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No, FICO does not penalize you for having a lot of available credit. Some lenders may deny you new credit for this reason, however, and some mortgage lenders in particular may require that you lower the limits on cards or close them altogether as a condition of getting a loan. This only applies if you have a WHOLE lot of available credit.
tianapb725 wrote:
Does FICO penalize you for having too much available credit? I have high credit limits on a few of my cards with low utilization. I use less than 10% on all of my cards.
My balance and credit limits are as follows:
Amex: $1300/$10000
Citicard: $500/$8000 (PIF Every month)
Chase: $0/$4000
Discover $140/$3100 (PIF every month)
Best Buy: $1100/$4000 (I financed a laptop for my sister)
Home Depot: $0/$2400
NY&Co: $0/$610
Juniper: $0/$3000