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Such a thing as too much credit?

Frequent Contributor

Such a thing as too much credit?

I'm planning to apply for my goal card - Schwab Invest First - at the beginning of May. I've set up my credit cards to report a 1% balance on my AMEX and 0 balance on all other cards to optimize my score. I also have 6 month CLI on my 2 USBank cards that I could use for an added boost. These are my current credit limits:

USBank 1 - $15,500

USBank 2 - $15,000

AMEX - $7,500

Chase - $2,500

Alliant - $2,500

Sterling Savings LOC (not a card) - $5,000

I've heard of people being denied because they have "enough" credit. Do you guys think it would be beneficial to get a CLI or would it hurt?

Message 1 of 10
9 REPLIES
Senior Contributor

Re: Such a thing as too much credit?

You got some room there.

Message 2 of 10
Senior Contributor

Re: Such a thing as too much credit?


smallfry wrote:

You got some room there.


Smiley Happy

 

I would think it also depends on income.

IAALBNYL
Message 3 of 10
Moderator Emeritus

Re: Such a thing as too much credit?

In these crazy credit times I'd leave it alone for awhile but that's just me. You have $48,000 in CL's right now and I know there are no guarantees you won't see any CLD's in the future but just wait a few months and see what happens.

 

 

From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800

You can do the same thing with hard work

Credit Scoring 101
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Message 4 of 10
Senior Contributor

Re: Such a thing as too much credit?

That's a good card Mank. Sounds like you're collecting plastic. Nothing wrong with that. Just sayin'.Smiley Happy

Message 5 of 10
Frequent Contributor

Re: Such a thing as too much credit?

I'm not trying to collect cards, just trying to get the best rewards! The USBank cards were my first college card and then my first rewards card after college. Alliant was offered with a car loan application, Chase I opened 2 years ago to help out my SIL meet her monthly incentives (back when she still worked for WAMU), and AMEX is necessary for Costco, plus it was supposed to be my best rewards card. Unfortunately, just after getting that one I heard about the 2% Schwab card and realized the awards would be better with that card. Really want that card, so I'm really trying to perfect my report! Trying to get approved for it next month as a birthday present to myself Smiley Happy I currently only use my AMEX and my USBank Visa at places that don't take AMEX, but if I get the Schwab I'll sock drawer that one and use the Schwab and the AMEX.

 

Knock wood, I haven't gotten any CLD yet - just increases (x3 on AMEX a year after opening it, and a standard $1500 every 6 months on each of my USBank cards).

Message 6 of 10
Regular Contributor

Re: Such a thing as too much credit?

 


Mank wrote:

. . . . a standard $1500 every 6 months on each of my USBank cards).


 

Are you requesting these or are they auto? JW

 

IMO - I've seen several with much more CC credit on these forums, so I think you should be fine. If $48k doesn't bother them, I don't think $51k will.

Message 7 of 10
Frequent Contributor

Re: Such a thing as too much credit?

I have to call in, but every 6 months of good behavior so to speak I have an automatic $1500 CLI waiting for me. I can take advantage of them now and bump up my credit limits by $3000 total, but I don't want to if it won't do me any favors on the Schwab card.

Message 8 of 10
Frequent Contributor

Re: Such a thing as too much credit?

Mank, can you please post your FICO scores.  If you have in another thread, please add them to your signature :-)

TU - 737 - 02/21/09, 769 - 02/06/10, 795 - 09/08/10
EQ - 758 - 02/21/09, 783 - 02/06/10, 805 - 09/08/10
EX (PLUS) - 781 03/23/09, 787 - 02/06/10, 783 - 08/09/10
Message 9 of 10
Frequent Contributor

Re: Such a thing as too much credit?

I don't regularly purchase them, but they should be around 740.

Message 10 of 10