- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Any negative for having too many CCs open?
Posted on 7/23/14 at 8:23 pm to TigerTatorTots
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.
3
Posted on 7/23/14 at 8:27 pm to bubbz
quote:
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.
Gotta disagree strongly. There is nothing wrong with having more accounts open if they are managed well. You do not take a hit to your score for having more than three credit cards. That is ludicrous.
You want your utilization at 20% or less. 60% is way too high and has an adverse affect on your score and your credit worthiness.
Posted on 7/24/14 at 8:09 am to bubbz
quote:
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.
This is sooooo wrong. Please stop spewing this around.
quote:
Take this from someone who has been trained by Equifax and is in the field.
Either a) their training is wrong b) you didn't pay attention during training or c) you're lying.
Personally, I keep around 20% at a maximum.
Keep it sub 35% according to Equifax
quote:
Are my balances too high relative to my total available credit limit?
Creditors prefer to see a lower ratio of how much debt you’re carrying compared with how much available credit you have on a particular account. Ideally, you’ll use less than 35% of the total credit limit on any particular account. For example, if your credit card has a maximum credit limit of $1,000, carrying a balance above $350 on that card could negatively affect your credit score.
Posted on 7/24/14 at 4:10 pm to bubbz
quote:
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.
What in the......
I don't claim to be an expert but that is absurd.
Utilization has always been around 17 percent to 19 percent for me and I would never let get above 30
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News