Author Topic: Too many cc's?  (Read 3161 times)

Offline puddles

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Too many cc's?
« on: January 25, 2011, 11:50:55 PM »
I know dan always says that opemimg up too many credit cards is a myth but maybe he can do a refresher article since the one i found was old. I have a few credit cards but im nervous that i have too many and my credit score will go down. Truthfully i mostly just use one and the rest sit in a draw. I think with everyone commenting here we could get a good discussion going with past experiences from different people.

Offline ?

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Re: Too many cc's?
« Reply #1 on: January 25, 2011, 11:53:30 PM »
afaik the more credit cards you have generally the higher your credit limit which is very good for your score. Also the only issue i think is when you apply you get a pull and a lot of pulls equals a hit on your score, and closing a card with a high credit limit i think is also bad

Offline Yellow

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Re: Too many cc's?
« Reply #2 on: January 26, 2011, 12:38:18 AM »
Don't know for sure what the answer to this question is, but in the past year I opened a bunch of cc's (about 6?) making my total amount of credit cards 8, and My credit score is really good despite that. Sorry if this does not clearly answer your question but that's my experience so afaik too many cc's isn't THAT bad....

Offline moish

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Offline Dan

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Re: Too many cc's?
« Reply #4 on: January 26, 2011, 08:45:12 AM »
the rest sit in a draw.
Love the NY accent making its way to text!
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline ?

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Re: Too many cc's?
« Reply #5 on: January 26, 2011, 09:25:01 AM »
Love the NY accent making its way to text!
:) leave it to an out of towner to notice

Offline puddles

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Re: Too many cc's?
« Reply #6 on: January 26, 2011, 10:28:39 AM »
Thanks dan ;) any opinion on the post besides the ny accent?

Offline Dan

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Re: Too many cc's?
« Reply #7 on: January 26, 2011, 10:33:20 AM »
Thanks dan ;) any opinion on the post besides the ny accent?
I have dozens of open cards with enough credit to buy a small plane and an excellent credit score.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Yordai Dooma

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Re: Too many cc's?
« Reply #8 on: January 26, 2011, 10:38:54 AM »
I have dozens of open cards with enough credit to buy a small plane and an excellent credit score.
+1
Literally Dozens

Offline bosoxfan

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Re: Too many cc's?
« Reply #9 on: January 26, 2011, 12:03:00 PM »
I have dozens of open cards with enough credit to buy a small plane and an excellent credit score.

That's the reason Dan. Your extended credit is so large it outweighs the amount of open accounts. But someone who would not have as great a credit::accounts ratio would cause their score to be lowered.

Offline YudiG

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Re: Too many cc's?
« Reply #10 on: January 27, 2011, 08:06:38 PM »
I have a gr8 credit score - over 730 - but 4 some reason I get denied for the AA offers and CO offers. I managed to get the the SPG and Plat recently....if I got a CO 50K targeted offer are my odds of getting approved higher?

One of the reasons they gave was there were too many hard pulls...don't understand though as Amex doesn't seem to have an issue.

Offline AsherO

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Re: Too many cc's?
« Reply #11 on: January 27, 2011, 08:09:50 PM »
One of the reasons they gave was there were too many hard pulls...don't understand though as Amex doesn't seem to have an issue.

Probably different number of inquiries reported at the different credit bureaus.
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Offline YudiG

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Re: Too many cc's?
« Reply #12 on: January 27, 2011, 08:47:41 PM »
is it safe to apply for the targeted CO or new Amex 25k? better hold off for a while? Thanks!