How many credit cards can you have before they drop your credit score?
I heard having too many credit cards can lower your FICO score even if you pay them full each month. How many can you get before they drop your score?
I had problem getting a credit card when I had no credit history and then after I finally got one, I had difficult time getting another one, because banks said I had "too few" revolving accounts. Now I have 5 credit cards and only 1 of them carry balance. My balance to credit ratio is 6% and my FICO score is 740.
the only reason they drop is inquires, you’re getting denied is a totally different thing. first of all 740 is an awesome score. what you really need to do is wait. you need to let your credit age a bit. besides credit score and on time payments, creditors look at established credit and the only way to get that is to let those trade lines age.
Its not the number of cards, nor is it the amount of debt you carry. What they look at is the amount of POTENTIAL debt. In other words even if you never used hese cards, they look at the limit that you COULD spend on them.
September 5th, 2010 at 1:48 pmReferences :
I believe you can have as many as you want but if you don’t pay on time then that’s what they consider. You have to make the payments and ON TIME. Once you’re late they hold that against you.
September 5th, 2010 at 2:04 pmReferences :
I don’t know about how to keep score and all that stuff.
I just know that you keep paying more than your monthly minimums, and they keep wanting to give you more and more.
This is really unimaginable years ago.
Where the hell do these companies get so much money available to lend?
I’t seems like a joke, and yet it’s reality today.
And all they want to know is that you own some property.
They value property.
Wasn’t always like this. I blame these stupid ass banks for this mess of credit being sloshed around.
The biggest joke is waiting at the checkout where everyone whips out a credit card to pay for groceries.
Years ago, these people would be starving.
Where’s the CASH?
Anybody work for cash anymore?
Tell me, someone…does anyone still work long hours for wages anymore?
Or, do they do magic tricks with credit cards?
I got to know!
September 5th, 2010 at 2:40 pmReferences :
if you have an overall credit rating of 740, what in the world are you asking questions about credit for????????????????????????????????????????????? you know more than 90% of the population to even achieve that score……are you sure you are not bragging and need some strokes????????
September 5th, 2010 at 3:25 pmReferences :
the only reason they drop is inquires, you’re getting denied is a totally different thing. first of all 740 is an awesome score. what you really need to do is wait. you need to let your credit age a bit. besides credit score and on time payments, creditors look at established credit and the only way to get that is to let those trade lines age.
September 5th, 2010 at 4:13 pmReferences :