Hundreds of thousands in credit cards, is that possible???

Question

HI,

i have been curious about this question all my life........... is it possible, for average person earning 40k to 50k, get credit cards with combined limit up to $500 000 or even million $, how much credit cards you would need and how long it would take???

Answer 1

SURE ITS POSSIBLE BUT NOT PROBABLE BECAUSE WHEN A BANK GIVES YOU A CARD THEY LOOK TO SEE HOW MUCH CREDIT YOU HAVE AVAILABLE ALREADY.

Answer 2

Not possible as once you have too much credit (say around 75K), on your credit report CC companies will either stop sending you cards or give extremely low limits.  Also for a 500,000 in credit given an average of 5k/card you would need to find 500 different banks to issue you a card.

Answer 3

There are quite a few people who have credit limits that are 5 or 10 times (or more) over their annual income. With total credit limits from $100 thousand to well over $1 million - on a small handful of cards.

Usually the cards they hold are not the dinky $5k credit limits that was commented on by one poster. Many of their limits average $50k, $75k on up , per card.

People that hold cards like that tend to have cards with prime lenders only and they take care of their credit , i.e. low utilization, no negatives, use their cards but pay in full either before the statement cuts or immediately after, etc., etc., etc.