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re: Any negative for having too many CCs open?
Posted on 7/23/14 at 8:34 pm to VABuckeye
Posted on 7/23/14 at 8:34 pm to VABuckeye
quote:
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
Cosigned.
20% utilization is ideal.
New accounts hurt... but eventually they show the ability to manage credit. The key is getting to the eventually without any hiccups.
I've seen 840 credit scores with the largest negative factor on the credit being too many open accounts.
I repeat... this is a good thing (when the worst thing a credit agency can say about you is too many open accounts).
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