adavis425 wrote:I think as long as you can manage them without missing or late payments, you should be fine. Only you know how many is manageable for you. As far as CCCs go, I suppose some may deny credit based on available vs used credit. I have read stories of denials based soley on having too much available credit. They want to see that you are actually using the credit you already have before extending more.
+1
If you search the topic here, you'll see prior posts that indicate members here who can manage a myriad number of cards, sometimes 20-30-40 or more. It's all a matter of what you think you can handle responsibly.
Having said that, in order to get to that number of cards, generally speaking, one has to exhibit prior positive experience in managing a handful of cards before moving on to even more cards. And one must also have the income to support additional applications, and low utilization.
EaglesFan2006 wrote:
Thanks... So basically a lender such as a mortgage co won't be turned off by number of cards as long as paymen history, age, and util are in good shape. That's good to know because I have plenty of time to get util lower and to stay lower
Mortgage lenders can be very finicky! At one time, when I did an original application for a mortgage, I had several cards, some with zero balance, others with a balance. The mortgage lender required that all of my credit card balances be zero before they would approve my mortgage loan application.
However, in doing a refi, and in talking my CU financial advisor for a HELOC, there was not the same level of concern about carrying a balance on credit cards. That's also never been a concern for other types of loans such as a car loan or unsecured loan. In actuality, if you've got your util at the optimum for FICO scoring, pristine payment history, and decent scores to begin with, you should be fine.
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