Reply to Credit Card available credit goes from 15K to 50K

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Wait you have cards from 10 different companies? 12 cards is high but within reason, but why so many companies?

Anyway, yes sometimes card issuers will give you a credit increase on their own. You can always call and ask them to put it back to the lower number. Because you already have so much credit, this won't really affect your score either way.[/quote]

Credit Karma says that 11-20 open accounts is "fair" and 21+ is excellent, so 12 credit cards is not high. Why would she ask to lower her available credit. The more credit she has, the lower the utilization, the higher her credit score. I don't think you know what you are talking about.[/quote]

Can you do this to the CC companies?

You are near retirement with 21 credit cards with 50K available per card, and a payoff home, cars, and lot of money in your pension and 401K.  21 CCs equal 1.1M in available credit.  Can you spend that amount by traveling around the world for the next five years at 200K per year while just paying the minimum amount?  Once the money run out, you can just declare bankruptcy.  In most states, CC companies can not go after your home, social security, pension and 401K.  To my knowledge, CC debt is unsecured debt.  I do not see any downsides to this, right?  [/quote]

There are lots of downsides.  Starting with don't believe everything you read on the internet.  For example, homestead exemptions vary by state and they vary widely.  In Virginia, for example, only the first 50,000 in equity is protected.  In Florida, there is no limit.

Don't try to game the system until you learn the rules.[/quote]

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