@Tonya-E wrote:@Obscure-Expert
I overthink EVERYTHING
So you're on the money there! I read and read on these topics and often times over-analyze! I have seen people report that they were told to close some of their credit cards because they had too much credit available to them. The lender was afraid of the possibility of them using that credit (maxing out), and thereby hindering their ability to pay. NOW, the left out part is what their DTI was. And that was the part I left out of my thinking. I have to factor that in as it is a key component.
Tonya-E....really nice scores. I have never had even one fico 8 reach 840.
@Tonya-E wrote:@dyn Ok this is good to keep in mind. The only card I have with an annual fee is the Amex BCP and I use it enough to far outweigh the yearly fee. So it is beneficial. Thank you for your input. Years ago (and I haven't been up here for a while), I thought it was stated that having too many cards could prevent attaining new credit (mortgage, car loan, etc.). It's been a long time though. My info is probably outdated.
Hey, I remember you Tonya . Hi!
Your registration date is even earlier than mine... the credit market was simply different then with lenders side-eyeing things which are utterly irrelevant today.
There is a "too many accounts" penalty on some scores (sigh, TU) and lender underwriting can have restrictions, but the vast majority of lenders currently just don't care. If we do get another major downturn in the financial markets, things will tighten up but to everyone's point if you're managing your accounts well and your income isn't out of line anyway (I think 1:1 is an easily supportable measurement even in the worst of times credit wise) it won't matter much if at all.
I wouldn't worry about it, as long as you're not racking up absurd amounts of debt it doesn't matter rationally when it comes to finances. That said, if the proverbial fecal matter does hit the air circulation device, I'm probably going to self-select some cards and maybe limits to pare down to reduce the chance of some lender I do care about (Chase) going sideways on me... pretty sure Chase will be among the last to do something drastic like close an account on me, but I'm going to be playing safety bear with my credit at that point: I can always re-establish other lines later but it probably won't rationally matter to me credit wise, 5 credit cards is plenty for scoring purposes for pretty much everything, I don't need 17 just sayin' .
Hi Revelate!!!
I remember you too!!! I hadn't logged in since like 2011-2012! Good to know you are still around I am just going to sit with what I have at this time I think. What I do plan to do is reevaluate how I am using each to maximize my profit for using them. That is something I wasn't doing to the best of my ability. But it is good to know that I am not doing anything that may cause problems in the future. I think it may be due to a new day and time.
@sarge thanks! I will likely never see it go further-especially on the other two But as long as I keep them decently high I should be ok. Thanks for your input too. I have referred folks to this forum many times to know how to navigate this credit thing. I can tell you for sure that it has helped me tremendously!
@Average, That's all I was worried about. I always keep utilization low. I know it sounds like I am overly cautious but this is someone that has been through some HORRIBLE times in my younger years. So ever since I recovered, I have just tried to make sure I stay on my P's and Q's. Even at 42 now I am still learning. You're never too old.