How Much Available Credit Should I Have?
One of the biggest factors impacting your credit score is your available credit. But agencies like FICO (also known as Fair Isaac Corp. (NYSE: FICO)) don't just look at your available credit on its own; they look at what percentage of your available credit you actually use. That's called your credit utilization ratio, and it accounts for 30% of your credit score.
The ideal credit utilization ratio isn't 0%, though. Creditors want to see that you can use your credit limit responsibly, not avoid using it entirely. Still, the lower the better.
So, the amount of available credit you should have is really a function of how much you plan to spend on your credit cards in the average month.
Source: Fool.com
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