Can a Person Have Too Many Credit Cards?
Author: bullet875
Posted: Thu Apr 20, 2006 11:18 pm Post subject: Is there such a thing as too many credit cards?
I think at this point I have 20 cards including 3 store cards. I have every card that I woud want right now, but in the future, when our Lowe's sotre opens I'd like to get a Lowe's project card.
I have about 2% utilization total on the 20 cards (spread out amonst 4-5 cards). Most of these cards will be filed away for use maybe once a year as they are very specialized (hotel card, reward card for car rental, etc).
Will having this many cards stop me from getting one more? Or will it show that I am financially responsible?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Fri Apr 21, 2006 12:44 am
Post subject: Re: Is there such a thing as too many credit cards?
Quote:
"bullet875"] I think at this point I have 20 cards including 3 store cards. I have every card that I woud want right now, but in the future, when our Lowe's sotre opens I'd like to get a Lowe's project card.
I have about 2% utilization total on the 20 cards (spread out amonst 4-5 cards). Most of these cards will be filed away for use maybe once a year as they are very specialized (hotel card, reward card for car rental, etc).
Will having this many cards stop me from getting one more? Or will it show that I am financially responsible?
You may get "EXCESSIVE AVAILABLE CREDIT LIMITS" for a denial reason
I just move on to another company that wants my business
It has been YEARS since I had that FEW
But I am in the process working on having less cards with higher credit limits
Author: TomfromCT
Posted: Fri Apr 21, 2006 4:58 am
Post subject:
Bull,
How many is too many is a great question.
First...How long is your credit history?
If its 10 years you have too many.
If its 20-25 yrs, you're probably OK.
Be prepared for the too much credit avaliable rejection that squeak mentions.
You utilization is good UNLESS that % represents a large dollar amoount that is too high compared to your aassets/income.
Personally, I do not think i would want to manage 20 cards.
Author: mouse
Posted: Fri Apr 21, 2006 7:01 am
Post subject: Can a Person Have Too Many Credit Cards?
Quote:
"TomfromCT"
Bull,
How many is too many is a great question.
First...How long is your credit history?
If its 10 years you have too many.
If its 20-25 yrs, you're probably OK.
Be prepared for the too much credit avaliable rejection that squeak mentions.
You utilization is good UNLESS that % represents a large dollar amoount that is too high compared to your aassets/income.
Personally, I do not think i would want to manage 20 cards.
CTtom Out
You don't use all 20 at one time
I use 2 or 3 primary cards
You can keep some cards for BT's
You can use a card for $5 or $10 for the lawnmower gas can to keep it active
The available credit limits always help with TOTAL DEBT to TOTAL CREDIT LIMIT RATIO
Author: mouse
Posted: Fri Apr 21, 2006 7:03 am
Post subject: Can a Person Have Too Many Credit Cards?
I am working on LESS CARDS with HIGHER CREDIT LIMITS
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Thu Apr 20, 2006 11:18 pm Post subject: Is there such a thing as too many credit cards?
I think at this point I have 20 cards including 3 store cards. I have every card that I woud want right now, but in the future, when our Lowe's sotre opens I'd like to get a Lowe's project card.
I have about 2% utilization total on the 20 cards (spread out amonst 4-5 cards). Most of these cards will be filed away for use maybe once a year as they are very specialized (hotel card, reward card for car rental, etc).
Will having this many cards stop me from getting one more? Or will it show that I am financially responsible?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Fri Apr 21, 2006 12:44 am
Post subject: Re: Is there such a thing as too many credit cards?
Quote:
"bullet875"] I think at this point I have 20 cards including 3 store cards. I have every card that I woud want right now, but in the future, when our Lowe's sotre opens I'd like to get a Lowe's project card.
I have about 2% utilization total on the 20 cards (spread out amonst 4-5 cards). Most of these cards will be filed away for use maybe once a year as they are very specialized (hotel card, reward card for car rental, etc).
Will having this many cards stop me from getting one more? Or will it show that I am financially responsible?
You may get "EXCESSIVE AVAILABLE CREDIT LIMITS" for a denial reason
I just move on to another company that wants my business
It has been YEARS since I had that FEW
But I am in the process working on having less cards with higher credit limits
Author: TomfromCT
Posted: Fri Apr 21, 2006 4:58 am
Post subject:
Bull,
How many is too many is a great question.
First...How long is your credit history?
If its 10 years you have too many.
If its 20-25 yrs, you're probably OK.
Be prepared for the too much credit avaliable rejection that squeak mentions.
You utilization is good UNLESS that % represents a large dollar amoount that is too high compared to your aassets/income.
Personally, I do not think i would want to manage 20 cards.
Author: mouse
Posted: Fri Apr 21, 2006 7:01 am
Post subject: Can a Person Have Too Many Credit Cards?
Quote:
"TomfromCT"
Bull,
How many is too many is a great question.
First...How long is your credit history?
If its 10 years you have too many.
If its 20-25 yrs, you're probably OK.
Be prepared for the too much credit avaliable rejection that squeak mentions.
You utilization is good UNLESS that % represents a large dollar amoount that is too high compared to your aassets/income.
Personally, I do not think i would want to manage 20 cards.
CTtom Out
You don't use all 20 at one time
I use 2 or 3 primary cards
You can keep some cards for BT's
You can use a card for $5 or $10 for the lawnmower gas can to keep it active
The available credit limits always help with TOTAL DEBT to TOTAL CREDIT LIMIT RATIO
Author: mouse
Posted: Fri Apr 21, 2006 7:03 am
Post subject: Can a Person Have Too Many Credit Cards?
I am working on LESS CARDS with HIGHER CREDIT LIMITS
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 11:18 PM
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