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17+ credit cards 0 balance

FinStar
Moderator

Re: 17+ credit cards 0 balance


@tecklord wrote:

@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.


Ok, some thoughts: 

 

  • With Chase, you're definitely in 5/24 territory - meaning if you've opened more than 5 CCs in the past 24 months, that's a deal killer for opening more cards with them.
  • As far as Citi, your income may be sufficient, but the economic conditions are putting the brakes on what you may already have - consider to see if any of your Citi legacy CCs have the option for a SP CLI to grow them. 
  • AmEx may feel the same - have you tried any SP CLIs on any of the cards recently.  There's been some DPs floating around that mentioned 4 revolvers might be the current 'soft' restriction, but I only see you listed 3 CCs with them.
  • Wells Fargo - aye. Well, trying to get in with them right now might be iffy, especially with your overall CC exposure and slew of apps/accounts in the last 12-24 months.  It's not impossible, but may need to wait until the economic outlook starts taking a turn for the best.  They're a bit tight right now (recent scandals didn't help them either).
Message 21 of 31
Birdman7
Super Contributor

Re: 17+ credit cards 0 balance

+1 @FinStar Totally agree.

-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 22 of 31
jeffreymrimd
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.


Lets start with comparison.
I have 18 credit cards reporting, not including biz cards / Fico scores around 790 / a lot more income / way short credit history / a lot more curent overall SL and less than 1k reporting.
My strategy has been creating relationships with banks one by one - my credit history is short and I had various problems with lenders many decades ago. 
I started with Cap 1 - max 2 cards  / Amex - max 5 revolvers  / then Penfed, Citi, BoA... now working on Chase.

Two years ago, Chase denied my app -  too much available credit (not utilized) as per underwriting.   I assume this is what you thought to be the denial reason.   Then instant approval six months ago (17k) / another instant approval (19k) a month ago from Chase. 
It was not becasue of many many cards you were denied....There were some other reasons that triggered denials as you can notice from my experience with Chase.   Even with 19 cards now, I get pre approved offers from BoA all the time and I still get CLI from Amex, Citi and BoA.

Message 23 of 31
lyTENciL
Regular Contributor

Re: 17+ credit cards 0 balance


@jeffreymrimd wrote: 
There were some other reasons that triggered denials as you can notice from my experience with Chase.   Even with 19 cards now, I get pre approved offers from BoA all the time and I still get CLI from Amex, Citi and BoA.

I'm interested to know what you think the real reasons for the denials were? What about your profile HAS changed that could explain the turnaround?



FICO8 (1/21): EXP 786. TU 825. EQ 807.
Mortgage (1/21): EX2 771. EQ5 786. TU4 unk.
Profile: Clean/thick?/aged/new. Revolvers: 4 open, 1 closed. 1 Install (7%).
AoOA/RA 17y. AAoA 3.5y. AoYA/RA 2m. TCL $35K.
Free Monthly FICOs:
Message 24 of 31
Girlzilla88
Valued Contributor

Re: 17+ credit cards 0 balance

I agree with what a few people have said about Chase and Citi being a bit more picky/careful I can't really speak of WF as I don't like them to much (My personal opinion) but I honestly believe if you showed some spend and cut back the X/24 it would help to put your foot in the door for Chase ^^       Citi may loosen up their reigns when more places get 'more relax' 










Message 25 of 31
Girlzilla88
Valued Contributor

Re: 17+ credit cards 0 balance

@tecklord     As far as Amex goes though maybe they are waiting to see some spend too?!    It really does confuse me why they would deny you but I second the try for the Preapproval.   ^^










Message 26 of 31
AverageJoesCredit
Community Leader
Mega Contributor

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.


With this kind of profile, having 17 ccs is not the issue. There are plenty of people on here with well over a million in credit, high scores, high income.  Something else is going on because  im poor as fico and even though i get denied more than not im still getting occassional approval.  I know each profile is different but if i had your profile id let your balances report and just pif once a month. As my good friend @Gmood1  would attest, letting your lenders know you can handle big limits can help. 

 

On other note where can i get a cc from that lender that only accepts 6 cc holders?😁

Message 27 of 31
SUMRFUN
Established Member

Re: 17+ credit cards 0 balance

 If there is one thing I learn...that one thing is that, with all the lenders you have, they keep a behavioral profile on how there cardholders pay.  They know if you pay fast or slow after the statement cuts, the amount over the minimum or if you just pay the minimum, etc.  You have a behavioral score, as well as a Fico, Vantage an any other scoring models I might not name here.  That behavioral score is internal an for the lenders use to determine whether your a good fit for additional credit products, outside of the card you may already have.  Some one that has far less income that you have can get approvals faster than some higher income individuals, but it's all based on the type of relationship you have with the lender an the behavioral index they have to determine if you have been a great paying customer or not.  After getting past my first 5 cards, I have never been denied approval from applying for a card.  I stopped at 33 cards.  I have no problems balancing them monthly as I only use 6 to 8 different cards a month, an I only leave an $8.00 balance on them when the statement comes out, so as to get the most points that Fico will give my credit profile for that month.  That is also how you can control your score, an keep it with a certain range......just my 2cents of knowledge for now!

As of 12/20: FICO EX-800 EQ-789 TU-808
Total Credit Limits $255K = Credit util 1% overall AAoA 3.7 years...All thanks to the forum!
Message 28 of 31
Birdman7
Super Contributor

Re: 17+ credit cards 0 balance


@SUMRFUN wrote:

 If there is one thing I learn...that one thing is that, with all the lenders you have, they keep a behavioral profile on how there cardholders pay.  They know if you pay fast or slow after the statement cuts, the amount over the minimum or if you just pay the minimum, etc.  You have a behavioral score, as well as a Fico, Vantage an any other scoring models I might not name here.  That behavioral score is internal an for the lenders use to determine whether your a good fit for additional credit products, outside of the card you may already have.  Some one that has far less income that you have can get approvals faster than some higher income individuals, but it's all based on the type of relationship you have with the lender an the behavioral index they have to determine if you have been a great paying customer or not.  After getting past my first 5 cards, I have never been denied approval from applying for a card.  I stopped at 33 cards.  I have no problems balancing them monthly as I only use 6 to 8 different cards a month, an I only leave an $8.00 balance on them when the statement comes out, so as to get the most points that Fico will give my credit profile for that month.  That is also how you can control your score, an keep it with a certain range......just my 2cents of knowledge for now!


@SUMRFUN very interesting, and who creates the algorithm for the behavioral score? Is that also from fico or what company creates that?

-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 29 of 31
SUMRFUN
Established Member

Re: 17+ credit cards 0 balance

Which ever bankcard companies you currently have...all will have this internal behavioral score or index that they come up with (every bank will have different algorithms), especially for the first two years of your accounts, because they (accounts) are considered new until the 25th month (statement) from the time that you were issued a card.

As of 12/20: FICO EX-800 EQ-789 TU-808
Total Credit Limits $255K = Credit util 1% overall AAoA 3.7 years...All thanks to the forum!
Message 30 of 31
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