If the goal is to have credit available to you when you need it without being denied when you apply, then it's working for me to have many credit lines open because it doesn't hurt my ability to get more credit. (I do have a very low debt to credit ratio though, meaning, I use a very small percent of my available credit as I usually pay in full every month. Every 6 months I'll use each line, a few dollars, to maintain activity on them so the banks do not close them on me for non-use).
I applied for two lines of credit and one credit card within the past week (specifically a line of credit a week ago, a Chase Freedom card two days ago and another line of credit yesterday) and all were approved as recently as today, but before getting to that, these were the accounts I had opened and the creditors saw before approving my three new recent accounts:
16 credit cards opened before applying for Chase Freedom:
AMEX Platinum ($85,000); AMEX Business Platinum ($3,000); Bank of America Visa Signature ($5,000); Barclay's Black Card Stainless Steel Visa card ($10,000); Capital One ($2,000); Citibank MasterCard ($13,000); Diners Club Carte Blanche ($15,000); Discover ($3,000); Capital One Quicksilver (formerly HSBC) $20,000; JCB Card ($3,000); Juniper MasterCard ($5,000); Merrill Lynch Visa Signature ($5,000); US Bank Visa ($3,500); Wells Fargo Visa ($9,000); Credit Union Visa ($7,500); Citi Diamond Preferred ($13,200)
3 lines of credit before applying for Citibank Line of Credit
Wells Fargo Line of Credit: $11,200 (13.75% APR)
Credit Union: $20,000 (15% APR)
US Bank Premier Plus Line of Credit: $5,000 (13% APR)
A week ago, I applied for a US Bank Premier Plus Line of Credit, I was approved (but the first time I applied a month ago I was denied since I needed to have a US Bank Checking Account, but to waive the minimum fee you just need a US Bank Credit card which I have, so I opened the checking account with $25 minimum opening deposit and re-applied and was approved for the US Bank credit line)
A couple of days ago I applied for a Chase Freedom - I was approved
Yesterday I applied for the Citibank Custom Line of Credit over the phone, and today I was approved via telephone; they said they will mail me the signature card I need to sign.
For all of the above three new accounts, I have checking and savings accounts with them to build the relationship, for at least 6 months, though I keep zero or just the minimum since I mainly bank with other banks)
Again, I have close to $250,000 in credit in the form of credit cards and lines of credit. My debt in credit cards is no more than $2,000 but I pay it off every month in full, sometimes I even have a credit on my accounts because I overpay. Since I was 18 years old (that is 22 years ago) when I got my first credit card, I have NEVER BEEN LATE, NEVER MISSED A PAYMENT on any bill for the past 22 years.
So despite all my open credit lines, it doesn't seem to hurt me in getting more credit. But I got all the credit cards and lines of credit I need right now. I am still trying to figure out how to upgrade my AMEX platinum to an AMEX Centurion (Black) Card. I don't spend $250K a year so therein is the problem, unless I start my own business and charge everything to the AMEX. But starting a business is a different issue.
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youdontkillmoney financial stats:
22 years of credit experience without EVER being late or missing a payment.
Experian FICO score: 798
Total 17 credit cards: $210,110:
AMEX Platinum ($85,000 with $450 annual fee plus an extra $175 for up to three additional member cards for $625 total each year); Barclay's Black Card Stainless Steel Visa card ($10,000 with $495 annual fee and the last time I use this card the reaction is "wow, your card is heavy" and I just smile); Diners Club Carte Blanche ($15,000 with $300 annual fee); AMEX Business Platinum ($3,000); Bank of America Visa Signature ($5,000); Capital One ($2,000); Citibank MasterCard ($13,000); Discover ($3,000); Capital One Quicksilver (formerly HSBC) $20,000; JCB Card ($3,000); Juniper MasterCard ($5,000); Merrill Lynch Visa Signature ($5,000); US Bank Visa ($3,500); Wells Fargo Visa ($9,000); Credit Union Visa ($7,500); Chase Freedom Visa ($8,000); Citi Diamond Preferred ($13,200)
Total 4 Lines of Credit: $45,200
Wells Fargo Line of Credit: $11,200 ($25 annual fee with 13.75% APR)
Credit Union: $20,000 ($0 annual fee with 15% APR)
US Bank Premier Plus Line of Credit: $5,000 ($0 annual fee with 13% APR)
Citibank Custom Line of Credit: $9,000 ($50 annual fee waived first year, and if used once a year, annual fee waived with 12.99% APR)
Starting Score: Experian 514 Equifax 510 TransUnion 510
But I'd only do that if they waive the annual fee for military like they did for my platinum #longshot
