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re: Any negative for having too many CCs open?
Posted on 7/23/14 at 7:34 pm to meansonny
Posted on 7/23/14 at 7:34 pm to meansonny
quote:I was told that this account is the reason why my credit score is over 800. My credit history is 25 years because of it (would only be 10 years if that account wasn't open). Plus its a $40,000/mo card so it really helps my utilization rate
Check your credit report to verify that an 'authorized user' account isn't affecting you.
2
Posted on 7/23/14 at 7:55 pm to TigerTatorTots
That's what I've seen in the past.
You've got to be cautious with the word 'late payment' involving credit.
The consumer reports only care if it is 30, 60, 90, or 120 days late.
If that card helps your score, then I'm sure it can hurt your score if they screw the account up royally.
Good luck.
You've got to be cautious with the word 'late payment' involving credit.
The consumer reports only care if it is 30, 60, 90, or 120 days late.
If that card helps your score, then I'm sure it can hurt your score if they screw the account up royally.
Good luck.
Posted on 7/23/14 at 8:23 pm to TigerTatorTots
Tots:
The ideal amount of credit cards to have open is 3. Anything more than that you take a hit. You want your balances to be no more than 60% of the limits.
If your credit is strong, IE multiple car loans, mortgage history, revolving history, opening a credit card line before a mortgage app isn't a huge deal, however if you do not have a lot of history on your bureau, I would advise against it.
Take this from someone who has been trained by Equifax and is in the field.
The ideal amount of credit cards to have open is 3. Anything more than that you take a hit. You want your balances to be no more than 60% of the limits.
If your credit is strong, IE multiple car loans, mortgage history, revolving history, opening a credit card line before a mortgage app isn't a huge deal, however if you do not have a lot of history on your bureau, I would advise against it.
Take this from someone who has been trained by Equifax and is in the field.
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