topic Re: Does having alot of credit cards help your credit profile in Credit Cards

Does having alot of credit cards help your credit profile

creditwatcher2012 — Sun, 30 Dec 2012 11:27:38 GMT

So below are my credit cards, and I got a pre qualified letter for first premier 700cl and I applied and was approved. In your opinion should I of applied for that card or not... btw it has alot of fees

Credit Cards

Chase Freedom 4k/4k

Chase BP 1700/1650

barclay apple fiancing 1k/950

Merrick Bank 1k/1k

Capital One No Hassle Rewards 500/500

Capital One Platinum 500/500

Credit One Bank 300/200

Target Red Card 200/0

Orchard Bank 400/400

Installment Loan 5k/ 205.00 a month

Re: Does having alot of credit cards help your credit profile

Rhaeny — Sun, 30 Dec 2012 11:42:38 GMT

@creditwatcher2012 wrote:

So below are my credit cards, and I got a pre qualified letter for first premier 700cl and I applied and was approved. In your opinion should I of applied for that card or not... btw it has alot of fees

Credit Cards
Chase Freedom 4k/4k
Chase BP 1700/1650
barclay apple fiancing 1k/950
Merrick Bank 1k/1k
Capital One No Hassle Rewards 500/500
Capital One Platinum 500/500
Credit One Bank 300/200
Target Red Card 200/0
Orchard Bank 400/400
Installment Loan 5k/ 205.00 a month

No, no you shouldn't have applied with First Premier. They are a sub-prime bottom feeder and with you already having a prime cards likey your Chase, there is no need for you to take a step backwards. When you read about all of the fees, why would you want something like that? I would see if I could cancel the app and the card. But it may be already reporting and if that's the case I don't know what to tell you to do. That card is much worse than the Credit One card.

Re: Does having alot of credit cards help your credit profile

Mellon — Sun, 30 Dec 2012 12:33:17 GMT

your concern should be getting you utlization down...that will help your credit profile more... FP was a mistake IMO

Re: Does having alot of credit cards help your credit profile

chasmith — Sun, 30 Dec 2012 12:53:52 GMT

I agree, FP was a mistake. You seem to be maxed out on your cards, you need to stop opening more and focus on gettying the balances down. First get each card below 80%, then try to get below 30% utilization by paying down the highest interest cards first. The ultimate goal to maximize your score is total utilization below 10% with more than half your cards at zero balance ( and no card > 10%). .

Re: Does having alot of credit cards help your credit profile

Rhaeny — Sun, 30 Dec 2012 12:54:32 GMT

@Mellon wrote:
your concern should be getting you utlization down...that will help your credit profile more... FP was a mistake IMO

Ummmm Ditto +1

I just quickly glanced at the amounts and thought they were showing original and current CL's, didn't realize those were balances. Duhhh it must be too early in the morning and good catch...LOL!

OP, yes if you are using 100% of your available credit on anyone credit card, let alone 9 out of 10 credit cards as in your case, then your scores are tanked and that is why you probably got that solicitation from FP for a new credit card. I mean you have a balance of $4K on your Chase Freedom and your credit limit is $4K!! That is a huge red flag to creditors both current and potential. I wouldn't apply for anything else until your utilization is down to less than 10% on your Chase Freedom card.

In laymans terms, pay off ALL of your credit cards and when you get your Chase Freedom down to a $399 balance, which is less than 10%, your scores will have skyrocketed from where they are now. But with your balances where they are at, the only offers you will get are from the bottom feeders like FP. Like I said, you are already have prime cards so your concentration should go towards paying off your debt and by doing so you will improve your credit and open yourself up to better credit cards and higher limits.

Re: Does having alot of credit cards help your credit profile

Anonymous — Sun, 30 Dec 2012 13:30:41 GMT

@Rhaeny wrote:
@Mellon wrote:
your concern should be getting you utlization down...that will help your credit profile more... FP was a mistake IMO
Ummmm Ditto +1

I just quickly glanced at the amounts and thought they were showing original and current CL's, didn't realize those were balances. Duhhh it must be too early in the morning and good catch...LOL!

OP, yes if you are using 100% of your available credit on anyone credit card, let alone 9 out of 10 credit cards as in your case, then your scores are tanked and that is why you probably got that solicitation from FP for a new credit card. I mean you have a balance of $4K on your Chase Freedom and your credit limit is $4K!! That is a huge red flag to creditors both current and potential. I wouldn't apply for anything else until your utilization is down to less than 10% on your Chase Freedom card.

