BTO429 Posted April 16, 2008 Report Share Posted April 16, 2008 When is having too much credit on hand become a bad thing as far as credit score and getting loans?I know depends on how you use it.Just trying to get everyones opinion Link to comment Share on other sites More sharing options...
jq26 Posted April 17, 2008 Report Share Posted April 17, 2008 Depends what kind and if you carry balances. Any number someone puts out there would be nothing short of a guess. Generally, my experience is more credit is better. Link to comment Share on other sites More sharing options...
Moneedshelp Posted April 17, 2008 Report Share Posted April 17, 2008 I have heard that it can sometimes have a negative impact when you are trying to secure a large loan like mortgage. Link to comment Share on other sites More sharing options...
jq26 Posted April 17, 2008 Report Share Posted April 17, 2008 When is having too much credit on hand become a bad thing as far as credit score and getting loans?Let me put it this way. Wife is 30yrs old, makes a decent living but nothing huge (school teacher), has $60,000 in available credit card cards, a decent size mortgage with a large remaining balance, and maybe $15k in remaining student loans. Her scores are all 800+. Link to comment Share on other sites More sharing options...
Houdino Posted April 17, 2008 Report Share Posted April 17, 2008 Let me put it this way. Wife is 30yrs old, makes a decent living but nothing huge (school teacher), has $60,000 in available credit card cards, a decent size mortgage with a large remaining balance, and maybe $15k in remaining student loans. Her scores are all 800+.Any chance of her adding me as an AU to her best three cards? It would really boost my score!!! I've heard (like we all have) that it CAN be a negative if you have too much available credit on CCs because a lender may believe that you COULD go out on a rampage and charge yourself into trouble, but I have never heard of anyone being told to reduce their available credit lines to get their score up. But if you’re applying for a Mortgage it may be a different story. Link to comment Share on other sites More sharing options...
whocares Posted April 17, 2008 Report Share Posted April 17, 2008 I have too much credit....It's more than I can manage, keeping track of payments...last month I paid 125.00 on a card with a 0 balance...DUH!!! so now I have a -125.00 balance and they are not paying me interest...I have more credit than I realistically need. I would be in trouble if all my cards were maxed...I have more credit than I plan to use, come on 5100.00 CL from a jewelry store...I plan on closing alot of cards in the next few months...myfico report says I have too many new accounts this year...I have 14 new accounts. This has had an effect on my score...not to mention all the inquires from the new credit. Link to comment Share on other sites More sharing options...
Houdino Posted April 17, 2008 Report Share Posted April 17, 2008 ...last month I paid 125.00 on a card with a 0 balance...DUH!!! so now I have a -125.00 balance and they are not paying me interest...LOL! I've done that too!Now I just let the old lady (OOPS! I mean "DW") handle the bills... Link to comment Share on other sites More sharing options...
isislc Posted April 17, 2008 Report Share Posted April 17, 2008 I don't know about that. With all the cards I have I can manage them easily but it requires me bringing up my Excel spreadsheet to make sure that I have everything straight as to when it is due, how much, and when they report. Link to comment Share on other sites More sharing options...
Houdino Posted April 17, 2008 Report Share Posted April 17, 2008 Gees, is! With all that, how do you find time to post? Link to comment Share on other sites More sharing options...
jasen Posted April 17, 2008 Report Share Posted April 17, 2008 Quicken shall set you free. Link to comment Share on other sites More sharing options...
isislc Posted April 17, 2008 Report Share Posted April 17, 2008 Hee hee, It doesn't take long. Got all my Excel cells formatted with equations so I just need to change 1 number and it does all the work for me. See, plenty of time to post!! Link to comment Share on other sites More sharing options...
BTO429 Posted April 17, 2008 Author Report Share Posted April 17, 2008 my credit score is so bad right now all I can get is a First Premier card with 200 dollar cl.My problem is lack of use.I haven't used my credit much. Never had a mortgage, Have a car loan, and one cc with 200 dollar cl. Link to comment Share on other sites More sharing options...
jq26 Posted April 17, 2008 Report Share Posted April 17, 2008 My problem is lack of use.Perfect candidate for a secured loan at a credit union. FICO likes a mix of credit. You are getting slammed for not having installment accounts. But then again, if you don't USE credit, then why care about your credit score? Link to comment Share on other sites More sharing options...
Moneedshelp Posted April 17, 2008 Report Share Posted April 17, 2008 I think it is always good to have some available credit for emergencies, and I mean true emergencies. This in addition to savings Link to comment Share on other sites More sharing options...
