have no idea. I never get close.

Isn't it on your bill?

I don't come anywhere near my limit either, but I check my bill carefully every month.