Comments on: How much credit could you get your hands on? http://www.budgetsaresexy.com/2009/12/how-much-credit-could-you-get-your/ Where Financial Nerds are Cool Sat, 11 Feb 2012 19:27:37 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: J. Money http://www.budgetsaresexy.com/2009/12/how-much-credit-could-you-get-your/#comment-2419 J. Money Fri, 30 Apr 2010 17:51:36 +0000 http://budgetsaresexy.com/2009/12/how-much-credit-could-you-get-your-hands-on/#comment-2419 Isn't it scary how much we have at our fingertips? I wish all the other comments from the Blogger --> Wordpress conversion came over :( We had a GREAT list going here...oh well, now we got yours - thanks! :) Isn’t it scary how much we have at our fingertips? I wish all the other comments from the Blogger –> WordPress conversion came over :( We had a GREAT list going here…oh well, now we got yours – thanks! :)

]]> By: JMK http://www.budgetsaresexy.com/2009/12/how-much-credit-could-you-get-your/#comment-2271 JMK Mon, 26 Apr 2010 13:33:30 +0000 http://budgetsaresexy.com/2009/12/how-much-credit-could-you-get-your-hands-on/#comment-2271 HELOC - $118,000 (balance 0). When DH was laid off (and the bank didn't know) we had this raised to the maximum we qualified for, just in case. Never needed it and never bothered to have it reduced after he found a new job soon after. Visa - $20,000 (balance 0) original card (from 25yrs ago) kept only for long credit history. Not actively used. Should check to see if we actually still need to keep this. Visa - $15,000 (balance ~0) New card ~14mths ago. Earns flight miles and is used for everything. Paid off weekly. Visa - $1,000 (balance 0) our low limit "internet card" used only for online purchases from unfamiliar sites. AMEX - $20,000 (balance 0) Hubby's corporate card for business travel. Paid within a week of charges (when expense check arrives). TOTAL $174,000! Good thing misusing credit cards isn't concern for us, just a tool for earning mileage for free vacation flights. I know if you are applying for a loan they look at all your available credit as actual debt, but I don't foresee us ever applying for a loan in our lifetime. We're paying off our mortgage ASAP and don't intend to apply for another. We pay cash for our cars. Should it ever become an issue, we'll simply have the HELOC cut down to something more normal. HELOC – $118,000 (balance 0). When DH was laid off (and the bank didn’t know) we had this raised to the maximum we qualified for, just in case. Never needed it and never bothered to have it reduced after he found a new job soon after.
Visa – $20,000 (balance 0) original card (from 25yrs ago) kept only for long credit history. Not actively used. Should check to see if we actually still need to keep this.
Visa – $15,000 (balance ~0) New card ~14mths ago. Earns flight miles and is used for everything. Paid off weekly.
Visa – $1,000 (balance 0) our low limit “internet card” used only for online purchases from unfamiliar sites.
AMEX – $20,000 (balance 0) Hubby’s corporate card for business travel. Paid within a week of charges (when expense check arrives).

TOTAL $174,000! Good thing misusing credit cards isn’t concern for us, just a tool for earning mileage for free vacation flights. I know if you are applying for a loan they look at all your available credit as actual debt, but I don’t foresee us ever applying for a loan in our lifetime. We’re paying off our mortgage ASAP and don’t intend to apply for another. We pay cash for our cars. Should it ever become an issue, we’ll simply have the HELOC cut down to something more normal.

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