#FinancialQuestion #CreditCardLimit #SalaryComparison
Hey everyone! 👋 I’m a 28-year-old making $65k a year and recently noticed that my credit card has a $10k limit. I’m curious – is this typical for someone in my age and income bracket? I just want to have an idea of where I stand compared to others. Thanks in advance for any insights you can provide! 🤔💳
Possible solution:
– It’s always a good idea to keep your credit card limit to a manageable level based on your income.
– Consider speaking with your bank or credit card issuer to see if you can adjust your limit to better suit your financial needs.
Let’s discuss! 🙌 #FinancialWellness #MoneyTalk #PersonalFinance
You’re absolutely fine. $10k is very reasonable for someone in the $60k salary range and around 30-years old.
If you don’t use the full limit often, you are fine.
Ya I got a similar amount when my salary was that range on my first CC ways back
If you pay it off every month, like you should be planning to do, then the limit is rarely a meaningful thing at 10k.
seems ok. i think mine was around that amount but was younger.(idk if age matters)
Mostly is going to depend on how you use your cards and how long you’ve had credit.
37M. $115k a year. My CC has a $5k limit.
When I was in my early 20’s I owned a brand new house and a brand new pickup truck but my CC was still my student one with a $500 limit.
They will approve you for a ridiculous limit.
18m, 7-9k income per year and around 1.5k limit it’s so random
I don’t think it makes much sense to compare… Most people don’t max their cards. It’s so you can pay for larger purchases easily… home stuff like furniture, landscapers, HVAC, renovating, etc. same goes for e-transfer limits.
Early 40s and $25k on my primary card. They kept pre approving increases over time.
I got a 14k limit at 19 years old student with no job and only 1 year credit history. Shits almost random lol.
It is but dont fuck around and find out… they gave me 10k pre approved at 22 making 45k/year… I fucked around and found out.
Assuming your goal is to increase your limit and you’re not the type who’ll be tempted to spend more. 🙂
If you keep paying off your card in full they usually offer you pre-approved credit limit increases. the issuer won’t have to do a hard credit check. Every 6 months you can also request a limit increase but those may result in a hard pull.
Different credit issuers will also give different credit limits because they have different client assessments and risk tolerances. When I was a student Amex gave me a card with a 20k limit lol.
To answer your question, mid-20s, TC should be 340k this year, 50k credit limit. It started off 15k and I got a few offers to increase it. Nowadays applying for a new card will get me 15k. Paid off in full every month of course.
At $60k you should be taking home right around $4,000/mo; a $10k limit credit card if you max it out will only be $190/month in interest. They’re good lending you that much and have you pay them $200/mo for 40 years…
Limits are random. If you care to have a very large limit, Scotiabank tends to give really high limits
When I was making sub 50k my bank gave me 20k. I took it. Never use it. 22m
Credit card limits aren’t typical. I’ve checked with all my family and friends and the limits are vastly different and don’t directly scale with income.
By the way, people with higher limits ask for it. I was curious once so I requested a higher limit online. I asked for an extra $10,000 to see what would happen, and I was automatically approved the second I hit the submit button.
I have $20k total across 3 credit cards (10k, 5k and 5k), and have had this since I was a broke university student. It’s good because it means my credit utilization is really low, and so my credit score is excellent.
yea
What is the reason for asking this?
Limit does not mean free money. Only spend on it what you can afford to pay off each month in full.
Also you can call in to lower your limit later.
I’ve always had a 10k limit but I don’t remember ever surpassing 5k. Also, I’ve always paid the full amount each month.
Same age doing a bit more than you with 10k limit. Don’t worry abt it.
I don’t think there is any hard and fast $ amounts? When I wanted an increase I just called and asked. They then look at your transactions history and payments patterns and recalculate it.
Companies like equifax and transunion check the usage to limit ratio as an indicator to calculate your score. Lower the ratio, better the odds if you having a higher credit score. It’s still not 100% certain how much weight this ratio has. I suspect it’s quite low. Whether the limit is 10K or 1K, it really depends on how much you are utilizing and if you are paying the full amount regularly. For context, my credit limit is 9K and usage is always less than 3K per month
90k – 29- about $75k in combined credit not including my spouse.