Credit Cards

What credit limit do you need to feel comfortable?

  • Last Updated:
  • Apr 20th, 2020 9:21 am
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Poll: What credit limit do you need to feel comfortable?

  • Total votes: 53. You have voted on this poll.
$2000
 
0
0%
$4000
 
1
2%
$6000
 
8
15%
$8000
 
3
6%
$10 000
 
18
34%
$12 000
 
2
4%
$14 000
 
2
4%
$16 000
 
1
2%
$18 000
 
1
2%
$20 000
 
17
32%
[OP]
Deal Addict
User avatar
Jul 16, 2019
1102 posts
1215 upvotes

What credit limit do you need to feel comfortable?

What credit limit do you need on a card in order to feel comfortable?

If you have a $500 limit, you're probably going to check it frequently to make sure you're not in danger of going over. At what point does this concern dissolve and you stop worrying, even during heavy spending months like Christmas and when you go on vacation?
23 replies
Deal Addict
Dec 12, 2009
4578 posts
2203 upvotes
Toronto
It all depends on what the card is being used for & typical monthly spends.
Following the advice of the Health Experts - I will consider voting for Dougie @ 12:01 AM, five days after the next provincial election.
Deal Guru
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May 8, 2009
14235 posts
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Not Leask
ROYinTO wrote: It all depends on what the card is being used for & typical monthly spends.
This.

I only want sky high CL's on BT cards.
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Sr. Member
Aug 5, 2018
538 posts
751 upvotes
How come there is no option for 500 or 1000?

Having a low limit on most of your cards improve your odds of getting approved for a new card, considerably. I would love it if all my cards have limits of 500 or 1000, but alas, infinite cards need 5k.
Deal Guru
Feb 29, 2008
14235 posts
10531 upvotes
$1500. Can’t do any damage in that. Just how I like it. My limits are way too high.
Sr. Member
User avatar
May 27, 2011
510 posts
544 upvotes
Montreal
What credit limit do you need to feel comfortable?
Define "you".

Your daily needs?
Your ego?
etc.
Deal Fanatic
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Aug 24, 2016
8057 posts
8484 upvotes
The Prairies
JayLove06 wrote: $1500. Can’t do any damage in that. Just how I like it. My limits are way too high.
You’re free to call all your card issuers and have your limits reduced to whatever you want.
You do know that right?
Deal Fanatic
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Aug 24, 2016
8057 posts
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The Prairies
My number would be 5k.
In a typical month, that would suffice for my spend without exceeding 50% of the limit.
IMO, unless you have travel expenses etc... that’s probably enough for most people.
Unless of course you’re worried about that credit score thing.
Deal Addict
Jan 19, 2017
4450 posts
2576 upvotes
If people is not too lazy to keep track of how much they have spent on their cards already, any limit is ok.
Deal Guru
User avatar
Jan 9, 2011
10691 posts
12968 upvotes
Vancouver
xx1what wrote: How come there is no option for 500 or 1000?

Having a low limit on most of your cards improve your odds of getting approved for a new card, considerably. I would love it if all my cards have limits of 500 or 1000, but alas, infinite cards need 5k.
Really? Hasn't been a problem for me. I had 9 cards open, only one of which had a CL <$10k, and got approved for 3 more over the last 4 months.
Sr. Member
Aug 5, 2018
538 posts
751 upvotes
Kiraly wrote: Really? Hasn't been a problem for me. I had 9 cards open, only one of which had a CL <$10k, and got approved for 3 more over the last 4 months.
It's a real thing, called debt service ratio.

It depends on your income, and your total credit limit, as a ratio.

If the total credit limit is too high, some institution's online system will decline you, and human may use this reason to decline you as well.
Last edited by xx1what on Apr 17th, 2020 1:39 pm, edited 1 time in total.
Deal Expert
Aug 22, 2011
35549 posts
21604 upvotes
Center of Universe
If only one card, it has to be at least $20K.
Once this lock down is over and we can can travel again, I'm going on a family vacation and the average cost for us is around $10k and we need a buffer for other spending.
Deal Expert
Aug 22, 2011
35549 posts
21604 upvotes
Center of Universe
xx1what wrote: It's a real thing, called debt service ratio.

It depends on your income, and your total credit limit, as a ratio.

If the ratio is too high
, some institution's online system will decline you, and human may use this reason to decline you as well.
What's the ratio?
Deal Guru
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May 8, 2009
14235 posts
11997 upvotes
Not Leask
omg would be a nice amount to BT!
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Deal Addict
Dec 7, 2011
2351 posts
784 upvotes
Whitehorse
Why does the poll max out at 20k?
[OP]
Deal Addict
User avatar
Jul 16, 2019
1102 posts
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sokolov wrote: Why does the poll max out at 20k?
You're only allowed to have ten options in a pole. I guessed that the $2000-$20 000 range would be enough to cover almost everyone.
Member
Feb 12, 2020
264 posts
385 upvotes
At a minimum, I need at least $500.00. At a maximum, infinity. Downvoted as the question is ambiguous.
Deal Guru
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May 8, 2009
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if only we could bt infinity. if only all cc's were charge cards :lol:
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