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Regular Contributor
Posts: 214
Registered: ‎08-02-2012
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is it better to have...(something I was just thinking about)

Is it better to have lots of cards with decent limits (less than 1000 limits) or better to have say three big boys with heavy limits? (5k and up) Does it even matter? What looks better to the scoring system or does anybody know?

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do so
EQ: 755 as of 8/2013
TU: 700
Experian(or as I call them, the devil) I have no clue, they haven't released my report
Goal=801 across the board!!! Not too far from this, hoping to garden until Christmas 2013
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Registered: ‎08-30-2012
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Re: is it better to have...(something I was just thinking about)

I've been told less cards with higher limits by a couple of people here.

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Regular Contributor
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Registered: ‎08-02-2012
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Re: is it better to have...(something I was just thinking about)

thanks MM!!! Smiley Wink I thought so too, but I see lots of people with sigs and 14 cards. I personally would rather have three cards with 15-20k across the three than a whole bunch of cards to keep up with. Just my thoughts though everybody is different lol Smiley Wink

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do so
EQ: 755 as of 8/2013
TU: 700
Experian(or as I call them, the devil) I have no clue, they haven't released my report
Goal=801 across the board!!! Not too far from this, hoping to garden until Christmas 2013
Valued Contributor
Posts: 1,997
Registered: ‎01-24-2012
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Re: is it better to have...(something I was just thinking about)

Some scoring models will say limits are too low so that is bringing down the score. These same scoring models will say limits are too high so they are bringing down the score. I do not think it really matters to lenders looking at reports, unless you try for a card with a minimum credit limit requirment. If you have a young history they may be apprehensive about granting a larger credit limit than you already have.If you let balances report, higher limits will make it look like you are not using so much credit.

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Re: is it better to have...(something I was just thinking about)

If you have lots of cards, as long as there is plenty of age to them and payment history that's just fine as well. It's when you have a lot of new toy limit cards that looks bad.



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EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
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Regular Contributor
Posts: 214
Registered: ‎08-02-2012
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Re: is it better to have...(something I was just thinking about)

thanks yall. this makes perfect sense to me Smiley Wink

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do so
EQ: 755 as of 8/2013
TU: 700
Experian(or as I call them, the devil) I have no clue, they haven't released my report
Goal=801 across the board!!! Not too far from this, hoping to garden until Christmas 2013
Valued Contributor
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Registered: ‎10-02-2012
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Re: is it better to have...(something I was just thinking about)

[ Edited ]

beautybrainsbooty wrote:

Is it better to have lots of cards with decent limits (less than 1000 limits) or better to have say three big boys with heavy limits? (5k and up) Does it even matter? What looks better to the scoring system or does anybody know?


A variety doesn't hurt as long as you keep up with them.

 

You can have a card with a $100 limit and still get a card with a $20k+ card. (I have seen this before)

 

It just depends on all the other factors in your credit report as well as your income to support the cards.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
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Re: is it better to have...(something I was just thinking about)

I prefer the few cards with good limits compared to the piles of cards with toy limits.  As far as score, I don't think it is a direct factor.  Even if for some reason having piles of toy limits helped your score more than a few good cards, wouldn't you rather have a few good cards compared to a pile of toy cards?

FICOs (2/24/12): EX 752, EQ 740
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Registered: ‎08-16-2012
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Re: is it better to have...(something I was just thinking about)

Well.. Personally... I like having a lot of cards with high limits :-D

Hehehe... And that is what lenders like to see... A lot of positive accounts with a tooooonnnn of available credit...
Of course, I have no $20k limit card yet. LOL

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Re: is it better to have...(something I was just thinking about)


youngandcreditwrthy wrote:
Well.. Personally... I like having a lot of cards with high limits :-D

Hehehe... And that is what lenders like to see... A lot of positive accounts with a tooooonnnn of available credit...
Of course, I have no $20k limit card yet. LOL


Unless, your income does not support that. Then it is possible to get declined for CLI's and installment loans, for having too much available credit.

 

But,

+1

If your income supports it. Then, that is the best way to go.

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
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