fused111 wrote:I agree with you if someone is trying to secure a mortgage. One of the lenders I'm working with says I have too much credit available even though my record and cr's are spotless, not a single derog. They want me to close some cc's. Other than this point, bigger cl's can only help your FICO scores. Better we restart the spelling rant thread!
Boswd wrote:This is the only topic that I respectfully disagree with Tucsani on
Tuscani wrote:There are some people who say too much is bad... I say BS. While a manual review could flag you for too much.. in terms of scoring the more the better!
princessofpink wrote:I was just reading the AMEX thread where people were discussing getting credit limit increases. I guess people want the increases because then their utilization rating is lower, but isn't there also a danger in having too much available credit? I was given a $4400 limit by AMEX, and really don't intend on using the card for much except building the TL so I really don't see any need for an increase from them. Is there really that great of a benefit in having increased credit limits?. Though it may for your scoring be somewhat benefical to have tons and tons of credit cards, I think overall is very very risky, can get you into major financial difficulites, can be much harder to manage which can lead to oversites and forgotten payments, which can lead to financial disaster. And if it is a red flag to a future potential lender, that you have too many cards, it basically says to them, that you don't take credit resonsible and are one car repair, or little Timmy and Tommy both need braces, away from getting yourself into trouble. Besides isn't it the potential lenders you want to impress with a good responsible credit report, FICO isn't giving you that loan.
*Disclaimer I know not everyone who has alot of credit cards are foolish spenders and does not take their cards serious, It's just that a loan officer or a mortgage broker, might think that. *
Oh I know my spelling is horrible when I'm trying to do this at work LOL 
But to respond to your post, isn't it the lender you want to impress the most with your credit report? What good does it do you to have FICO love you, when the creditor's are the ones who take your full report into account and they have their criteria for what is considered risky and what isn't . I mean we want a good score and report to show off to potenial lenders, like I said before , FICO isn't giving you the loan or the financing.
fused111 wrote:Other than this point, bigger cl's can only help your FICO scores. Better we restart the spelling rant thread!
LOL!