topic Re: How many CCs is too many? in Credit Cards

How many CCs is too many?

tntexans72 — Tue, 21 Jun 2011 18:37:16 GMT

I currently have 8 CCs opened in my name.

1. How many CCs is too many?

2. Will having more than 10 CCs consider to be too many cards in the eyes of lenders?

I know UTIL % plays a huge role but at what point will the lenders say...hey, this guy/gal have way too many CCs and they are reluctant to extend more credit to that person. I've read that some ppl have 4 while others have 20. I am just curious to know if there are some backlashes to having "too many revolving accounts".

Please advise base on your experience.........

Re: How many CCs is too many?

UFGuy2006 — Tue, 21 Jun 2011 18:43:29 GMT

@tntexans72 wrote:
I currently have 8 CCs opened in my name.

1. How many CCs is too many?
2. Will having more than 10 CCs consider to be too many cards in the eyes of lenders?

I know UTIL % plays a huge role but at what point will the lenders say...hey, this guy/gal have way too many CCs and they are reluctant to extend more credit to that person. I've read that some ppl have 4 while others have 20. I am just curious to know if there are some backlashes to having "too many revolving accounts".

Please advise base on your experience.........

I have 11 and am curious to hear as well. I don't carry balances but know in 3 or so years I may be buying a new home... curious to know whether the # of accounts is an issue, if they all have zero balances and perfect payment history.

Re: How many CCs is too many?

andre181 — Tue, 21 Jun 2011 18:45:50 GMT

I can't directly answer your question, but BoA just denied me a CLI because "too many open revolving accounts"

I have 14 revolving accounts

Re: How many CCs is too many?

DI — Tue, 21 Jun 2011 18:46:19 GMT

I have 11 cards. It's all about being able to manage them. I always put myself in a position to be able to cancel a card.

Re: How many CCs is too many?

MarineVietVet — Tue, 21 Jun 2011 18:50:23 GMT

@tntexans72 wrote:
I currently have 8 CCs opened in my name.

1. How many CCs is too many?
2. Will having more than 10 CCs consider to be too many cards in the eyes of lenders?

I know UTIL % plays a huge role but at what point will the lenders say...hey, this guy/gal have way too many CCs and they are reluctant to extend more credit to that person. I've read that some ppl have 4 while others have 20. I am just curious to know if there are some backlashes to having "too many revolving accounts".

Please advise base on your experience.........

I'm afraid this is one more YMMV.

I've also had 8 cards for many years but (so far) have never been penalized for having that number. Now I have been dinged for having "too many revolving accounts with balances" at any one time so that is something to consider.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: How many CCs is too many?

tntexans72 — Tue, 21 Jun 2011 19:18:19 GMT

Reason why I asked was.......

My AAoA is 6.9yrs

Oldest account 22.3yrs

UTIL is currently 25%

Clean report

Asked for a CLI from Chase and declined.

Reason???? "too many revolving accounts opened"

Re: How many CCs is too many?

mross1080 — Tue, 21 Jun 2011 20:12:52 GMT

I have over 20 revolving and I still get approved when I app for new cards, I havent apped in a bit since I have high util right now (almost 50%) but I think chase just didnt want to give one and thats the only excuse they could come up with.

Re: How many CCs is too many?

Anonymous — Wed, 22 Jun 2011 02:41:26 GMT

Added a bunch more in the last three months closed a few. Up to 33 now and there does not seem to be any real barrier at this point. I have not been denied for any cards in a number of years. I do keep utilization near or at zero all the time.

The only bank I have found to be skittish is BoA which has closed my only card with them three times in the last two years. Ultimately this has been to my benefit as I keep apping for the Royal Caribbean card and get the points bonus for a new app each time. Interesting that they close the account but then when I app, they give it to me again. Each time I get the bonus and then cash in the points. Last time I apped I got the card, put one transaction for $4.91 on the card, used the 10,000 points for a $50 credit with Royal Caribbean and then they closed the card the next month.

Re: How many CCs is too many?

Anonymous — Wed, 22 Jun 2011 04:28:46 GMT

Question: "How many CCs is too many?"

Answer: "At least 2 more..."

Re: How many CCs is too many?

Anonymous — Wed, 22 Jun 2011 05:08:38 GMT

@DI wrote:
I have 11 cards. It's all about being able to manage them. I always put myself in a position to be able to cancel a card.

One can be too many if you can't manage the account. Too many revolving trade lines is a negative reason that I see on my TU with double digit revolving trade lines, but it doesn't seem to have too much of a negative effect since I have a 793 TU Fico score.

Re: How many CCs is too many?

Anonymous — Wed, 22 Jun 2011 05:15:27 GMT

IMO over 3.

