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Regular Contributor
beautybrainsbooty
Posts: 212
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
Valued Contributor
madmann26
Posts: 1,442
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.

Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $2.1k; NFCU Cash Rewards $22K; AMEX BCE $18k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k; Chase Freedom $4.5k
Goal Score: 700 across the board.
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Regular Contributor
beautybrainsbooty
Posts: 212
Registered: ‎08-02-2012
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Re: is it better to have...(something I was just thinking about)

thanks MM!!! :smileywink: 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 :smileywink:

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
navigatethis12
Posts: 1,951
Registered: ‎01-24-2012
0

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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LS2982
Posts: 15,434
Registered: ‎04-09-2011
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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.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
beautybrainsbooty
Posts: 212
Registered: ‎08-02-2012
0

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

thanks yall. this makes perfect sense to me :smileywink:

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
Dustink
Posts: 2,999
Registered: ‎10-02-2012
0

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%
Established Contributor
Koop10010
Posts: 731
Registered: ‎02-15-2012
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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
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
0

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

Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
Dustink
Posts: 2,999
Registered: ‎10-02-2012
0

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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