Magdalen77 Posted April 17, 2008 Report Share Posted April 17, 2008 I don't know about that. With all the cards I have I can manage them easily but it requires me bringing up my Excel spreadsheet to make sure that I have everything straight as to when it is due, how much, and when they report.I have like 12-14 new accounts, but only 7 of them have balances. I pay 4 on the first paycheck o' the month and 3 on the second. If any balance is getting too high I throw some extra $$ at it in between. Like I think I paid Chase three times last month and Cap One twice. Link to comment Share on other sites More sharing options...
lovebug5 Posted April 17, 2008 Report Share Posted April 17, 2008 At first, multiple open TL's on my CR's were beneficial to me. Now, they don't really seem to be having a huge impact - but we shall see. I've currently got $21,400 in available credit with under $1,000 being used...So that's what, 4.67% utilization?But back to the debate...I, personally, believe that "too much credit" for someone attempting to repair their credit is defined by incredibly high utilization and an inability to pay more than the minimum payment due each month. Obviously, that's not going to help your scores any. *shrug* Link to comment Share on other sites More sharing options...
BTO429 Posted April 17, 2008 Author Report Share Posted April 17, 2008 I am trying to get a va mortgage loan and need a score boost. I make enough money on my retired pay to afford a real nice home. But I need to get something to happen with my scores and I don't know how to increase them. Link to comment Share on other sites More sharing options...
Fizzle1979 Posted April 17, 2008 Report Share Posted April 17, 2008 I have too much credit....It's more than I can manage, keeping track of payments...last month I paid 125.00 on a card with a 0 balance...DUH!!! so now I have a -125.00 balance and they are not paying me interest...Just go buy a gift card on your credit card at wal mart or a place you shop at often. I usually do my cash rewards this way. Link to comment Share on other sites More sharing options...
Fizzle1979 Posted April 17, 2008 Report Share Posted April 17, 2008 I think the more cards you have, the more monthly payments you will have. So having ten cards means keeping track of ten monthly payments on top of your other bills. Some people can do this with no problem, then others have trouble keeping up with their regular monthly bills. It varies by the person. Link to comment Share on other sites More sharing options...
CleverCynic Posted April 17, 2008 Report Share Posted April 17, 2008 It's insane... I'm in all of my accounts nearly every day...shaping, pruning balances like I'm making a friggin credit bonzai tree or something. Link to comment Share on other sites More sharing options...
Fizzle1979 Posted April 17, 2008 Report Share Posted April 17, 2008 It's insane... I'm in all of my accounts nearly every day...shaping, pruning balances like I'm making a friggin credit bonzai tree or something.I too admit to logging into the eight card cards and one auto loan account I have everyday. *SIGH* I need a life...or a job that requires me to work. Link to comment Share on other sites More sharing options...
CleverCynic Posted April 17, 2008 Report Share Posted April 17, 2008 Yeah well I got up early today supposed to be studying all day for a major Renal exam tomorrow am... guess how much I've studied...dangit... gotta get to it. BAN ME! Link to comment Share on other sites More sharing options...
Magdalen77 Posted April 17, 2008 Report Share Posted April 17, 2008 I too admit to logging into the eight card cards and one auto loan account I have everyday. *SIGH* I need a life...or a job that requires me to work.Okay, well, I have you all beat. In addition to the 7 credit accounts that I'm looking at almost everyday (if I haven't used the card or made a payment, I don't bother). I have Sharebuilder and Firstrade (brokerage) accounts that I look at multiple times/day. I also have mutual fund accounts with T Rowe Price (regular) and Fidelity (IRA) that I check each day. In addition to all that I have accounts with let's just say several credit unions. Only three of those have serious money in them so I end up checking them several times per week. Oh, and I have a ING account that I like to look at every day to see how much interest I earned.My DF says, "What has happened to my baby? You're all about the money now." But he's happy when I tell him about the savings mounting up. Link to comment Share on other sites More sharing options...
CleverCynic Posted April 17, 2008 Report Share Posted April 17, 2008 Yep, you win... I fold. money money money munnnny.... MONAY! Link to comment Share on other sites More sharing options...
Magdalen77 Posted April 17, 2008 Report Share Posted April 17, 2008 Yep, you win... I fold. money money money munnnny.... MONAY!I feel like I have to keep an eye on everything because I have so many balls in the air. I don't want to miss any payments and I also don't want to miss any chance of saving up a little mo' money. The savings are ulitmately (except for the IRA accounts) for a house down payment. Link to comment Share on other sites More sharing options...
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