DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - I've been approved for $5000 Credit Card..what is your maxmium CC?

**itepearce** · 01-12-2006, 11:31 AM

My available credit is insane, close to $75k with three cards. When I graduated from college my one credit card jumped to a 35k limit just becuase of the school I graduated from. I didn't even have a job but my credit score was 800, I could have walked into a bank and got a loan for anything I wanted.

My debt isn't out of control. I have about $2000 left after my hospital emergency, and thats really all I am keeping the cards for. That balance is locked in at 2.9% from a balance tranfer check so I'm not worried about it. I bought my Mitsubishi at 0% interest and I rent, so the ammount of money I pay out a month in interest payment is very small, except for those damn student loans, but I can write that interest off on my taxes.

When you have low or 0 balance the comapnies increase your rates like crazy. My credit score is close to 800, nearly perfect, so they keep increasing my limit by $200 a month.

A few bankers and realtors I've talked to have said that it used to be bad to have high available credit but they all told me that it is good now. They told me that if you close an account with $25,000 of available credit it will show a loss of $25,000 and decrease your credit score by as much as 60 points. So I'm afraid to close accounts and lose credit.

Credit doesn't make any sense anymore. Your whole financial future rides on a three digit number that can be ruined by an extra months gas bill that came after you cancelled the service when you moved. Some banks won't loan you money because of high credit limits and others will loan you more.

All the information I gathered is that the higher your limits and with small charges on them the better is your credit, and the less credit cards you have the better your score and credit

And this rule should be true for any bank or facility trying to get your credit history.

01-12-2006, 11:31 AM	#5
itepearce Join Date Oct 2005 Posts 420 Senior Member	My available credit is insane, close to $75k with three cards. When I graduated from college my one credit card jumped to a 35k limit just becuase of the school I graduated from. I didn't even have a job but my credit score was 800, I could have walked into a bank and got a loan for anything I wanted. My debt isn't out of control. I have about $2000 left after my hospital emergency, and thats really all I am keeping the cards for. That balance is locked in at 2.9% from a balance tranfer check so I'm not worried about it. I bought my Mitsubishi at 0% interest and I rent, so the ammount of money I pay out a month in interest payment is very small, except for those damn student loans, but I can write that interest off on my taxes. When you have low or 0 balance the comapnies increase your rates like crazy. My credit score is close to 800, nearly perfect, so they keep increasing my limit by $200 a month. A few bankers and realtors I've talked to have said that it used to be bad to have high available credit but they all told me that it is good now. They told me that if you close an account with $25,000 of available credit it will show a loss of $25,000 and decrease your credit score by as much as 60 points. So I'm afraid to close accounts and lose credit. Credit doesn't make any sense anymore. Your whole financial future rides on a three digit number that can be ruined by an extra months gas bill that came after you cancelled the service when you moved. Some banks won't loan you money because of high credit limits and others will loan you more. All the information I gathered is that the higher your limits and with small charges on them the better is your credit, and the less credit cards you have the better your score and credit And this rule should be true for any bank or facility trying to get your credit history.
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