Many threads on optimal # of tradelines... But not many threads on what is the optimal amt of credit/store credit (not saying balances, just available credit). Assume 75k/yr income for this example. Is 20k a magic #... 30k?... Possibly 40k?? ----- 2. Also does Cap One benefit you as they dont report your limit so if you have 0 balance it doesnt count against your available credit?
I think it would be safe with 200% of your household income across such members (ie your WIFE/GF/BF/LIFE PARTNER). Somewhere between 200%-300% if you count business credit lines (which aren't really counted in scoring models but can be assessed by an underwriter who knows whats up). I'm talking about PG guaranteed business lines that dont report (amex). so 150K in credit lines with another $75K in business for that family income wouldn't be unreasonable. Of course this doesn't scale down to someone that makes $15K/year. As you realize, the basics of living are a fixed amount, expenditures beyond that (nice car,nice house,fun) is icing on the cake, some people can afford $600-700/month on cc payments without blinking an eye. Others are living on the fine edge of credit-suicide. Just be careful eh. once i paydown some debt all 3 scores should again rise back to high 700's (now in the low low 700's). which is good enough for me to get what i need. Also i have a ridiculous amount of inquiries and new accounts which i'd guess accounts for -50 pts on fico. yeah a ridiculous amount. Doesn't stop me from getting more, its rather addictive to collect cards.
