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17+ credit cards 0 balance

tecklord
New Member

17+ credit cards 0 balance

First post here and just looking to see if anyone has had this situation, at this time I have 17 or 18 credit cards all which I use at least once every 6 month or sometimes daily but just showing I do use them to make sure they stay active. The credit allowed on all cards is upwards of 275k to 290k I see conflicting answers on this on my credit pull with a FICO score of 825 to 835 range in the last 3 months. Now the problem I have is I was wanting to get a new card for the rewards offer but was declined due to the reason of having too many cards? Not really sure I have heard of that but that seems to be my situation. I have 1 car loan with a balance of half of what the cars worth and a personal loan of 40K that I have paid down to 20K in a short period of time just to show I have good utilization. I was told it's a bad idea to close cards but I'm always looking for a great rewards deal on cards and have seem to run out of cards to get.

Message 1 of 31
30 REPLIES 30
Girlzilla88
Valued Contributor

Re: 17+ credit cards 0 balance

@tecklord     As far as closing cards that is up to you (you really only need 3 to help get great scores) but I did see you have them all reporting at 0?      If that is the case you would also experience an all zero penalty so be sure to have one bank card reporting ideally under 8.9% and above 1-2% so it doesn't round down to 0%.   ^^      In all honesty on a side note any score above 750 is great when people are looking/pulling for credit so if you wanted to drop any I would keep the ones that have the littlest use to you but do not get rid of your oldest ones so your Age of Accounts isn't hurt to bad either.  Smiley Happy










Message 2 of 31
Girlzilla88
Valued Contributor

Re: 17+ credit cards 0 balance

@tecklord     Me personally I wouldn't let go of any Tbh but that's just me LOL but mostly because you said you do use them all.   Maybe find another card that offers what you were wanting without having to give up any?!










Message 3 of 31
Jnbmom
Community Leader
Senior Contributor

Re: 17+ credit cards 0 balance

@tecklord 

 

I am curious what creditor denied you and gave that reason?

 

I have over 40 accounts and have gotten every reason under the sun for denials, but never that specific one.

EXP 758 TU 783 EQ 729
Message 4 of 31
tecklord
New Member

Re: 17+ credit cards 0 balance

So I wasn't aware of the fact of having a 0 balance all the time was not good if that's what you was saying correctly? I will charge the card for whatever I need from paying car insurance/gym fees/food/etc and immediately pay the card off from my bank account to get the points or whatever reward I can get from them. I believe that they are monitoring my activity and due to the fact I am gaining from their rewards and they are not receiving any type of interest they are now refusing to allow me to have new cards. Honestly I have never thought I would be denied a credit card with my current status but this has now happened 4 seperate times and I have now stopped applying for cards with rewards at this time. I will wait maybe 3 months before I try again or possibly cancel some of the ones with annual fees. Just trying to get some advise to obtain more credit cards during the current lockdown with covid and just bored looking for ways to gain I guess.

 

Thanks for the advise.

Message 5 of 31
tecklord
New Member

Re: 17+ credit cards 0 balance


@Jnbmom wrote:

@tecklord 

 

I am curious what creditor denied you and gave that reason?

 

I have over 40 accounts and have gotten every reason under the sun for denials, but never that specific one.



Well I can not quote their exact words it was more about I have too many cards and they feel I don't need anymore with me having the ones I have with 0 balance. I would have to go dig the letters out in my pile but even if I get the exact responce it would basically say what I get said. I found it odd myself and didn't know that was a thing.

Message 6 of 31
Birdman7
Super Contributor

Re: 17+ credit cards 0 balance

You’re TU4 starts going down as well once you get too many cards around 15 or 16. There’s nothing wrong with closing a couple cards as long as they aren’t your oldest and aren’t of great use to you.

I would recommend having them open at least two years before closing them so you don’t look like a sub chaser.
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.

RIP:

(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 7 of 31
barca
Regular Contributor

Re: 17+ credit cards 0 balance

Please don't take this as an offense. This is just my personal opinion.

 

If I am a lender, I will deny anyone with over  7+ credit card.

While I respect you guys that manage a lot of credit card, I don't admire it a bit.

 

if FICO scores is all about responsible behaviour, how can you justify having so many cards(17) in itself is a responsible attribute

Message 8 of 31
tecklord
New Member

Re: 17+ credit cards 0 balance


@barca wrote:

Please don't take this as an offense. This is just my personal opinion.

 

If I am a lender, I will deny anyone with over  7+ credit card.

While I respect you guys that manage a lot of credit card, I don't admire it a bit.

 

if FICO scores is all about responsible behaviour, how can you justify having so many cards(27) in itself is a responsible attribute


No offense taken, I believe you're correct in that assumption and really if I could, I would like to have 100 cards for each special occasion and gain rewards for each. I do think I have reached the end of the road from the major card companies at this time though.

Message 9 of 31
Girlzilla88
Valued Contributor

Re: 17+ credit cards 0 balance

@tecklord     I think that wording plays back to the Why do you need more if you don't use any (Referring to the 0 usage part again)    Be sure one Bank card is reporting what I mentioned earlier on the Statement then afterwards if you want to clear it no worries and maybe even rotate which ones you report, but just be sure that it is a Bank Card/Bank Issued Card you are doing this with as some Retail type cards don't count Smiley Happy










Message 10 of 31
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