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I currently have 8 CCs opened in my name.
1. How many CCs is too many?
2. Will having more than 10 CCs consider to be too many cards in the eyes of lenders?
I know UTIL % plays a huge role but at what point will the lenders say...hey, this guy/gal have way too many CCs and they are reluctant to extend more credit to that person. I've read that some ppl have 4 while others have 20. I am just curious to know if there are some backlashes to having "too many revolving accounts".
Please advise base on your experience.........
@tntexans72 wrote:I currently have 8 CCs opened in my name.
1. How many CCs is too many?
2. Will having more than 10 CCs consider to be too many cards in the eyes of lenders?
I know UTIL % plays a huge role but at what point will the lenders say...hey, this guy/gal have way too many CCs and they are reluctant to extend more credit to that person. I've read that some ppl have 4 while others have 20. I am just curious to know if there are some backlashes to having "too many revolving accounts".
Please advise base on your experience.........
I have 11 and am curious to hear as well. I don't carry balances but know in 3 or so years I may be buying a new home... curious to know whether the # of accounts is an issue, if they all have zero balances and perfect payment history.
I can't directly answer your question, but BoA just denied me a CLI because "too many open revolving accounts"
I have 14 revolving accounts
I have 11 cards. It's all about being able to manage them. I always put myself in a position to be able to cancel a card.
@tntexans72 wrote:I currently have 8 CCs opened in my name.
1. How many CCs is too many?
2. Will having more than 10 CCs consider to be too many cards in the eyes of lenders?
I know UTIL % plays a huge role but at what point will the lenders say...hey, this guy/gal have way too many CCs and they are reluctant to extend more credit to that person. I've read that some ppl have 4 while others have 20. I am just curious to know if there are some backlashes to having "too many revolving accounts".
Please advise base on your experience.........
I'm afraid this is one more YMMV.
I've also had 8 cards for many years but (so far) have never been penalized for having that number. Now I have been dinged for having "too many revolving accounts with balances" at any one time so that is something to consider.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Reason why I asked was.......
My AAoA is 6.9yrs
Oldest account 22.3yrs
UTIL is currently 25%
Clean report
Asked for a CLI from Chase and declined.
Reason???? "too many revolving accounts opened"
I have over 20 revolving and I still get approved when I app for new cards, I havent apped in a bit since I have high util right now (almost 50%) but I think chase just didnt want to give one and thats the only excuse they could come up with.
Added a bunch more in the last three months closed a few. Up to 33 now and there does not seem to be any real barrier at this point. I have not been denied for any cards in a number of years. I do keep utilization near or at zero all the time.
The only bank I have found to be skittish is BoA which has closed my only card with them three times in the last two years. Ultimately this has been to my benefit as I keep apping for the Royal Caribbean card and get the points bonus for a new app each time. Interesting that they close the account but then when I app, they give it to me again. Each time I get the bonus and then cash in the points. Last time I apped I got the card, put one transaction for $4.91 on the card, used the 10,000 points for a $50 credit with Royal Caribbean and then they closed the card the next month.
Question: "How many CCs is too many?"
Answer: "At least 2 more..."
@DI wrote:I have 11 cards. It's all about being able to manage them. I always put myself in a position to be able to cancel a card.
+1
One can be too many if you can't manage the account. Too many revolving trade lines is a negative reason that I see on my TU with double digit revolving trade lines, but it doesn't seem to have too much of a negative effect since I have a 793 TU Fico score.