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“During the course of the conversation he mentioned he has a credit limit of about eighty grand spread over several cards… Why would I need $80,000 in credit?”
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January 8th, 2007 at 8:53 am
I liked the piece about whether or not a person “needs” a 80k credit limit.
For most people, the answer is probably not. However, some people that have an entrepreneuerial bent to them can benefit by holding a few high credit line cards, in the event they decide to strike out on their own. Again, this isn’t an “everybody” type of situation, but I have seen it as a positive in a few cases.
Otherwise, just use the card for purchases you know you’re going to pay off right away and get rich slowly!