Re: How many CCs is too many?

jefftca925 — Wed, 22 Jun 2011 05:44:53 GMT

I'm currently in escrow on a house and when I applied for the loan I had 17 CCs, 1 Auto loan, and it was not an issue with the lender. I allow only 1 card per month to show a balance on my CBRs though and that balance is generally <$200. As long as you manage your debt well and demonstrate responsible behavior with your debts you'll be in good shape no matter how many cards you have. Speaking of an obscene amount of CCs... anyone hear from Concorduser any more?

Re: How many CCs is too many?

TangMeister — Wed, 22 Jun 2011 06:02:34 GMT

There's no "one size fits all" for how many CCs one person should have or becomes too many to handle. It depends on your ability to manage debt, your income level, and how responsible and capable you are at juggling sock drawer occupants.

For some people 1 is too many. Then again I have friends on other boards that have 40+ to 50+ credit lines and $million plus total credit available to them. Yet they have zero revolving debt. I have CCs with $50k+ credit limits, and it's no big deal...it's not debt...it's just credit and no new creditor seems to bat an eye when I apply.

If someone's comfortable with a couple, hey great for them. I have *cough* a few more than that, and could juggle 100 if I wanted. It's cool because I enjoy it. At some point, one can get so much credit that it sort of becomes a hobby or game managing and maximizing rewards. I take my credit very seriously, but it's still a fun game to me at this point in what I'm collecting. I've long since past the point of having what I need...by many multiples. And I wouldn't reduce one penny of it, because it gives me options when dealing with creditors. Enjoy!

Re: How many CCs is too many?

smc733 — Wed, 22 Jun 2011 12:20:23 GMT

I agree with TangMeister,

I personally am comfortable with the 6 (soon to be 5) cards that I have. I am only comfortable using 2 as primary spenders, just keeping the others active as backups.

Some people can juggle more daily spenders, and more backup cards, but to me, I prefer simplicity. (I don't get people who have 40+ cards, 3 from BofA, 4 from Chase, 2 from Citi, 5 from Amex, etc..., one from each lender max IMO, but as always, different strokes...)

Re: How many CCs is too many?

JonStur — Wed, 22 Jun 2011 12:43:26 GMT

I think it depends on the lender. Some don't care, some however will penalize you even if your util is low simply because with many open TLs you have the "potential" to get into serious debt.

Re: How many CCs is too many?

TangMeister — Wed, 22 Jun 2011 13:06:39 GMT

@smc733 wrote:
I agree with TangMeister,

I personally am comfortable with the 6 (soon to be 5) cards that I have. I am only comfortable using 2 as primary spenders, just keeping the others active as backups.

Some people can juggle more daily spenders, and more backup cards, but to me, I prefer simplicity. (I don't get people who have 40+ cards, 3 from BofA, 4 from Chase, 2 from Citi, 5 from Amex, etc..., one from each lender max IMO, but as always, different strokes...)

Like you, I like having 1 card from each lender, especially credit unions where I can get the total credit card limit all on one card, since they usually have caps. The exception is Amex, who I now have 3 cards with simply because I'm taking advantage of backdating to boost my avg age of accts. I'll probably reduce that to 1 or 2 long term. 1 card from each lender, and lots of different lenders...sounds about right.

I've also slowed down on adding new credit A LOT the past 2 years compared to prior years. Now I'm quite deliberate in who I add to my portfolio and why. I have a credit plan in place and follow it for the most part, without exception. I do hiccup occasionally, though. One should always have a credit plan, short and long term.

Re: How many CCs is too many?

ds4365 — Sun, 30 Oct 2011 10:10:54 GMT

I have 25 credit cards, 3 installment loans, one line of credit and my scores are in the 750 to 770 range constantly. Once they jumped to around 780 and then went back down for whatever reason. I alternate their use monthly or semi monthly and pay in full 95% of them . I keep 0 balance on most of them. I have 4 american express cards ( 3 Amex charge cards) and one line of credit. I watch what I use them for and do not ever use them on anything that brings up a flag......not even a liquor store. Some things I only buy with cash. My utilization I keep between 4 and 7 %. When traveling I notify every CC Company that I know I will be using and advise them I will be on the road and using their card. With Amex I never check my spending limit, I simply call them and let them know I will be making a sizable purchase as a courtesy. They always say ok over the phone and check for you. I have kept alot of starter cards from 5 or 6 years ago to increase my AAOA, but will be dropping several in about one more year, because I knew three years ago they would never grow with you and what their real purpose was. That is why I probably ended up with so manay cards. However I believe that when anyone reviews my credit that they often see more than just too many accounts...they sometimes see someone with an AAOA of Seven Years and Oldest account of 32 years and managing this many accounts....never late...never over the limit....never balance transfers....never cash advances....no frivilous spending...never carrying a balance more than a few months...who is serious about their credit rating. My point is that you can have many CC's and your score can be high. It is how you manage them....not just a few...but all of them. Remember..when CC Companies monitor your credit......they really monitor your other accounts more than the one you have with them. In closing I will add though that fewer is better.....because managing this is a daily routine...it becomes very easy after time....but your time could be better spent. You can have a high score with a few cards or alot of cards......