topic Re: How many open revolving credits is too much? in Credit Cards

How many open revolving credits is too much?

the0walrus — Tue, 30 May 2023 17:43:52 GMT

I got denied for the venture card d/t "too many lines of revolving credit" I have 10 cards. I could have sworn someone else I read had about 20 and got this card. How many is too many for Capital One? Thanks!

Re: How many open revolving credits is too much?

GZG — Tue, 30 May 2023 18:27:32 GMT

@the0walrus wrote:
I got denied for the venture card d/t "too many lines of revolving credit" I have 10 cards. I could have sworn someone else I read had about 20 and got this card. How many is too many for Capital One? Thanks!

did you try the pre-approval tool? Were you pre-approved for the Venture?

too many to Capital One is likely profile relevant, particularly since you already have 2 cards with them.

it could also just be the reason they provided because they reason they cite can't be 'we're just not that into you as a customer sorry, go away now'

Re: How many open revolving credits is too much?

CramEiko — Tue, 30 May 2023 18:29:44 GMT

@the0walrus wrote:
I got denied for the venture card d/t "too many lines of revolving credit" I have 10 cards. I could have sworn someone else I read had about 20 and got this card. How many is too many for Capital One? Thanks!

I guess this is one of those things where YMMV. I had 13 open at one time, but decided to consolidate. I think now that I have 7, It's still too many to manage easily. Less is best I think. Maybe try to get other cards to increase CL's as you drop others that have lower CL's?

Good luck!

Re: How many open revolving credits is too much?

MileHigh96 — Tue, 30 May 2023 18:30:30 GMT

Yeah, pretty sure it's a limit on revolving accounts with CapOne, not that you have too many total lines of revolving credit. CapOne limits you to how many of their cards they will issue you.

Re: How many open revolving credits is too much?

SouthJamaica — Tue, 30 May 2023 18:58:46 GMT

@the0walrus wrote:
I got denied for the venture card d/t "too many lines of revolving credit" I have 10 cards. I could have sworn someone else I read had about 20 and got this card. How many is too many for Capital One? Thanks!

There is no such thing as too many lines of revolving credit.

Re: How many open revolving credits is too much?

OmarGB9 — Wed, 31 May 2023 18:35:04 GMT

As others have said above, I'm fairly certain they mean you have too many revolving lines with *them.* Not too many in general. The new limit of cards you can have with them, for most people, is 2 revolvers (excluding cobranded cards such as Walmart).

Re: How many open revolving credits is too much?

coldfusion — Thu, 01 Jun 2023 02:50:10 GMT

@SouthJamaica wrote:
@the0walrus wrote:
I got denied for the venture card d/t "too many lines of revolving credit" I have 10 cards. I could have sworn someone else I read had about 20 and got this card. How many is too many for Capital One? Thanks!
There is no such thing as too many lines of revolving credit.

UMB has been known to deny applications for "EXCESSIVE REVOLVING CREDIT ACCOUNTS".

https://ficoforums.myfico.com/t5/Credit-Cards/DC-Power-VISA/m-p/5847677/highlight/true#M1687662

Re: How many open revolving credits is too much?

Zoostation1 — Thu, 01 Jun 2023 03:19:46 GMT

@OmarGB9 wrote:
As others have said above, I'm fairly certain they mean you have too many revolving lines with *them.* Not too many in general. The new limit of cards you can have with them, for most people, is 2 revolvers (excluding cobranded cards such as Walmart).

The key words being "most people" as they will tell you over the phone (on more than one occasion in my case when I asked) that there's not hard limit at 2 core cards unless those cards are sub prime. That being said I'd venture to say for many of us who don't have stellar profiles or those who don't put a ton of spend early on Cap One cards may not get past 2.

Re: How many open revolving credits is too much?

NoMoreE46 — Thu, 01 Jun 2023 20:14:00 GMT

@the0walrus ,

If you are open to it, sometimes you can PC to the Venture from your QS.

Re: How many open revolving credits is too much?

Gollum — Fri, 02 Jun 2023 09:16:03 GMT

@the0walrus wrote:
I got denied for the venture card d/t "too many lines of revolving credit" I have 10 cards. I could have sworn someone else I read had about 20 and got this card. How many is too many for Capital One? Thanks!

The Fed (https://www.federalreserve.gov/aboutthefed.htm) has been raising interest rates for the past year or so, with the goal of reducing record inflation that the US hadn't had for the past forty years or so. So almost all credit card interest rates have increased (because almost all credit card interest rates are tied to the prime rate) for the past year or so. This results in less credit available to borrowers. Less credit available to borrowers means denials for more/various reasons. There may be a hard-coded number (that presumably would change with current economic conditions) for Capital One, but really, one's credit-worthiness is the most important thing.

Re: How many open revolving credits is too much?

markhs777 — Fri, 02 Jun 2023 21:37:02 GMT

Whether it be Cap1 or any issuer it's only too many when you are told such and there's only one way to find out.

Re: How many open revolving credits is too much?

CodeRED1 — Fri, 02 Jun 2023 22:12:02 GMT

I have 26 open credit cards in rotation. My wife has 7.

