Why Not Have too Much Available Credit on Your Credit Card?

Is Keehn right to advise having a low credit limit? But she doesn't say how much is "too much".Most everything I read suggests that FICO in US or Canada does not penalize for too much available credit.

According to this Experian Q&A:From the standpoint of increasing your credit scores, you can't have too much available credit.The obvious caveat being that some people lack self control and will overspend if they have more credit available. This Q&A on creditcards.com also indicates that there is no such thing as too much available credit:Once again, the scores not only dont penalize you for how much available credit you have, but higher amounts of available credit in proportion to card balances tend to produce higher scores through lower credit utilization (balance/limit ratio).A common rule of thumb is that you should have available credit at least 5x your highest monthly statement balance for a given year, to keep utilization down in the 20% range. If you read myfico or other credit card forums you'll find many people who greatly exceed that number with no ill-effect. Anecdotally, my available credit is about 20x my max monthly statement balance and my credit score was in the 820's last I checked (US FICO goes to 850).There are mortgage-focused credit scores that factor things a big differently, but it doesn't sound like they are commonly used. As far as I can tell the only reason to keep a low available credit is to minimize risk of overspending.Edit:

I initially missed the country tag, while Canadian scores go to 900 instead of 850 these Canadian credit sites indicate that the scores are based on the same factors as US credit scores:debtcanada.ca - Credit Rating 101

Birchwood Credit Solutions - Credit Score Ranges in Canada ExplainedEvery now and then I see someone suggest that too much available credit would be concerning for a lender, but I've yet to see any statistics that support the notion that people otherwise responsible with credit suddenly behave very differently when they have too much available credit.

A Canadian's Guide to Money-Smart Living (2019) by Kelley Keehn. I don't know her degrees or qualifications.

I first read this on p 94, but it looks like the same as p. 98 in 2015 edition that you can download.

See point 4. Don't the rich have towering credit limits for their platinum cards?

Is Keehn right to advise having a low credit limit? But she doesn't say how much is "too much".

·OTHER ANSWER:

A Canadian's Guide to Money-Smart Living (2019) by Kelley Keehn. I don't know her degrees or qualifications.

I first read this on p 94, but it looks like the same as p. 98 in 2015 edition that you can download.

See point 4. Don't the rich have towering credit limits for their platinum cards?

Is Keehn right to advise having a low credit limit? But she doesn't say how much is "too much".

Why Not Have too Much Available Credit on Your Credit Card? 1

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