Too many open accounts? :(

[Chris679]

Mint.com for monitoring all of my cards

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@newhis wrote:

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@NRB525 wrote:

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@notalemming wrote:

Would someone please explain to me why people have so many credit cards?  It seems to me that it would be hard to keep up with all the due dates, etc.  I have two, one World Mastercard and one Visa Signature.  On Credit Karma, it did say on my report that I had a low number of accounts, but my FICO is 834, so I guess it is not that bad.

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well, I can't speak for anyone else, but back not too many years ago when the CCC were handing out limits like candy, in order to have $125k of open balances, I had to have a few cards

And after looking at CK I consider it something of a joke. It survives on marketing dollars from credit card applications. Is there a connection to suggesting 22+ cards gets an A grade? I'm not one for conspiracy theories, but maybe someone can see a pattern here...

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There is no way that I can handle 22+ cards.

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It's good that you know your limits.

Personally, I handle over 20 credit cards between the wife and I.

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I find it quite easy managing all my cards and my wifes, most of them are under one login account, like 4 of my citi cards and 5 of my chase cards so with just 15 secs i can check almost 9 cards to see whats going on, its not hard at all for me, i check them all once a week and make any payments necessary before the statement cuts, i actually kinda like it,

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+1

[CreditDunce]

If you are getting this code with FICO 04:

04 Too many bank or national revolving accounts

It means you probably have a good score.   It is one of those codes they use when there isn't much else wrong with your credit report.   Moreover, I think you can add installment loans or credit union CC's to make the code go away.  I don't think the code is in FICO 08, but I haven't checked to make sure.

Per FICO, the actual number will vary depending on your credit profile. There is no fixed number.

This code is a little more troublesome:

09 Too many accounts recently opened

But depending on your AAoA, I think you can still have a good score.  Still it probably means you should garden some.

[ecxpa]

manage your cards well, pay your bills and it won't matter.   I think this is a "negative" proprietary score models use.  It is a subjective assessment of another persons financial picture, pretty much like saying an individual is overpaid.  Nurture your credit and take care care of it and if the time comes when you need it, it will take care of you.