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How Many Is Too Many?


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How many credit cards is too many? I don't want to bring my score down by opening up too many credit card accounts. Will opening cc accounts take my score up and/or down (the initial reporting). I understand to keep the balance under 33% of the balance and make sure you pay all fees on time..etc.

Thanks.

You should only have what you need. I dont carry any balances.

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How many credit cards is too many? I don't want to bring my score down by opening up too many credit card accounts. Will opening cc accounts take my score up and/or down (the initial reporting). I understand to keep the balance under 33% of the balance and make sure you pay all fees on time..etc.

Thanks.

I hang out on another credit board (where many folks have really good credit). Ever so often they will show off to eachother by listing thier credit accounts. There are many, many over there with 15-20 credit cards and total combined credit limits in the $100,000+++ range. :shock: They don't use them, but they like to have the open credit lines so that they keep utilization low. They have scores in the mid 700s. I think its all in how you use what you've got.

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Ok, I am doing a great job now of handling my credit but I must admit... if I had a 100 grand of open credit, I might be tempted to go on a around-the-world tour and blow it all. Then, come home and file bk. just kidding..... :lol:

I'm smart enough to know that I would be irresponsible with that much credit! :oops: I'm thinking there is a guy over at CB that has like $250,000 available credit limit and keeps about a $10,000 total revolving debt. He just keeps a sock drawer full. When asked why he replies "because I can". I think it must be pretty cool to have credit that good. I'd be scared of myself if I had the potential to get in that much trouble! :shock:

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All joking aside, I don't even like having more than one or two cards myself. It is too much trouble having to worry that I haven't forgotten a payment is due or if I am close to a limit or whatever. I have a couple of store cards and a couple of CCs simply because I am working on building up a solid history for a house and car purchase ina few months. Once I get those, I am going to close out several of the accounts.

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They have scores in the mid 700s

It sounds like having 15 or 20 credit cards is neither hurting nor helping them. I have just 1 at present, and my scores are in the low to mid 700's as well. Well, our Ashley Furniture account probably counts as revolving debt (will be paid in closed by July), and I have a couple department store cards (including Lowe's), but that's really all I've needed to maintain good credit now.

I would be really surprised, if any of them ever apply for a new home loan, the lender doesn't frown on having that many open revolving charge accounts. Even with no balances, I think they would look suspiciously on it.

And I read here once, maybe in a link to a Fair Isaac disclosure of some kind, that the best points come from having 2 to 4 credit cards, with 3 being optimal. I know I read that here - was months ago, though.

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I had a friend that had to close some of his credit cards before buying a home, they said he had to much potential credit, and they were afraid that he would run his CC's up after he bought the house.. So sometimes to much available is not a good thing..

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Yep, that sounds right. Home loans are really interesting. They don't *just* go by your credit score. They dig into everything. That can be a blessing or a curse. On the one hand, you have the opportunity to explain late pays, dispute credit report information, etc, and they actually listen to you and work with you on it -- when you get a CC or an auto loan or whatever, it's pretty much by the numbers (you have no opportunity to discuss any of it, usually). But it can be a curse, because if you do have spotless history, that might not be enough if you also carry too many credit open cards, have problems with your checking account, etc.

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I purchased my home in June 2003 without any problem. They do ask you about credit cards and/or any other open accounts you have on your CC. My debt at the time of purchase was little or nothing (with the exception of a car note). Although I have 5 CC's now and with more on the way, there is no way I plan on using all of them. I was hoping they would inch my score up ever so close to 700 though (14 points away). I may use 2-3 at the max and place the others in safe place.

Its fun apply for CC's now especially with the possibility you can erase the inquiry with Equifax with ease. I just love to see the message, "You have been approved for $xxxx.xx" displayed on my computer screen. All this hard work is paying off, but trust me, my lesson was learned from past experiences. The only thing left for me to do is to get DW to stop charging (lol).

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