I am wondering if any of you experts out there know if there are any guidelines for how much you should have optimally in combined credit limits. I'm looking for something like 2x annual salary or something like that. Many of our cards just keep increasing our limits up and up (which is nice...) but I was was looking at the combined limits and I was thinking that if we ever decided to go to town we'd be in some real problems. So, when do you know if you if it's a good time to reduce your available credit? Thanks.
I am of the opinion, that there is no limit, except the one you set. Of course, you will reach a point when the increases will slow or stop, but everyone associated with CreditWorks has multiple times their salary for a limit. My sister close to 4x, my wife close to 5x, me more than 2x. www.creditsense.com
Oh, 4-5x annual salary? Wow. I think we're approaching the 2x annual salary figure. I just read that some lenders will consider you higher risk for loans (mortage or auto) if you have a lot of available credit. And I was wondering what "a lot" meant. Thanks for your response.
Years ago we had more than 8 TIMES ANNUAL INCOME!!! WITH THE BIRTH OF F.I.C.O.~~THE MORE WE MADE...THE LESS CREDIT WE CAN HAVE~~GO FIGURE... OUR TOTAL NOW IS LESS THAN 3 TIMES ANNUAL INCOME... EVEN WITH 25+ YEARS AND NO "BADDIES"
SPLITTING ACCOUNTS AND COMBINING IS NOW MY ONLY OPTION... I can close some like two and get one new one...