In laymans terms, pay off ALL of your credit cards and when you get your Chase Freedom down to a $399 balance, which is less than 10%, your scores will have skyrocketed from where they are now. But with your balances where they are at, the only offers you will get are from the bottom feeders like FP. Like I said, you are already have prime cards so your concentration should go towards paying off your debt and by doing so you will improve your credit and open yourself up to better credit cards and higher limits.

When I first started my rebuilding journey, all I could get was a First Premier card and a Fingerhut account. The fees were atrocious from what I read in the paperwork and on this forum, but it was all that I could get. That's why when I charged anything on FP, I made sure I had the money in the bank right then and there to pay it back to that card immediately, and ultimately shut that card down before the AF came around. Please do not apply for anything else. You have prime cards and your foot is already in the door. Pay down what you have, and watch your scores grow. After that, start looking to get CLI's. Bigger limits beget bigger limits, and when you have those coupled with a good credit score, good payment history, you'll have better options.

Re: Does having alot of credit cards help your credit profile

aplast — Sun, 30 Dec 2012 13:32:44 GMT

@Rhaeny wrote:
@Mellon wrote:
your concern should be getting you utlization down...that will help your credit profile more... FP was a mistake IMO
Ummmm Ditto +1

I just quickly glanced at the amounts and thought they were showing original and current CL's, didn't realize those were balances. Duhhh it must be too early in the morning and good catch...LOL!

OP, yes if you are using 100% of your available credit on anyone credit card, let alone 9 out of 10 credit cards as in your case, then your scores are tanked and that is why you probably got that solicitation from FP for a new credit card. I mean you have a balance of $4K on your Chase Freedom and your credit limit is $4K!! That is a huge red flag to creditors both current and potential. I wouldn't apply for anything else until your utilization is down to less than 10% on your Chase Freedom card.

In laymans terms, pay off ALL of your credit cards and when you get your Chase Freedom down to a $399 balance, which is less than 10%, your scores will have skyrocketed from where they are now. But with your balances where they are at, the only offers you will get are from the bottom feeders like FP. Like I said, you are already have prime cards so your concentration should go towards paying off your debt and by doing so you will improve your credit and open yourself up to better credit cards and higher limits.

+1. Very Nicely put.

I got a preapproval offer from FP for 1500... It went straight to the shredder. Get those balances paid down and then go for CLI's. I would call and close FP if I were in your shoes.

Re: Does having alot of credit cards help your credit profile

shols44 — Sun, 30 Dec 2012 14:08:26 GMT

@creditwatcher2012 wrote:

So below are my credit cards, and I got a pre qualified letter for first premier 700cl and I applied and was approved. In your opinion should I of applied for that card or not... btw it has alot of fees

Credit Cards
Chase Freedom 4k/4k
Chase BP 1700/1650
barclay apple fiancing 1k/950
Merrick Bank 1k/1k
Capital One No Hassle Rewards 500/500
Capital One Platinum 500/500
Credit One Bank 300/200
Target Red Card 200/0
Orchard Bank 400/400
Installment Loan 5k/ 205.00 a month

+1 to all above. getting FP is a horrible mistake you should run from immediately. But this is not your biggest problem. Your util is unacceptable, and you are ripe for AA IMO. I don't see how an AR doesn't trigger some bad juju for you if you don't fix this ASAP.

Perhaps you can explain.

Re: Does having alot of credit cards help your credit profile

swpopham — Sun, 30 Dec 2012 14:10:07 GMT

You need to stop while you can, before somebody has to clear a spot at the rebuilding forum for you.

Re: Does having alot of credit cards help your credit profile

Rhaeny — Sun, 30 Dec 2012 19:30:18 GMT

@swpopham wrote:
You need to stop while you can, before somebody has to clear a spot at the rebuilding forum for you.

Swpopham, I have to wholeheartedly agree with you. This is sad but true. +1000

OP, someone else has already elaborated further on my comment about your utilization being a red flag to your current creditors. The poster mentioned AA which is adverse action. Adverse action could be where they just close your account WITH a balance. If you think you're having problems now just wait if that happens. Another scenario could be where they balance chase you. That is when as you pay your balance down they lower your credit limit to the current balance so that you never have any available credit. Again, if you think you're having problems now just wait. Minimum payments are also a red flag so its not enough to just pay that. You need to make much more than minimum payments. These are just a few of the actions, or AA, that they can take but there is much more.

I agree also that you need to HURRY and get your debts under control. Tax time is here and if you are getting a refund then you should apply that all to your debt. And whatever you do, DO NOT CHARGE anything on that FP card. At this point you are going to have to keep it. Just put it in your drawer, pay all of the fees that assess you and when the year is up, close that card. Put a reminder in your cell phone or something to cancel it.

