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Frequent Contributor
Posts: 283
Registered: ‎12-16-2011
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Banker says I have too many credit cards

I recently applied to my bank for a recreational vehicle loan and it was approved. They had previously financed a RV for me which I have since sold and the terms were 6.2% And now the banker says they will approve me at 7.2%. My score has improved from the first loan to now by at least 25 points. I couldn't figure out why they would charge me a higher rate until I talked to the main guy at the bank and he told me that I now have too many credit cards so I am now more of a risk. I have 7 cards with $32800 available credit but keep my usage at 2% on 1 card. Does any of this make sense?

Equifax FICO 781, Transunion FICO 821, Experian FICO 807,

810 goal on all three by 3-1-2015
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Posts: 27,207
Registered: ‎09-13-2012
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Re: Banker says I have too many credit cards

Established Contributor
Posts: 662
Registered: ‎02-20-2013
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Re: Banker says I have too many credit cards

take your business elsewhere. there's plenty of credit unions out there who will finance rec vehicles for much better rates. a "real" manual review of your credit for a vehicle would take note of your payment and balance histories and realize you're really not a higher risk.


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Frequent Contributor
Posts: 283
Registered: ‎12-16-2011
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Re: Banker says I have too many credit cards

My dti is 29%.

Equifax FICO 781, Transunion FICO 821, Experian FICO 807,

810 goal on all three by 3-1-2015
Established Contributor
Posts: 662
Registered: ‎02-20-2013
0

Re: Banker says I have too many credit cards

yea your banker is nuts. take your business elsewhere.


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: Banker says I have too many credit cards

To quote Tony Montana:

"You banker is taking you for a loooooong ride mang......."

Smiley Happy



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Established Contributor
Posts: 727
Registered: ‎01-13-2013
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Re: Banker says I have too many credit cards

Some one is trying to score some solid points for comission right there...

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Starting:TU:536 EXP:561 : EQ:552 Current:TU:680 Walmart (2-15-14)EXP:712 FICO!! (12-4-13):EQ:622 (FICO 2-6-14) Uti 27% Goal: 720 By 12-13.
Established Contributor
Posts: 662
Registered: ‎02-20-2013
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Re: Banker says I have too many credit cards

the opinion of your banker is made even worse by the fact that you have an established proven relationship with the bank.


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Frequent Contributor
Posts: 290
Registered: ‎08-29-2011
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Re: Banker says I have too many credit cards

Run dont walk.....
Community Leader
Valued Contributor
Posts: 2,440
Registered: ‎11-29-2012
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Re: Banker says I have too many credit cards

It sounds to me like that "banker" is trying to take advantage of a loyal customer.  


Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
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