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17+ credit cards 0 balance

Birdman7
Super Contributor

Re: 17+ credit cards 0 balance

Also make sure it has a credit limit of $31,000 or less so it’s not excluded from the mortgage Scores
-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 11 of 31
FinStar
Moderator

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(17) in itself is a responsible attribute


@barca - Well we sure are glad you aren't a lender 😆😆😆. And if you were, well...crickets.

 

You don't have to admire it, and your opinion is respected, but it's something a variety of members can decide for themselves whether 3, 4, 7, 12, 25, 50, 80...# of cards would be adequate for themselves and manage them responsibly.  Rinse and repeat.

 

Sure, there can be situations where some individuals can bite more than what they can chew, but the majority of members (from what I've witnessed on several boards over the years) have managed to weather a variety of economic downturns.  If it's a hobby and people enjoy it responsibly, who cares.

 

Fortunately, even for the largest lenders like Chase, BoA, US Bank/ELAN, AmEx, etc., don't seem to mind whether an individual has 1 or >100, except where there are restrictive rules.   That's why they have their own sophisticated AI algorithms to determine potential precipices.  

 

FICO and Vantage scores (in their variety of flavors) are predictive models along with an institution's proprietary ones, and will not be 100% perfect.  As economic challenges present themselves, such as the current climate and the pandemic, lenders tend to tweak their own UW standards, but just go look at the Approvals forum.  Lenders are still approving folks, perhaps not as the horn-of-plenty (pre-COVID-19), but no different than during the 2008 economic downturn.  Plus, I'm sure you've seen a dedicated section of the forums where that is discussed extensively.

 

That said, there's plenty of Banks and CUs where having too much available or open credit is a no-no for them, and that's ok.  As they say, there's a lid for every pot.  So, in the pursuit of rewards, points, travel perks, cash back, or any other ancillary benefit, individuals are free to choose however many cards will provide them those benefits without having to justify it 👻

Message 12 of 31
Jnbmom
Community Leader
Senior Contributor

Re: 17+ credit cards 0 balance


@FinStar wrote:

@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(17) in itself is a responsible attribute


@barca - Well we sure are glad you aren't a lender 😆😆😆. And if you were, well...crickets.

 

You don't have to admire it, and your opinion is respected, but it's something a variety of members can decide for themselves whether 3, 4, 7, 12, 25, 50, 80...# of cards would be adequate for themselves and manage them responsibly.  Rinse and repeat.

 

Sure, there can be situations where some individuals can bite more than what they can chew, but the majority of members (from what I've witnessed on several boards over the years) have managed to weather a variety of economic downturns.  If it's a hobby and people enjoy it responsibly, who cares.

 

Fortunately, even for the largest lenders like Chase, BoA, US Bank/ELAN, AmEx, etc., don't seem to mind whether an individual has 1 or >100, except where there are restrictive rules.   That's why they have their own sophisticated AI algorithms to determine potential precipices.  

 

FICO and Vantage scores (in their variety of flavors) are predictive models along with an institution's proprietary ones, and will not be 100% perfect.  As economic challenges present themselves, such as the current climate and the pandemic, lenders tend to tweak their own UW standards, but just go look at the Approvals forum.  Lenders are still approving folks, perhaps not as the horn-of-plenty (pre-COVID-19), but no different than during the 2008 economic downturn.  Plus, I'm sure you've seen a dedicated section of the forums where that is discussed extensively.

 

That said, there's plenty of Banks and CUs where having too much available or open credit is a no-no for them, and that's ok.  As they say, there's a lid for every pot.  So, in the pursuit of rewards, points, travel perks, cash back, or any other ancillary benefit, individuals are free to choose however many cards will provide them those benefits without having to justify it 👻


+1000

 

Well said @FinStar 

EXP 758 TU 783 EQ 729
Message 13 of 31
FinStar
Moderator

Re: 17+ credit cards 0 balance


@tecklord wrote:

@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.


@tecklord - do you mind sharing which lender it was?  Chances are the community has DPs on it.  

Message 14 of 31
MisterWives
Regular Contributor

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(17) in itself is a responsible attribute


Honestly if you were a lender you should be grateful anyone uses your card which makes you money it's a win win for both parties.

 

Companies literally make money from people using their cards and with the amount of options they should be somewhat happy people are willing to specifically use their card. If you want to deny people that are looking to use your card which benefits you and they have shown to be able to handle credit sufficiently well that's a bad business decision in my opinion.

 

Each card of mine has a purpose overtime those things have changed but in the end it's great to have all these option when I need to pivot to a different spending avenue.

Categories: Grocery - 5% Discover IT | Restaurant/Dining - 3% PNC Rewards | Wholesale/Costco - 5% Chase Freedom | Everything - 1.5% PSECU




Wants: U.S. Bank Cash+ (5% Categories), Venmo Credit Card (3% Wholesale), AOD Visa Signature (3% Everything, Unsure of now), Penfed Cash Back Rewards (1.5% Everything (2% w/ Checking))
Message 15 of 31
MisterWives
Regular Contributor

Re: 17+ credit cards 0 balance


@tecklord wrote:

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.


Did they specifically said it's because you have too many current credit cards on your denial letter. As I can see many lenders denying for new accounts that have not aged yet, but I have not run into denials for having too many credit cards available to me.

