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Established Contributor
Posts: 574
Registered: ‎06-04-2012
0

Re: Does having alot of credit cards help your credit profile

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????

 

~kn

 


EQ: 700 (FICO ScoreWatch) 11/26/14
EX: ??? (No Current)
TU: 681 (Discover FICO) 11/12/14

Last App 9/22/14... In Garden 'till Summer '15
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Does having alot of credit cards help your credit profile

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.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
Posts: 1,507
Registered: ‎07-24-2011
0

Re: Does having alot of credit cards help your credit profile


MovingForward_2012 wrote:
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.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Valued Contributor
Posts: 1,922
Registered: ‎06-21-2012
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Re: Does having alot of credit cards help your credit profile

yeah, i just checked out the other threads posted by the OP. They are all ridiculous.

| Walmart $5k | Amazon $5k | NFCU $20k | NLOC $15k | Lowes $17k | BoA $15k | Freedom $3k | IT $5.25k | CSP $5k | Marriott $5k | AMEX TE $18k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:714 TU:711
Goal Scores: 700
across the board
Frequent Contributor
Posts: 378
Registered: ‎03-31-2012
0

Re: Does having alot of credit cards help your credit profile

[ Edited ]

creditwatcher2012 wrote:

 

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

 

 

 

 

 

Credit Cards

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. 

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Does having alot of credit cards help your credit profile

Yep totally ridiculous! They are. But you're right this advice will help someone else that is too bashful to post. When I saw the mortgage post, I knew something was up then.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Frequent Contributor
Posts: 387
Registered: ‎12-10-2012
0

Re: Does having alot of credit cards help your credit profile

Another nice troll post OP. Well played.
NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k
Established Contributor
Posts: 505
Registered: ‎11-05-2012
0

Re: Does having alot of credit cards help your credit profile

what is wrong with this guy? complete Maxed out. why they need to post stupid thing like this

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Does having alot of credit cards help your credit profile

Thread is locked and under Moderator review.

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