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Established Contributor
S7
Posts: 568
Registered: ‎08-24-2012
0

Can someone have too much credit?

Just a curious question! Is it possible?!  :smileyhappy:

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Can someone have too much credit?


S7 wrote:

Just a curious question! Is it possible?!  :smileyhappy:


Yes. It all depends on your annual income compared to your cuurent CL's. Some lenders will decline for too much available credit.

 




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
S7
Posts: 568
Registered: ‎08-24-2012
0

Re: Can someone have too much credit?

So if your available credit is way more than your annual income, they see that as a red flag? (hope im not making this more complicated than it is, lol)

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Regular Contributor
omskillet
Posts: 118
Registered: ‎01-04-2012
0

Re: Can someone have too much credit?


S7 wrote:

So if your available credit is way more than your annual income, they see that as a red flag? (hope im not making this more complicated than it is, lol)


Definitely. It will spook a creditor into thinking that if you get into trouble and charge a significant amount you wont have the income to pay it off in an appropriate time. 

Established Contributor
S7
Posts: 568
Registered: ‎08-24-2012
0

Re: Can someone have too much credit?

Makes perfect sense.  :smileyhappy: Thanks!  (no worries here, my highest CL is $1,200.00 LOL!

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Can someone have too much credit?


omskillet wrote:

S7 wrote:

So if your available credit is way more than your annual income, they see that as a red flag? (hope im not making this more complicated than it is, lol)


Definitely. It will spook a creditor into thinking that if you get into trouble and charge a significant amount you wont have the income to pay it off in an appropriate time. 


Or it will look like your apping for cards just for the sign up bonuses which creditors frown on

 




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
Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
0

Re: Can someone have too much credit?

I think it depends on your personal preferences as well as a lender's preference!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Regular Contributor
Bay_Area_Joe
Posts: 244
Registered: ‎10-05-2012
0

Re: Can someone have too much credit?

It is possible to have too much credit.  I think I have too much credit right now.

 

But, it is all about how your file is and the stats.

 

There is a person widely known on another forum that is a master at Credit.  He has 66 tradelines with an amazing over 1 milliion of credit lines.

 

He credit score is still in the low 800's, and has reached as high as 840.  From what I can tell he is not super rich either. 

 

It is all about the game, the score, the limits, the AAoA.

 

I am sure when I go for a home loan next year the loan officers will tell me I have too much credit and that I will need to close some lines.

 

To date I have never been declined for credit because I have too much credit.  Usually denied for too many inq's or too many recent accounts.

 

But I am gardening now to let everything age.

$ 197,650 IN TOTAL CREDIT LINES.
MyFICO EQ 777 on 9/3/13 , MyFICO TU 787 on 9/3/13, MyFico EX Score 771 on 8/27/13
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Discover More 16.25k, Chase Southwest Visa 3.5k, Wells Fargo LOC 10k,
B of A Visa 20k, Wells Plat Visa 6.7k RC Willey 5k Discover IT 4k AMEX TE 2k

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