12-30-2012 11:46 AM
Not a single response from OP after all the good advice. OP's been a member since June. If he's read more than ten posts he would already have this knowledge. I'm thinking troll post????
12-30-2012 12:39 PM
12-30-2012 01:00 PM
I think this person is a troll. They posted stupid stuff both in the auto and mortgage loans thread. In the auto loan thread OP said he tried to purchase a 52K Infiniti JX with 10K down but dealers pulled a 580 and was denied 3 times. OP said he had 75 inquiries with 21 late payments to his auto loan. Today OP posted in the mortgage forum saying he was planning on getting a mortgage for a 500-600K home plus a 52K car on a 90K salary.
Something doesn't add up with this guy. If this guy is seriously doing all of this stuff, he is heading for bankruptcy.
Damn!! A troll for sure then. Well at least there is enough advice here to help out someone who may be in a similar situation so all is not lost.
12-30-2012 01:01 PM
yeah, i just checked out the other threads posted by the OP. They are all ridiculous.
12-30-2012 01:03 PM - edited 12-30-2012 01:06 PM
So below are my credit cards, and I got a pre qualified letter for first premier 700cl and I applied and was approved. In your opinion should I of applied for that card or not... btw it has alot of fees
Chase Freedom 4k/4k
Chase BP 1700/1650
barclay apple financing 1k/950
Merrick Bank 1k/1k
Capital One No Hassle Rewards 500/500
Capital One Platinum 500/500
Credit One Bank 300/200
Target Red Card 200/0
Orchard Bank 400/400
Installment Loan 5k/ 205.00 a month
This may be harsh, but I wish someone was harsh with me when I was in this situation.
You are heading for financial disaster. You have a UTL rate of 102%. The last thing on your mind should be new credit. Of any kind. No mortgage, no car loans, nothing. You are either living above you means, and will either end in foreclosure, or bankruptcy if you make a major purchase, or you have the income to support this debt you are irresponsible. If you can not manage your credit cards, then you are not ready to manage a major expense like a mortgage.
STOP STOP STOP, and get this worked out. All cards need to be paid off immediately. If you can not pay them off this is a clear indication that no more credit is the correct path.
Now to answer your subject's question.
No - The number of credit cards do not effect your credit. The amount of open credit to the amount of credit card debt is a major portion of your credit file (30%) Each time you apply for a new card is does lower your credit due to the inquiry, and the reduction of your average age of account.
***edit for mistakes.
12-30-2012 01:03 PM
12-30-2012 01:22 PM
12-30-2012 04:56 PM
what is wrong with this guy? complete Maxed out. why they need to post stupid thing like this
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.