Never get any pre-approvals :-(

[distantarray]

maybe he's young but not as creditworthy as he feels jk =)

[ccnewcc]

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@ac921ol wrote:
How do I opt in? Never knew I could opt out.

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Yeah by default we are all opted in.  How lovely, right?  all the CRAs sell our data out to anyone who wants it.  Unless we opt out.

[Mustangfrank]

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@ccnewcc wrote:

Having to much credit can be a bad thing.  Even if you don't use most of them.

Lenders look at it as you rely too much on credit and therefore are more risky than someone who has less credit.

But to your question, it may just take awhile for you to start getting them again (that is if your 17 plus cards hasn't scared them away lol) just like it takes awhile to stop getting them when you opt out.

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So how much credit is too much?

What is the perfect balance of cards ?

Is it 5 cards with credit limits of $10,000 each ?

I think there is a lot to consider such as income, balances etc.

As allways Your Milage May Vary.

and the State of the economy can also come into play.

[ccnewcc]

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@Mustangfrank wrote:

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@ccnewcc wrote:

Having to much credit can be a bad thing.  Even if you don't use most of them.

Lenders look at it as you rely too much on credit and therefore are more risky than someone who has less credit.

But to your question, it may just take awhile for you to start getting them again (that is if your 17 plus cards hasn't scared them away lol) just like it takes awhile to stop getting them when you opt out.

---

So how much credit is too much?

What is the perfect balance of cards ?

Is it 5 cards with credit limits of $10,000 each ?

I think there is a lot to consider such as income, balances etc.

As allways Your Milage May Vary.

and the State of the economy can also come into play.

---

So how can I get a 850 FICO?  ↑↑You ask an impossible question.

When someone has too many CCs lenders just know.  It isn't YMMV on that one.  Too much is just too much.  Irrespective of income etc.

You could have great income and come to me (i'm the lender) with a CR with 30 CCs and I (and dare I say any lender) wouldn't lend to you or approve your app.

Too many is just too many.

 For one, if you got 30+ CCs, you're spending is too spread out and wouldn't benefit me if i approved you.  And for another, the risk factor is too great.  Someone who has 30+ CCs vs someone who has 9 CC is more risky.

There is no magic number to how many is too many.  You just know.  It's intutitive.

[Mustangfrank]

I  now have six totalling $37 K

Is that too much ?

I do not want to get FR'd or an AA

I do not plan on getting anymore cards but I do want to see how hi can get my FICO Scores.

I am in the very low 800's 

[ccnewcc]

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@Mustangfrank wrote:

I have now have six totalling $37 K

Is that too much ?

I do not want to get FR'd or an AA

I do not plan on getting anymore cards but I do want to see how hi can get my FICO Scores.

I am in the very low 800's 

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Lol!  Like i said, there is no magic number.

But if you're looking for a direct answer, I'd say you're fine.  6 is not too many. lol

[FrugalRican]

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@ccnewcc wrote:

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@Mustangfrank wrote:

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@ccnewcc wrote:

Having to much credit can be a bad thing.  Even if you don't use most of them.

Lenders look at it as you rely too much on credit and therefore are more risky than someone who has less credit.

But to your question, it may just take awhile for you to start getting them again (that is if your 17 plus cards hasn't scared them away lol) just like it takes awhile to stop getting them when you opt out.

---

So how much credit is too much?

What is the perfect balance of cards ?

Is it 5 cards with credit limits of $10,000 each ?

I think there is a lot to consider such as income, balances etc.

As allways Your Milage May Vary.

and the State of the economy can also come into play.

---

So how can I get a 850 FICO?  ↑↑You ask an impossible question.

When someone has too many CCs lenders just know.  It isn't YMMV on that one.  Too much is just too much.  Irrespective of income etc.

You could have great income and come to me (i'm the lender) with a CR with 30 CCs and I (and dare I say any lender) wouldn't lend to you or approve your app.

Too many is just too many.

 For one, if you got 30+ CCs, you're spending is too spread out and wouldn't benefit me if i approved you.  And for another, the risk factor is too great.  Someone who has 30+ CCs vs someone who has 9 CC is more risky.

There is no magic number to how many is too many.  You just know.  It's intutitive.

---

Too many is subjective and is on an individual basis.

What you are stating is that simply having too many credit cards will get you denied, no matter what.

Someone who has 30+ CC's and carries a small balance on just one versus a person with 9 and maxed out already just tears down your scenario.

Like you said, there is no magic number... so how would you just know?

If someone comes to you with 30 CC's and you deny them based on that alone, you'd be doing a terrible job as a lender. There's more to it and each lender needs to do their due diligence.

I've had mortgage reps tell me that they approved guys with 20 credit cards simply because their level of income was higher, they had assets, and other things within their financial portfolio that deems them worthy.

It's not as black and white as "Too many CC's - Denied".

[roseann0617]

Learn something new everytime I come here. I didn't know you could even opt-out or opt-in. What benefit is there to opting out if I may ask?

I have learned that pre-approved doesn't really mean pre-approved.

[distantarray]

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@roseann0617 wrote:

Learn something new everytime I come here. I didn't know you could even opt-out or opt-in. What benefit is there to opting out if I may ask?

I have learned that pre-approved doesn't really mean pre-approved.

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benefits of opting out is you save trees =) you get no more pre-approved pre-qualified offers etc. aka cuts your junk mail.

Also no companies can do soft checks on your account without having an account with your file in their office. It also makes it so companies have harder time verifying information if your opted out when your disputing things on your credit report.

[youngandcreditwrthy]

Well... The only card I want to close us Chevron haha. I think it only matters if you have a bunch of maxed out cards. Any creditor I do biz with can see that I barely use any of those cards-just keep them for util and history. Only one is maxed out :-/ haha. I paid like over $3k in cc bills this month!!!