Comments (52)

 
Feb 15, 2021 - 10:58pm

I just got another card tonight. Amex. I opened the app and it said 'member since 2006', which is nice they remember me from having a business amex... I'm not even going to use the card, just wanted my total credit utilization percentage to be below 10%.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

 
Feb 16, 2021 - 2:56pm

What type of Amex and does it have a limit?Β 

Also is the below 10% thing just for you or so you credit score doesn't get dinged? I ask because Amex is a charge card and credit reports look at it that way and do not take into account the % of available credit, just typical things like utilization, payment history, etc.?

Array

 
Feb 16, 2021 - 3:45pm

DC3

What type of Amex and does it have a limit?Β 

Also is the below 10% thing just for you or so you credit score doesn't get dinged? I ask because Amex is a charge card and credit reports look at it that way and do not take into account the % of available credit, just typical things like utilization, payment history, etc.?

The Amex has a limit that should make my total spending on my other cards less than 10% of total credit. Credit Karma recommended to get another card. I have two other cards.Β 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

 
Feb 15, 2021 - 11:01pm

Yeah, I know someone is going to say the 'black card' rofl.

But, really I rolled with this dude that had one and he would always pay for brunch for everyone and club tabs for everyone, which was like $5K for brunch and $10K for club drinks each time, so this dude definitely racked up the bills. He was cool about it though and was like no big deal for the drinks. He had oil money in Dubai or something.Β 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

 
Feb 15, 2021 - 11:25pm

Something like $70k across 5 or 6 cards.

Largest limit is $20k bofa premium. I usually open 1 or 2 new cards a year that have lucrative sign up bonuses.

Will close a card after I get the bonus and know I won't use it anymore (especially if they have an annual fee)

Obviously pay all
Balances off monthly, never pay interest, etc

 
  • Analyst 1 in IB - Ind
Feb 16, 2021 - 12:51pm

For all interns/prospects DO NOT be this guy. This type of credit history looks pretty terrible to creditors and your average age of account (which is a large portion of your score) will be horrific with this strategy. Yeah sign up bonuses are cool but only when used responsibly. 60,000 Chase points are great but not as great as a lower rate on your mortgage or car loan. Definitely go for sign ups when you apply for credit card (both ccs I have now I got because I liked their sign ups and perks) but don't sign up for random new cards just to get a few hundred $ in points.Β 

 
Feb 16, 2021 - 8:38am

I know someone who is middle class and still saved to pay for car in cash. I think that person pays for everything in cash and doesn't use credit.

Array
 
  • Analyst 1 in S&T - Equities
Feb 16, 2021 - 10:09am

Around 45-50k limit. Last one I got was the Amex gold but since it technically doesn't have a "limit", my limit did not increase. Not really sure what my hidden limit is.Β 

 
  • Analyst 1 in S&T - Equities
Feb 19, 2021 - 3:31pm

In the app there's something called purchasing power or something along those lines, you can type in an amount and it'll let you know if you can charge it or not. I have a platinum and I think there is still some kind of limit on it.Β 

 
Feb 16, 2021 - 10:16am

Something like $150,000 available over 6 cards. Comical, really, but I used to play the points game religiously.Β 

This is actually a decent reminder to cancel a couple and see what offers are out there.Β 

Commercial Real Estate Developer

 
  • Analyst 1 in IB - Ind
Feb 16, 2021 - 12:49pm

~$22k across 2 cards - utilization is usually below 5-7% (usually make a payment a week before my billing date to bring my utilization to ~1% every month) helped get the credit score to ~800. Not opening any new cards until I'm planning to make a big purchase to limit my credit inquiries and to build a longer average age of account.

 
  • VP in IB - Ind
Feb 16, 2021 - 2:50pm

Question - does aggregate limitΒ matter at all if we pay everything down every month anyway? I am assuming not but then again I see people bragging about their $200k limits and 30 cards (at $90k salaries...) and wonder if I am missing something?Β 

 
Feb 16, 2021 - 3:01pm

Depends on the type of card. If it is a traditional credit card with a limit then yes the % of limit will impact your credit score both when pulled and the history of % balance, it helps if you pay it off each month for payment history, etc but it will still take into account the % of limit.

Charge cards (Amex) are looked at differently - they typically don't have a limit and are supposed to be paid in-full every month, so % won't really impact much on your score here unless you have historically kept a high balance.Β 

Array

 
  • VP in IB - Ind
Feb 16, 2021 - 5:14pm

I have an Amex also but no one should ever carry a balance on their charge cards. I don't recall the fee but it's ridiculously high from what I remember.Β 
Β 

If we carry a 0%Β balance, does it really matter what the denominator is? Should we be requesting credit limit bumps? That's what I don't really understandΒ 

 
Most Helpful
Feb 16, 2021 - 6:56pm

$120K across 7 cards. Got 5 cards with long histories that I'll keep forever with 2 at any time that are just for the sign up bonuses/churning which I'll cancel in a year. In response to the comments above:Β as long as you get a solid base of credit history with 4-5 cards that you'll keep open forever which will keep your average credit life lengthy, you're fine to churn through a couple cards a year for the sign up bonuses. I do this and have 800+ across 3 bureaus.

2 AMEX charge cards with technically no spend limit but really it's somewhere around 40-50K.

 
Feb 18, 2021 - 10:09pm

26.Β I've paid off likeΒ $20k of theΒ $22k in student loans I graduated with. Purposely paying the remaining left slowly because they haven'tΒ been accruing any interest since the onset of the pandemic and to help lengthen my credit history. I'll pay them off in full and let them fall off my credit report once I've got a long enough credit history from just my credit cards.

 
Feb 17, 2021 - 11:57am

350 or so but I don't really use them much since the exchange rate fees suck. Mostly just use fiance's cards lol

 
  • Investment Manager in HF - Other
Feb 19, 2021 - 12:23pm

If you are talking about FX exchange rate, youΒ know there are many cards without fees on these right?

I only have two cards:

Chase: $75k limit

Amex: unsure, charge card with the usual "no limit" have spent ~$100k without having an issue so would say somewhere around there.Β 

 
Feb 19, 2021 - 3:20pm

There aren't many options for Canadians - or specifically for corp cdn.

 
Feb 19, 2021 - 6:28pm

Β 

~$150K across all cards. 0-3% utilization rate month to month.

Wow awesome utilizationΒ 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

 
Feb 19, 2021 - 6:28pm

whatido

Kinda off topic, but what cards are easy to get as a student with basically no credit history. The only card I have is Discover I got a few months ago.

I'd check out Credit Karma - they usually have good recommendations depending on your background.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

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