cancel
Showing results for 
Search instead for 
Did you mean: 

What Do Creditors Think When They See an Applicant with 25+ Credit Cards?

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Highlighted
Regular Contributor

What Do Creditors Think When They See an Applicant with 25+ Credit Cards?

In addition to that, they see that they're isn't much activity on them as well?

American Express Blue Cash Every | Discover it | Citi Double Cash | Capital One Quicksilver | Amazon Store Card | PayPal Credit | J. Crew | Old Navy | All approved in 2015. FICO 08: 796/796/796 (roughly). Garden Club member since 10/13/2015.
Message 1 of 7
6 REPLIES 6
Highlighted
Valued Contributor

Re: What Do Creditors Think When They See an Applicant with 25+ Credit Cards?

Probably YMMV. But some have way more than 25 cards so it could depend on what the whole file says.. If you're clean, and not too many recent for example, I see no difficulties.

Amex Green • Amex BCP • Amex HH (Aspire®) • Barclay Rewards • Chase World of Hyatt • Chase FU • Capital One Quicksilver • Discover it • PENFED Platinum Rewards • Marvel MC • Amazon Store • Kohls Store • CL $109,330 • Car Loan (PENFED) 1.99% PAID

FICO® 8 Scores 805-812 FICO® 9 Equifax 822
Message 2 of 7
Highlighted
Super Contributor

Re: What Do Creditors Think When They See an Applicant with 25+ Credit Cards?


@10022016 wrote:

In addition to that, they see that they're isn't much activity on them as well?


It depends on the lender.

 

My impression is that big banks could care less about that so long as the the stats and scores and income are good.

 

But from personal experience I can tell you that credit unions don't like it. The biggest reason I get turned down by credit unions is that I have too many accounts. I was recently turned down by a credit union for that reason when the FICO score they pulled was an 827.


Total revolving limits 646000 (570000 reporting)



Message 3 of 7
Highlighted
Super Contributor

Re: What Do Creditors Think When They See an Applicant with 25+ Credit Cards?

Hey SouthJ!  Are you certain that their issue was too many accounts.... and not too many recent accounts?  The latter is definitely an issue for some institutions.  I think you have told me that you pretty much always have many inquiries and also a number of new accounts.

Message 4 of 7
Highlighted
Valued Member

Re: What Do Creditors Think When They See an Applicant with 25+ Credit Cards?

I'm going with the too many recent accounts. 

Message 5 of 7
Highlighted
Super Contributor

Re: What Do Creditors Think When They See an Applicant with 25+ Credit Cards?


@CreditGuyInDixie wrote:

Hey SouthJ!  Are you certain that their issue was too many accounts.... and not too many recent accounts?  The latter is definitely an issue for some institutions.  I think you have told me that you pretty much always have many inquiries and also a number of new accounts.


I'm not 100% certain but I don't think they made reference to the newness of the accounts.

 

 


Total revolving limits 646000 (570000 reporting)



Message 6 of 7
Highlighted
Regular Contributor

Re: What Do Creditors Think When They See an Applicant with 25+ Credit Cards?

That is a ton of cards SouthJ.  It got me wondering... how many of those actually make it into your wallet?  Do you pick a MC, Visa and AMEX you like and only carry the three or do you have a massive wallet that lets you carry 26 cards around?

Starting June 2017 EQ-629, TU-636, EX-637
Current as of May 2019 EQ-717, TU-707, EX-750
Goal for June 2020 EQ-740+, TU-740+, EX-740+

Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.