Limit by salary

[KingHuang]

Hey guys,

Just been wondering and have read a lot but still not too sure what the approximate limit is by salary, my goal is to have the main/backup etcs do suffice and have a balance to churn.

Of course not prying anyone's salary, but a % could be a good indicator, also not counting charge card since they appear as 0 limit.

Anyone can give any insight, e.g. 100k salary base, CC limit across 3 cards is $40k/40%. (Please word it or reply in a way that you are comfortable with and if this post isn't legal please also shut it down)

Just really want to plan plan plan.

 

[Lost Redditor]

The actual process appears - to me - to be highly opaque. I haven't found any sources online that can substantiate their claims on these matters. There are many other factors than salary that goes into it, e.g. running expenses, number of dependents, mortgage, number of years with employers. You'll have noticed these questions in the online forms, and they all matter. We just don't know enough about how "the algorithm" decides if you're worthy or not.

You will find discussion online around this but it all seems entirely speculative.

My advice is that you keep your "daily driver" card at as low a credit limit as you can practically achieve, and avoid several high-limit cards at the same time.

 

[wohoo]

300k, had Amex Platinum, Amex Reserve 2k limit, Amex Edge 3k, St George 15k, 28 Degrees 5k, 950K+ home loans. Then was able to apply Citibank Prestige 20k, Westpac Altitude Black 15k, ANZ Black 15k, Citi Ready Loan 5k all at once. Then apply for 520k home loans later but had to close the St Goerge and the ANZ Black to get the loan.

I think overall credit should not exceed 33% of your income.

 

[knagelli]

300k, had Amex Platinum, Amex Reserve 2k limit, Amex Edge 3k, St George 15k, 28 Degrees 5k, 950K+ home loans. Then was able to apply Citibank Prestige 20k, Westpac Altitude Black 15k, ANZ Black 15k, Citi Ready Loan 5k all at once. Then apply for 520k home loans later but had to close the St Goerge and the ANZ Black to get the loan.

I think overall credit should not exceed 33% of your income.

That's an impressive list , however can I please check if you had any documentation request while applying for any of the cards other than the payslips or income proof ?

 

[burmans]

That's an impressive list , however can I please check if you had any documentation request while applying for any of the cards other than the payslips or income proof ?

The lenders know what the limits (not balances) are on all your loans from the credit bureaus. So they don’t frequently need to see statements, though if your balance is much lower than limit (eg you have almost paid out a HL well in advance) they tend to ask to see a statement to prove this.

 

[Dr Ralph]

The lenders know what the limits (not balances) are on all your loans from the credit bureaus.

Not my experience.

I see usually that about 1/2 of the cards I have at any given time appear on my credit report.

Seems some banks are hopeless at keeping them updated of my accounts.