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Do CCC's really use that as an excuse to deny?
So, if I had Cap One at, say $500 and Cred One at $750, would it really look better on INQ that they were closed by consumer instead of simply SD'ed?
I got Orchard up to $1,000. Is that high enough?
I know where you're coming from..... I have a bunch of credit cards...Limits range from $300 to $750....
Merrick Bank $750
Cap one $500
Bof A Visa $500
USAirways Visa$500
1st Premier Master Card $425
Orchard Bank MC $300
HSBC Discover $300 ---just got approved, found out CL
First Savings Master Card $300
Credit One Bank $300
1st Premier Visa $300
Tribute Master Card $300
Most cards are from 4-7 months old...... Cap 1 is 13 mos old, Orchard Master Card 10 months old.....
The monthly fees are killing me, but I'm hoping that given enough time they will give me a CLI.... I've paid always before the due date, and more than the minimum.... I'd guess my usages is about 65-70% of my CL.....
@Anonymous wrote:I know where you're coming from..... I have a bunch of credit cards...Limits range from $300 to $750....
Merrick Bank $750
Cap one $500
Bof A Visa $500
USAirways Visa$500
1st Premier Master Card $425
Orchard Bank MC $300
HSBC Discover $300 ---just got approved, found out CL
First Savings Master Card $300
Credit One Bank $300
1st Premier Visa $300
Tribute Master Card $300
Most cards are from 4-7 months old...... Cap 1 is 13 mos old, Orchard Master Card 10 months old.....
The monthly fees are killing me, but I'm hoping that given enough time they will give me a CLI.... I've paid always before the due date, and more than the minimum.... I'd guess my usages is about 65-70% of my CL.....
bump - would like to know of any results in this current credit climate of having quite a few low limit cards, or if anyone has experienced setbacks from creditors since the new CC law was adopted with (too) many cards. I was denied credit last May, (2009) the reason (from WFB when attaining furniture credit) was that I had "too many unused credit lines". Baiscally having too many credit lines reporting minimal or zero balances.
@Pushto700 wrote:
bump - would like to know of any results in this current credit climate of having quite a few low limit cards, or if anyone has experienced setbacks from creditors since the new CC law was adopted with (too) many cards. I was denied credit last May, (2009) the reason (from WFB when attaining furniture credit) was that I had "too many unused credit lines". Baiscally having too many credit lines reporting minimal or zero balances.
Well, that's a different animal, though, isn't it? It's an interesting reason for a denial, but I see all sorts of chances for confusion on this thread, lol, by entangling two discussions.
So you're bumping to ask if anyone has been denied specifically for "having too many low-limit cards", correct? Or if they've also gotten any other negative feedback from a lender for this reason?
I know that it's a popular FAKO comment.
@haulingthescoreup wrote:
@Pushto700 wrote:
bump - would like to know of any results in this current credit climate of having quite a few low limit cards, or if anyone has experienced setbacks from creditors since the new CC law was adopted with (too) many cards. I was denied credit last May, (2009) the reason (from WFB when attaining furniture credit) was that I had "too many unused credit lines". Baiscally having too many credit lines reporting minimal or zero balances.
Well, that's a different animal, though, isn't it? It's an interesting reason for a denial, but I see all sorts of chances for confusion on this thread, lol, by entangling two discussions.
So you're bumping to ask if anyone has been denied specifically for "having too many low-limit cards", correct? Or if they've also gotten any other negative feedback from a lender for this reason?
I know that it's a popular FAKO comment.
LOL, ok...kinda of a mangled thought. I guess the denial was something that is afterward or would answer my question after coming to a conclusion about this thread. the gamut is wanting to know of how many is "too many", especially in regard to low limit cards (below 5K).
So, I'm popping back up to the original question.
@jaysdad2k wrote:Do CCC's really use that as an excuse to deny? No.
So, if I had Cap One at, say $500 and Cred One at $750, would it really look better on INQ that they were closed by consumer instead of simply SD'ed? No.
I got Orchard up to $1,000. Is that high enough? CL's don't affect your FICO score. You will see FAKO advice, given with FAKO scores, regarding low credit limits. Ignore it - there's no such code, therefore no such score hit, for low CL's.
And, once again, I have to pipe in with DH's lovely 800+ FICO score with only one CC open - and it had a $500 CL.
Please please ignore FAKO advice. I would hate to see someone close low CL accounts in an effort to please FAKO website advice, when it has no positive impact on your FICO score. In this case, it could hurt your overall utilization and cause some FICO damage.
Glad you're checking in on this website - you'll get some solid info here, and you'll hear from lots of helpful informed folks.