Categories: Grocery - 5% Discover IT | Restaurant/Dining - 3% PNC Rewards | Wholesale/Costco - 5% Chase Freedom | Everything - 1.5% PSECU




Wants: U.S. Bank Cash+ (5% Categories), Venmo Credit Card (3% Wholesale), AOD Visa Signature (3% Everything, Unsure of now), Penfed Cash Back Rewards (1.5% Everything (2% w/ Checking))
Message 16 of 31
OmarGB9
Community Leader
Super Contributor

Re: 17+ credit cards 0 balance

Yes, OP. Please tell us the exact wording of the letter, as it *can* make a difference. Did it say too many new accounts? Too much available credit?

 

Also, what lender is it? Some are more lenient than others. Some can be reconned.


Last App: 12/05/2020
NFCU MoreRewards Amex

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 17 of 31
tecklord
New Member

Re: 17+ credit cards 0 balance


@FinStar wrote:

@tecklord wrote:

@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.


@tecklord - do you mind sharing which lender it was?  Chances are the community has DPs on it.  


American Express

Chase

Citi

Wells Fargo

 

Again I have a salary of 200K annually and large amount of passive income. I have a large 401k funded well with many assets and 830+ Fico at this time. I'm only putting my financial information due to the confusion on why I would be denied a credit card several times over. I have a credit history over 20 years now but as I said before I have, after a recount 19 credit cards with a credit line near 290K (0 balance) plus 1 company credit card which is in my name and using my SS# with a limit of 50K but this card does not show up on my credit report which leads me to believe it's solely a company card but not 100% sure on that one. I do have a personal loan that I originally took out 3 months ago for 40K but have paid it down and now sitting at 20K this was a moving expense that my company is reimbursing me for with the interest being paid by them and will be complete in the next 2 months. The answer to the other question about why I was denied, while it's not word for word they basically stated I already had enough credit available and I would not require additional credit when I have 0 utilization. Someone mentioned before that why would a lender refuse to give me a card due to having too many because they will make money when I use the card but apparently I hit my limit of 290K of open line unsecured credit. I'm not well informed on credit ratings so take my words with a gain of salt.

Message 18 of 31
FinStar
Moderator

Re: 17+ credit cards 0 balance


@tecklord wrote:

@FinStar wrote:

@tecklord wrote:

@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.


@tecklord - do you mind sharing which lender it was?  Chances are the community has DPs on it.  


American Express

Chase

Citi

Wells Fargo

 

Again I have a salary of 200K annually and large amount of passive income. I have a large 401k funded well with many assets and 830+ Fico at this time. I'm only putting my financial information due to the confusion on why I would be denied a credit card several times over. I have a credit history over 20 years now but as I said before I have, after a recount 19 credit cards with a credit line near 290K (0 balance) plus 1 company credit card which is in my name and using my SS# with a limit of 50K but this card does not show up on my credit report which leads me to believe it's solely a company card but not 100% sure on that one. I do have a personal loan that I originally took out 3 months ago for 40K but have paid it down and now sitting at 20K this was a moving expense that my company is reimbursing me for with the interest being paid by them and will be complete in the next 2 months. The answer to the other question about why I was denied, while it's not word for word they basically stated I already had enough credit available and I would not require additional credit when I have 0 utilization. Someone mentioned before that why would a lender refuse to give me a card due to having too many because they will make money when I use the card but apparently I hit my limit of 290K of open line unsecured credit. I'm not well informed on credit ratings so take my words with a gain of salt.


Thanks for the background information @tecklord.  If you don't mind sharing, how many CCs do you currently have with each of the issuers you mentioned (AmEx, WF, Chase, Citi)?   What's your total aggregate exposure with each?

 

Besides your current loan, have you opened a lot of accounts (> 5) in the past 12-24 months?

Message 19 of 31
tecklord
New Member

Re: 17+ credit cards 0 balance


@FinStar wrote:

@tecklord wrote:

@FinStar wrote:

@tecklord wrote:

@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.


@tecklord - do you mind sharing which lender it was?  Chances are the community has DPs on it.  


American Express

Chase

Citi

Wells Fargo

 

Again I have a salary of 200K annually and large amount of passive income. I have a large 401k funded well with many assets and 830+ Fico at this time. I'm only putting my financial information due to the confusion on why I would be denied a credit card several times over. I have a credit history over 20 years now but as I said before I have, after a recount 19 credit cards with a credit line near 290K (0 balance) plus 1 company credit card which is in my name and using my SS# with a limit of 50K but this card does not show up on my credit report which leads me to believe it's solely a company card but not 100% sure on that one. I do have a personal loan that I originally took out 3 months ago for 40K but have paid it down and now sitting at 20K this was a moving expense that my company is reimbursing me for with the interest being paid by them and will be complete in the next 2 months. The answer to the other question about why I was denied, while it's not word for word they basically stated I already had enough credit available and I would not require additional credit when I have 0 utilization. Someone mentioned before that why would a lender refuse to give me a card due to having too many because they will make money when I use the card but apparently I hit my limit of 290K of open line unsecured credit. I'm not well informed on credit ratings so take my words with a gain of salt.


Thanks for the background information @tecklord.  If you don't mind sharing, how many CCs do you currently have with each of the issuers you mentioned (AmEx, WF, Chase, Citi)?   What's your total aggregate exposure with each?

 

Besides your current loan, have you opened a lot of accounts (> 5) in the past 12-24 months?



American Express 3 CC @45K

Chase 4 CC @56K

Citi 3 CC @35K

Wells Fargo 0 CC

 

I have had several accounts open over the last 12-24 months but I don't have an exact number but if I had to guess I would say 6 to 8 including the personal loan and I bought a new car 10 months ago.

Message 20 of 31
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