You've been given a boat load of advice that is surely not what you want to hear. You came here looking at how to get more credit. Well you have to be responsible with your current credit and that you are not demostrating. But we are all advising you to do is exactly what will get you to your goal....more credit. The ball is in your court now.

Re: Does having alot of credit cards help your credit profile

knoregs — Sun, 30 Dec 2012 19:46:10 GMT

Not a single response from OP after all the good advice. OP's been a member since June. If he's read more than ten posts he would already have this knowledge. I'm thinking troll post????

~kn

Re: Does having alot of credit cards help your credit profile

Anonymous — Sun, 30 Dec 2012 20:39:52 GMT

I think this person is a troll. They posted stupid stuff both in the auto and mortgage loans thread. In the auto loan thread OP said he tried to purchase a 52K Infiniti JX with 10K down but dealers pulled a 580 and was denied 3 times. OP said he had 75 inquiries with 21 late payments to his auto loan. Today OP posted in the mortgage forum saying he was planning on getting a mortgage for a 500-600K home plus a 52K car on a 90K salary.

Something doesn't add up with this guy. If this guy is seriously doing all of this stuff, he is heading for bankruptcy.

Re: Does having alot of credit cards help your credit profile

Rhaeny — Sun, 30 Dec 2012 21:00:40 GMT

@Anonymous wrote:
I think this person is a troll. They posted stupid stuff both in the auto and mortgage loans thread. In the auto loan thread OP said he tried to purchase a 52K Infiniti JX with 10K down but dealers pulled a 580 and was denied 3 times. OP said he had 75 inquiries with 21 late payments to his auto loan. Today OP posted in the mortgage forum saying he was planning on getting a mortgage for a 500-600K home plus a 52K car on a 90K salary.

Something doesn't add up with this guy. If this guy is seriously doing all of this stuff, he is heading for bankruptcy.

Damn!! A troll for sure then. Well at least there is enough advice here to help out someone who may be in a similar situation so all is not lost.

Re: Does having alot of credit cards help your credit profile

j_casteel — Sun, 30 Dec 2012 21:01:38 GMT

yeah, i just checked out the other threads posted by the OP. They are all ridiculous.

Re: Does having alot of credit cards help your credit profile

pdog661 — Sun, 30 Dec 2012 21:06:02 GMT

@creditwatcher2012 wrote:

So below are my credit cards, and I got a pre qualified letter for first premier 700cl and I applied and was approved. In your opinion should I of applied for that card or not... btw it has alot of fees

Credit Cards
Chase Freedom 4k/4k
Chase BP 1700/1650
barclay apple financing 1k/950
Merrick Bank 1k/1k
Capital One No Hassle Rewards 500/500
Capital One Platinum 500/500
Credit One Bank 300/200
Target Red Card 200/0
Orchard Bank 400/400
Installment Loan 5k/ 205.00 a month

This may be harsh, but I wish someone was harsh with me when I was in this situation.

You are heading for financial disaster. You have a UTL rate of 102%. The last thing on your mind should be new credit. Of any kind. No mortgage, no car loans, nothing. You are either living above you means, and will either end in foreclosure, or bankruptcy if you make a major purchase, or you have the income to support this debt you are irresponsible. If you can not manage your credit cards, then you are not ready to manage a major expense like a mortgage.

STOP STOP STOP, and get this worked out. All cards need to be paid off immediately. If you can not pay them off this is a clear indication that no more credit is the correct path.

Now to answer your subject's question.

No - The number of credit cards do not effect your credit. The amount of open credit to the amount of credit card debt is a major portion of your credit file (30%) Each time you apply for a new card is does lower your credit due to the inquiry, and the reduction of your average age of account.

***edit for mistakes.

Re: Does having alot of credit cards help your credit profile

Anonymous — Sun, 30 Dec 2012 21:03:54 GMT

Yep totally ridiculous! They are. But you're right this advice will help someone else that is too bashful to post. When I saw the mortgage post, I knew something was up then.

Re: Does having alot of credit cards help your credit profile

dabrian — Sun, 30 Dec 2012 21:22:07 GMT

Another nice troll post OP. Well played.

Re: Does having alot of credit cards help your credit profile

Anonymous — Mon, 31 Dec 2012 00:56:49 GMT

what is wrong with this guy? complete Maxed out. why they need to post stupid thing like this

Re: Does having alot of credit cards help your credit profile

llecs — Mon, 31 Dec 2012 03:34:14 GMT

Thread is locked and under Moderator review.