Too Much Open Credit Cards ?

[PointsBonus]

Fellow team members,

I was today to do something which I am confused by a bank.

"You are declined because you have way too many OPEN CREDIT CARDS WITH 0 BALANCE, too much open exposure, you should close some and reapply"

Seems like the complete opposite to f what I have been doing. More CC More CLI helps utilizations.

should I close my CC or was I told wrong info ? 
Thank you all in advance 

[Jnbmom]

@PointsBonus 

What lender told you that and was that their exact words ?

[PointsBonus]

@Jnbmom  

yes word for word - Truist

[Jnbmom]

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@PointsBonus wrote:

@Jnbmom  

yes word for word - Truist

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Wow I have been denied for amount of credit I have usually by credit unions, but it has never been worded like that and honestly truist isn't the greatest bank and their products are mediocre at best .

[FinStar]

Once you get to a specific amount of unsecured exposure with all of your lenders, some banks and plenty of CUs will see you as a high risk. It also depends on what income you're reporting + other factors. Remember, unsecured credit cards aren't considered networth and some FIs get a little uneasy with some individuals' exposure. More CCs and CLIs isn't always a plus for some lenders. For instance, CUs like NASA FCU, BECU, Langley and First Tech come to mind where that particular reason for denying a CC or loan. 

Which lender did you apply for?

[FinStar]

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@PointsBonus wrote:

@Jnbmom  

yes word for word - Truist

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Yup, I can see that coming from TRUIST depending on what they're looking at (i.e. percentage of income vs unsecured exposure with all your lenders in aggregate).

[PointsBonus]

@Jnbmom  .. so I am going to close 3 Truist cards I have with them. But I will hold off on the others until I see more post. 

[FinStar]

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@PointsBonus wrote:

@Jnbmom  .. so I am going to close 3 Truist cards I have with them. But I will hold off on the others until I see more post. 

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Personally, I wouldn't close any of your other tradelines, unless...keyword being 'unless' you are not using or haven't used any particular card in more than 12 months and simply being used as padding. Closing 3 TRUIST CCs could help but they're not going to give you a specific amount of what you should close since algorithms could potentially still see that you may still have too much open or available exposure.

Which card were you going for? Enjoy Beyond?

[PointsBonus]

@FinStar I did not know. So ..... do I close a bunch of cards ? I am so confused lost and feel helpless. 

[PointsBonus]

@FinStar  Beyond became Beyond Denied and their HELOC.

I currently have a HELOC but Truist banker convinced me to apply for the loan. 
Beyond Ridiculous