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Is there such a thing as too many CCs?


GreenDragonLady
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The last post in this topic was posted 1101 days ago. 

 

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The major banks (Citi, Chase, BA, et al) are more focussed on your outstanding debt, not our available revolving credit.

 

However, local banks and credit unions may balk at extensive credit lines.  (I was denied by a credit union until it merged into a modestly larger one that didn't blink when I reapplied.)

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27 minutes ago, GreenDragonLady said:

Obviously if you have 20 cards and they're all charged to the hilt, that's bad.  But if you have XX cards and you charge and pay off (leaving a little here and there) is there a max that lenders don't like to see you go over?

 

Or does it depend?

Honestly, it likely depends on the individual situation. 

 

Everyone seems to have a slightly different answer for this question. The old op-ed advice given in Sunday papers and radio shows is always something like The ideal number of cards is two. Not to be confused between how many the average American has.. this is between three and four. Store cards that report to credit reports, loans, and actual CCs can mix things up on a credit file such that the number of cards may be unimportant. There is also age of credit to consider. There will always be an ornery lender that may say Available credit not fully utilized or some such nonsense reason in denying credit; however, smart advice tends to favor that the higher one's credit score, the more CCs that person likely has. 

 

If you are asking an actual number of cards, I do not know. I feel there is no one universal number answer on that question.

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15 minutes ago, hegemony said:

no.

 

while I am culling this year, even when I'm done I'll have 7 figure total limits, >20 cards, and a smile on my face.

Ok..I'm not sure I'll ever get THERE, but thanks for the input!

I was just curious because I think I sort of went overboard on apps this week.  I got a Discover, Chase, Amex, Barclay, and a Wayfair

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29 minutes ago, GreenDragonLady said:

Ok..I'm not sure I'll ever get THERE, but thanks for the input!

I was just curious because I think I sort of went overboard on apps this week.  I got a Discover, Chase, Amex, Barclay, and a Wayfair

That would be a matter of inquiries. 

 

While inquiries generally do not matter, and you should generally not dispute them, there will always be a creditor or two (I believe it is Discover?) that will deny an application for too many recent credit inquiries or some similar thing.

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15 minutes ago, Lander said:

That would be a matter of inquiries. 

 

While inquiries generally do not matter, and you should generally not dispute them, there will always be a creditor or two (I believe it is Discover?) that will deny an application for too many recent credit inquiries or some similar thing.

But all those inquiries are now open CLs.  So now I have a total of 8.

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1 hour ago, hegemony said:

inquires don't matter.

 

congrats on the approvals!!!

+1

To a first approximation, inquiries don't matter.

To a second approximation, inquiries don't matter.

To a third approximation, inquiries are just about the last thing you need to worry about. And they matter even less after 6 months. It's new accounts that matter.

 

There is no such thing as too many accounts - in general, the more the better. But too many new accounts (usually <24 months) can preclude approval by some issuers.

 

Great choice of cards too!! Well, except for Wayfair... don't ever close it, but PLEASE no more Comenity store cards....

 

Don't forget to hit Amex for your 3x CLI at 61 days!

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1 hour ago, Occam said:

+1

To a first approximation, inquiries don't matter.

To a second approximation, inquiries don't matter.

To a third approximation, inquiries are just about the last thing you need to worry about. And they matter even less after 6 months. It's new accounts that matter.

 

There is no such thing as too many accounts - in general, the more the better. But too many new accounts (usually <24 months) can preclude approval by some issuers.

 

Great choice of cards too!! Well, except for Wayfair... don't ever close it, but PLEASE no more Comenity store cards....

 

Don't forget to hit Amex for your 3x CLI at 61 days!

We get a lot of furniture from there.  Yeah, Comenity sucks in general.  They are our biggest competitor in my industry and we are WAY better.   :D

 

And thanks!

 

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3 hours ago, GreenDragonLady said:

Thanks!

Very welcome. :)

 

You're a tough cookie. Some of the more post-y members were giving you The Third Degree in the other thread, about Discover Fico 8 and if it is a FAKO (fake score, not consistent with reality and coming from Dimension X) or a FICO (Fair Isaac Corporation, they are to credit and lending models what Microsoft and Intel are to the personal computer world. upwards of 85% of lending decisions are based on their super secret proprietary model that has as of yet not been badge-engineered) and you did very well. 

 

Maybe you are The CB Pinball. :rofl:

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51 minutes ago, Lander said:

Very welcome. :)

 

You're a tough cookie. Some of the more post-y members were giving you The Third Degree in the other thread, about Discover Fico 8 and if it is a FAKO (fake score, not consistent with reality and coming from Dimension X) or a FICO (Fair Isaac Corporation, they are to credit and lending models what Microsoft and Intel are to the personal computer world. upwards of 85% of lending decisions are based on their super secret proprietary model that has as of yet not been badge-engineered) and you did very well. 

 

Maybe you are The CB Pinball. :rofl:

I spent years on a board that my husband described as an online locker room.  I developed a very thick skin.  And an insight into the male psyche.  And a vocabulary of new and interesting words.

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I am retired and do not spend that much anymore. I currently have 9 open CC's around 250K available. I know I am not liable for charges that aren't mine if someone were to get hold of my info but I am getting to the age that I don't want to be bothered making sure I use each card enough to keep them all open. Thinking of closing my 2 newest cards in the next few years. 

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To answer your question: Yes, if you apply for too many at once or feel you can't handle the accounts responsibly.

Otherwise no. With an extensive and old credit history having a bunch of cards that you use and immediately pay off shouldn't hurt you. Buying a pencil and then immediately paying it off is enough to reset the inactivity clock.

Off hand, I don't know how many active accounts I have. I would need to go home and count them. It is a lot.

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On 1/5/2019 at 4:57 PM, GreenDragonLady said:

I spent years on a board that my husband described as an online locker room.  I developed a very thick skin.  And an insight into the male psyche.  And a vocabulary of new and interesting words.

 

You sound like a veteran of Pud Kaplan's board.

 

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