Credit Tips: Can a Person Have Too Many Credit Cards?

Written by carnold
Posted On: June 1, 2006

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?

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

Credit Tips: Can a Person Have Too Many Credit Cards?

Written by carnold
Posted On:

Author: bullet875
Posted: Thu Apr 20, 2006 11:18 pm
Post subject: Is there such a thing as too many credit cards?

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?

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: Can a Person Have Too Many Credit Cards?

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.