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Too much credit????

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ecxpa
Valued Contributor

Too much credit????

Thankfully, I have been able to stockpile a lot of credit over the past year and a half, the majority being bank cards ranging from an old, old, cap 1 @ 700 to a few of 12k  cards and one AU @ 22k.  My scores are  ex 741, eq724, TU 752,  aaoa 4.3, income 150k.  Total CL 198k with 5% utilization......inq Eq 50, tu13, ex30.......probably the most anyone  has seen for a while.   Will lenders see my profile neg or pos with all the available credit when I app for a HELOC......should I get rid of some cards?

Message 1 of 4
3 REPLIES 3
coldnmn
Mega Contributor

Re: Too much credit????

In my opinion the available credit wont hurt you but the inquiries may.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 2 of 4
longtimelurker
Epic Contributor

Re: Too much credit????


@coldnmn wrote:

In my opinion the available credit wont hurt you but the inquiries may.


Right, your total CL to income is nothing to be alarmed about (~ 1.3, many have 3 or even more).   But inqs are high (there are recent postings by those with more!)  How recent are these?  Are some/most over a year, in which case they won't impact score but will be seen on review.   Generally, the older they are the better.  If a number are very recent, then your HELOC app will look like just another desperate attempt for credit (for some unknown but presumed to be bad reason!).   If the app is the first for 6 months, they will be happier.

Message 3 of 4
ecxpa
Valued Contributor

Re: Too much credit????


@longtimelurker wrote:

@coldnmn wrote:

In my opinion the available credit wont hurt you but the inquiries may.


Right, your total CL to income is nothing to be alarmed about (~ 1.3, many have 3 or even more).   But inqs are high (there are recent postings by those with more!)  How recent are these?  Are some/most over a year, in which case they won't impact score but will be seen on review.   Generally, the older they are the better.  If a number are very recent, then your HELOC app will look like just another desperate attempt for credit (for some unknown but presumed to be bad reason!).   If the app is the first for 6 months, they will be happier.


Couple of apps in past 6 mos........gonna wait 6 mos before app for ANYTHING else

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