How much credit do you have available?

posted 3 years ago in Money
  • poll: What's your available credit?
    Nothing : (8 votes)
    6 %
    Less than $100 : (3 votes)
    2 %
    $100-$500 : (4 votes)
    3 %
    $500-$1000 : (2 votes)
    1 %
    $1000-$2500 : (15 votes)
    11 %
    $2500-$5000 : (12 votes)
    9 %
    $5000-$10000 : (17 votes)
    13 %
    $10000-$25000 : (23 votes)
    17 %
    $25000-$50000 : (24 votes)
    18 %
  • Post # 3
    Member
    4043 posts
    Honey bee

    @AB Bride:  I pay my balance off down to $0 every month. So at the beginning of each month, I have $12,000 available in credit. That’s two credit cards and a line of credit. I don’t use the line of credit anymore and I only utilize up to 20% of my credit card limit.

    Post # 6
    Member
    4043 posts
    Honey bee

    @AB Bride:  That is typically true for us as well. I usually don’t have full acess to all that credit given that I will have usually charged groceries, a couple hundred dollars, by the time the new cycle is starting.

    Post # 7
    Hostess
    15072 posts
    Honey Beekeeper
    • Wedding: June 2011

    I cut up all my CCs except two with one company. One with no limit as long as I pay it off at the end of the month and one with 50k limit that I can go over with some extra paperwork. I don’t use them though and just pay the membership fee on them every year to keep them open. Through the bank, I have an active 10k on my checking account that we can pull from. We don’t use our credit at all though, I just keep it open and active to make my score better. Im a big believer in not using credit unless its a dire emergency. 

    Post # 9
    Member
    2076 posts
    Buzzing bee
    • Wedding: July 2012

    Between my husband and I, we have about $80,000 in available credit. We both have high credit scores so our credit limit on each card is high.  We don’t use them much though. No lines of credit on the house. We thought about it to pay off his student loans but then we found out we would be selling the place soon and didn’t want to deal with that hassle. 

    Post # 10
    Hostess
    15072 posts
    Honey Beekeeper
    • Wedding: June 2011

    @AB Bride:  Ive been with both my cc company and my bank since I was 18, so more than 20 years. I used my cc’s to pay off older debts when I was in my early 30’s and really concentrated on paying them off quickly, which built my credit with them. My bank, I worked with them too to fix mistakes from my twenties and it came with rewards. It doesn’t hurt that I have worked with the head of the bank on some political issues so I could get pretty much whatever I needed, within reason. It was the screwing up in my twenties and working double time to fix it that really built it up. Im now considered a very good credit risk because I did pay it off and didn’t declare bankruptcy which was really common in the middle to late 90s for people who were in my financial situation at that time.

     

    No, there are no long term benefits to using credit perks, IMO. My dad has been a financial planner my whole life and that is something that he preaches and teaches against. The only reason he has a few cc is to keep his business and home expenses tracked easily and for travel ease. He pays them off every month just like he teaches. 

     

    I’ve learned that if I can’t pay cash for it (debit card) then I really don’t need it (outside of a home or property even then not for me) and owning land is the best investment. We own two properties and are looking for two more. Even after buying those we will be debt free. I will not retire being in debt, I’ve seen that too many times through my dads business and we are 15 years from retirement at 55. Now DH still has a lot of cleaning up to do, thank goodness most of it isn’t legally his but its still a mess to clean up. Hopefully it should be done by the end of the year. 

     

    Post # 11
    Member
    207 posts
    Helper bee
    • Wedding: September 2014

    I have no credit! And I’m trying to keep it that way. I’ve got a debit card, which can be used to buy tickets and order things on the net so works exactly the same as a credit card but I can only spend the money I have and not get into debt.

    Post # 12
    Member
    6073 posts
    Bee Keeper
    • Wedding: August 2012

    @AB Bride:  I’ve got $31,150 in credit in just CC in my name.  We don’t have any HELOC or lines of credit open.

    AMEX (use the most)

    Chase Visa

    Capitol One Visa (for international travel)

    Kohl’s

     

    Post # 13
    Member
    13021 posts
    Honey Beekeeper
    • Wedding: June 2011

    I think we have about 80-90k in available credit cards, I’ve never added them up.  We have 5 or 6 Visa/MC/Discover/Amex, you name it i have it, with 15-25k limits each.  Plus a few store cards that have 2k each.

    Post # 14
    Member
    1549 posts
    Bumble bee
    • Wedding: June 2013

    Probably somewhere around 10k but it might be a little more if you include store cards.

    I have been meaning to close my best buy card now that its paid off. Zales will be getting cancelled after i make our final payment in the next few days and one of my credit cards i’m just waiting on my last reward from and then i’ll close that account as well. I have way too many accounts open. We’ll keep one open in each of our names for a few years as an “incase of emergency” type thing until we get a fully funded emergency fund.  but it would only be used if theres like a 5k repair on the house that we cant cover in cash. Wanting to order a pizza isn’t an emergency to me. lol

     

    Post # 15
    Member
    435 posts
    Helper bee
    • Wedding: November 2014

    I voted nothing because I have no credit cards, no debt. Just a debit card connected to my checking account.

    Post # 16
    Member
    2220 posts
    Buzzing bee
    • Wedding: August 2015

    I just got my first credit card this year, and since I have no credit history, my bank gave me a limit of $1,000. I try to spend as much as I can on my card to build credit and I pay it all off every month. I have no debt. I think SO has a $2,000 limit and he has school loans and car loans that he pays

    Leave a comment


    Sent weekly. You may unsubscribe at any time.

    Find Amazing Vendors