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When apping for a new credit card, are credit cards with a zero balance included in the debt-to-income considration? Can having too many cards affect approval, even if the balance is zero?
Yes and Yes.
People have been denied in the past for having too many new credit lines or for being spread too thin in terms of having too much available credit with respect to their income.
@Anonymous wrote:When apping for a new credit card, are credit cards with a zero balance included in the debt-to-income considration?
No, it is not part of the debt-to-income ratio.
Can having too many cards affect approval, even if the balance is zero?
In my personal experience only credit unions have ever indicated that to me
as a reason for not approving an application.
Some banks and credit unions will deny credit if there have been, in their judgment, too
many new accounts opened.
@SouthJamaica wrote:
@Anonymous wrote:When apping for a new credit card, are credit cards with a zero balance included in the debt-to-income considration?
No, it is not part of the debt-to-income ratio.
Can having too many cards affect approval, even if the balance is zero?
In my personal experience only credit unions have ever indicated that to me
as a reason for not approving an application.
Some banks and credit unions will deny credit if there have been, in their judgment, too
many new accounts opened.
This is my experience as well. I've never been turned down for credit by a major bank for having too much credit. The only major bank to deny me was Wells Fargo. That was for too many new accounts. Credit unions are much more conservative as a whole IME.