I'm a college student and I just got the cards less than half a year ago so my credit hasn't been built up yet. Right now one's at 500 and another's at 1000.
Got my Card last year when I was 18 and now its $700, nothing compared to you big spenders
schola
schola
If you want to get your limit increased, you pretty much have to carry a balance every month.....
Not true. I pay my credit card bill off ever month. The bank usually ask me at least once a year whether I want to increase my rate. I refuse. My present limit is more then enough. I also feel no need to play my limit is bigger then yours. In the months that I can't pay I borrow from my line of credit. Much cheaper rate. I think I've only had to do that three time and even then I only carried the balance for a few weeks at the most.
In a personal finance class I took a quite a few years ago the instructor said that the most credit card that anyone should have is two. There is no need to have more then that. It just amazes me how easy it is to get credit. I guess thats part of the materialistic society that we have become.
Not true. I pay my credit card bill off ever month. The bank usually ask me at least once a year whether I want to increase my rate. I refuse. My present limit is more then enough. I also feel no need to play my limit is bigger then yours. In the months that I can't pay I borrow from my line of credit. Much cheaper rate. I think I've only had to do that three time and even then I only carried the balance for a few weeks at the most.
In a personal finance class I took a quite a few years ago the instructor said that the most credit card that anyone should have is two. There is no need to have more then that. It just amazes me how easy it is to get credit. I guess thats part of the materialistic society that we have become.
I'm 19 (had it for 3 years) and my limit is $19,000 on my Platinum VISA. My interested rate sucks though, 14.99%. My limit started out at $11,500, but has progressively risen over the last few years. I have never not paid it off completely at the end of the month.
hum... interesting. my parents ALWAYS pay off the ENTIRE bill every single month, yet their credit is $21,000 for the discover and $10,000 for the mastercard. we never use that much, and are actually thik about haveing them reduce the credit line so less danger of illegal charges exist. we have perfect credit though ...
Only $1000 they offered to raise it to 2500, but I refused.
I don't need more than $1000 on it.
Oooh wait...does my work visa count?
My company gives it's employees Corporate Visas so we can expense things on work related travel and what not.
The balance on our corporate visas are alot....I've never tried to push it...but one guy in my group has about 75000 on his right now...
I don't actually have a Corporate Visa, I don't travel yet so I haven't bothered to get one.
I don't need more than $1000 on it.
Oooh wait...does my work visa count?
My company gives it's employees Corporate Visas so we can expense things on work related travel and what not.
The balance on our corporate visas are alot....I've never tried to push it...but one guy in my group has about 75000 on his right now...
I don't actually have a Corporate Visa, I don't travel yet so I haven't bothered to get one.
I have one credit card with a $5000.00 limit, I never keep a balance on it. My credit card company calls me often wanting to increase my limit, and I always tell them not to. When it comes to your credit report it is also important to remember banks hold inquires into your credit history against you as well when you go to get a loan.
the optimal mix of credit is about 2-3 visa/mastercard/charge cards AND 1-2 store cards AND then (a mortgage or car installment loan). Anything less is less than optimal. You can read about scoring procedures from the folks who make fico.
Fairisaac is the folks that make it. They document the factors, which many of you misconceive that affect your score. You can have $100,000 in visa credit line, and have a VERY high score.
Even if you pay your balance in full , your credit card balance reported to the bureaus is that when the statement closes. So if you pay it off the next day, it will still look as if you carry a balance.
It's wise to never "appear" to have more than 30% of your available credit line in use.
So if you charge $7500 out of $10000 limit on your visa in a month, roll a statement, and then pay it off to avoid finance charges. Your credit report will show 75% utilization. This is bad. It's important to have plenty of excess credit, to lower your utilization ratio.
Fairisaac is the folks that make it. They document the factors, which many of you misconceive that affect your score. You can have $100,000 in visa credit line, and have a VERY high score.
Even if you pay your balance in full , your credit card balance reported to the bureaus is that when the statement closes. So if you pay it off the next day, it will still look as if you carry a balance.
It's wise to never "appear" to have more than 30% of your available credit line in use.
So if you charge $7500 out of $10000 limit on your visa in a month, roll a statement, and then pay it off to avoid finance charges. Your credit report will show 75% utilization. This is bad. It's important to have plenty of excess credit, to lower your utilization ratio.
I guess the real question is how much debt does everyone have? Damn credit cards are like herpes....ones you get it you can't ever get rid of it and as soon as you think you have it under control it starts to flair up again....
--M
--M
Interesting that a young female posed such a personal question. Even more interesting that dozens of young males quickly and willingly jumped in to answer.
Russ, NCNE
Russ, NCNE
My credit limit is high enough that know better than to directly answer that question.
I will say this, we could buy a nice house. Would get eaten alive in interest though.
I will say this, we could buy a nice house. Would get eaten alive in interest though.
got a card in college with $500 limit... now i have around 10 cards and 19,000 in debt...i locked up all my cards except for my American Express and i try not to buy anything...
DO NOT increase your limit..learn from me..i hope to pay off my debt in 2-3 years...cancel any card you don't need
bluegi
DO NOT increase your limit..learn from me..i hope to pay off my debt in 2-3 years...cancel any card you don't need
bluegi
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