If you can manage them as many as you want. We PIF every card evey month and our rewards far exceed the annual fees on cards that have them. Make sure you are not paying AFs that exceed the real rewards and maintain good ratios. those 26 cards provide about $600k in CLs and I dont spend mor ethan 10-15k a month so I have a spreadsheet to manage the use patterns. For example using cards every 6 months to keep them "green status". some cards obviously get used very frequently (amex, Costco, chase ink and so forth)

Re: How many open revolving credits is too much?

Anonymous — Fri, 02 Jun 2023 22:43:21 GMT

@CodeRED1 wrote:

If you can manage them as many as you want.

OP wasn't referring to the question (often asked here) "How many cards are too many?" in general, and I agree with your answer to that. The question was more "How many will a bank (specifically) Cap One allow you to have?" and at least for some banks, the answer certainly isn't "as many as you want"

Re: How many open revolving credits is too much?

CodeRED1 — Fri, 02 Jun 2023 22:53:40 GMT

I get it but its a YMMV situation so I gave context to my experience. We dont get turned down for revolving credit lines (cards) from any bank (cap one sends me rediculous offers all the time I never take) so the how many is too many for an approval question is really what does your file look like, right? I think reported available credit, income and fico scores ar the big indicators for "too many". I dont think the number of accounts actually matters unless your carpet bombing applications.

Re: How many open revolving credits is too much?

MountainHiker — Sat, 03 Jun 2023 00:18:04 GMT

Can a person have three Capital One credit cards?

No one else seems to like me other than Capital One. American Express will NOT love me. Citibank has decided to relegate my status to the Minor league, and Discover believes I'm not conservative enough. For that reason I might need to stay with the one who brong me. I have a SavorOne Rewards card and a Platinum card. I'm considering going after a Capital One Walmart card.

Should I pull the trigger or wait and keep trying for an American Express card?

BTW I tried again today after waiting one month and was rejected like the nerdy guy with a really bad haircut 💈😭.

My scores are 670. Only 4 inquiries, 9 year old credit files. Bloomingdales account $6000 limit with zero balance, Macy's card $2600 limit with zero balance, and two Capital One credit cards. Excellent student loans aged to perfection at 13 years old.

No one will give me credit love.

I feel like using Al Pacino's line which is "Say Hello to the Bad Guy".

Re: How many open revolving credits is too much?

CodeRED1 — Sat, 03 Jun 2023 06:46:08 GMT

I dont see why a person couldnt have 3 cap one cards. Other issuers do it.

I have 5 Amex, 6 Chase, 4 Citi, 1 Disco, + A bunch of credit union cards

One major play to get your credit file in prime position is mix of credit types.. you can get pretty far on cards but some installment loans and mortgages will get you into a postion to get anything you want. if your credit file is 9 years old thats a great start - I wasnt much of a credit user until about 9 years ago myself though my file has been active since 1986 and for reference my scores were

7/30/2014

629

632

634

So keep working at it and do the right things and the love will come. I'd go to chase and get a freedom or reg sapphire card. cap one seem so predatory to me (they all are to be honest).

6/2/2023

849

850

849

Re: How many open revolving credits is too much?

MountainHiker — Sat, 03 Jun 2023 07:00:30 GMT

@CodeRED1 wrote:
I dont see why a person couldnt have 3 cap one cards. Other issuers do it.
I have 5 Amex, 6 Chase, 4 Citi, 1 Disco, + A bunch of credit union cards
One major play to get your credit file in prime position is mix of credit types.. you can get pretty far on cards but some installment loans and mortgages will get you into a postion to get anything you want. if your credit file is 9 years old thats a great start - I wasnt much of a credit user until about 9 years ago myself though my file has been active since 1986 and for reference my scores were
7/30/2014
629 632 634
So keep working at it and do the right things and the love will come. I'd go to chase and get a freedom or reg sapphire card. cap one seem so predatory to me (they all are to be honest).
6/2/2023
849 850 849

Great advice. Thank you.

Re: How many open revolving credits is too much?

the0walrus — Sat, 26 Aug 2023 13:15:18 GMT

Yeah, I will eventually keep my AMEX cards only with time because I use my AMEX investor card for everyday purchases and my BCP card for gas, groceries, and streaming services. I just don't want to drop the other cards because I don't want to reduce my score.

Re: How many open revolving credits is too much?

the0walrus — Sat, 26 Aug 2023 13:18:41 GMT

You think they'd allow the Quicksilver to transfer to the Venture/Venture one? I'd do that in a heartbeat as I never use that card. I don't use their cards anymore and only use the BCP and my AMEX Schwab investor card. How do I transfer the Quicksilver to the Venture/Venture one?

Re: How many open revolving credits is too much?

NoMoreE46 — Sun, 27 Aug 2023 02:58:34 GMT

@NoMoreE46 wrote:
@the0walrus ,

If you are open to it, sometimes you can PC to the Venture from your QS.

Tutorial to check for Capital One PC options - myFICO® Forums - 6645783