How much available credit do you have?

I got to thinking late last night while I was in bed about available credit. A sexy topic, I know. I didn’t do any research into it, but how much available credit do most people have? Am I on average with everyone else?

And is it better to have more available credit to your name? I always thought that having too much available credit would make your credit score go down, because there was a greater chance that you could go into debt. But now that I think about it, I might be wrong. I don’t really know. Because if I’m wrong, and it’s better to have more available credit, then I might think about doing something. But I’m pretty sure that I’m right.

My available credit breaks down like this:

• $4,500 – CIBC Visa dividends card (main card, 1% cash back)
• $3,700 – PC Financial Mastercard (secondary card, grocery rewards)
• $1,100 – TD Canada Trust Visa dividends card (1% cash back, never use)
• $500 – Sears store card (never use)
• $7,000 – TD Canada Trust LOC (co-signed by my mom when I was 19, never use)
  TOTAL = $16,800

Luckily, through hard work over the past 1.5 years, my credit-to-debt ratio is zero … but I remember a time where I was basically 100% maxed out. It makes me cringe that I could have ever lived like that.

And that $16,800 of available credit could be so much more. But I’ve made a conscious effort to never apply for store credit, and I’m really pleased with my 2 main credit cards. This year, I got just under $200 back with my Visa card, and I’ve gotten free groceries from the Real Canadian Superstore (PC Financial) at least 3 times. Not bad, just for using their stupid cards, and then paying them off every 2 weeks.

I have been thinking of getting an air miles credit card though, because if I put all my purchases on my credit card anyway, it just makes sense. I’d much rather get airfare paid for, than $150-200 cash back from my Visa card every year. I’ll have to do some research into it. I don’t really want to get a card with an annual fee, but if the air miles rewards are good enough, maybe I should look into it.