How much credit?

Discussion in 'Credit Talk' started by Russ, May 8, 2000.

  1. Russ

    Russ Guest

    Anyone know how much unsecured credit you can get before new applications get turned down for "too much credit already available?"
  2. Alex - Cre

    Alex - Cre Guest


    It depends on your paticular credit situation, everyone's credit is diffent so there is no set amount.


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  3. RichGuy

    RichGuy Guest

    I went to the Capital One web site and they said your credit lines shouldn't exceed 20 percent of your annual income. They also said that your monthly payments shouldn't exceed 10 percent of your monthly income. If you do the math, the first criterion is stricter, since if your balance is 240 percent of your monthly income, then 10 percent of your monthly income is 4.17% of your balance. Most minimum reqired payments are either 2% or 3% of your balance.
    Capital One says 20 percent of annual income, Bank One says 15 percent which is very conservative, I think 40 or 50 percent is realistic if you have good payment and budgeting habits. Any more than that and you're a credit junkie.
  4. creditwork

    creditwork Well-Known Member

    I am a credit mogul. I have over $150,000 in personal credit lines. I have never made more than $52,000 in a year. It is all about how you handle credit. The parameters you hear thrown about are correct. You should avoid accumulating credit just for the sake of having it, however, if used properly, it can be a source of extra income.

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