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re: Any negative for having too many CCs open?
Posted on 7/23/14 at 9:20 pm to VABuckeye
Posted on 7/23/14 at 9:20 pm to VABuckeye
Well I'm calling BS on both.
You do take a small hit with more than 3 cards opened. Whether you manage them well or not is a different story. Having a lot of available credit to tap into can show risk to a lender.
Your score will be the same whether you have 20% or 60% balance/limit ratio, however 60% is the threshold.
You do take a small hit with more than 3 cards opened. Whether you manage them well or not is a different story. Having a lot of available credit to tap into can show risk to a lender.
Your score will be the same whether you have 20% or 60% balance/limit ratio, however 60% is the threshold.
6
Posted on 7/23/14 at 9:23 pm to bubbz
quote:
Your score will be the same whether you have 20% or 60% balance/limit ratio, however 60% is the threshold.
This is flat out incorrect.
Posted on 7/23/14 at 10:11 pm to bubbz
quote:
Your score will be the same whether you have 20% or 60% balance/limit ratio, however 60% is the threshold.
Can you at least tell us where you're getting this from? Besides "expertise"...
Threshold is closer to 30% than 60%
Posted on 7/23/14 at 10:25 pm to bubbz
I've never heard the 60% threshold....I've always read it should be less than 30%
Posted on 7/23/14 at 10:52 pm to bubbz
quote:
Your score will be the same whether you have 20% or 60% balance/limit ratio, however 60% is the threshold.
I was banking a good bit on a 0% teaser rate that brought my utilization to 45% when I paid that off and got a increase in my line of credit, it brought my utilization to 23%
Score went up 25 points.
Posted on 7/24/14 at 1:11 am to bubbz
quote:
Posted by bubbz Well I'm calling BS on both. You do take a small hit with more than 3 cards opened. Whether you manage them well or not is a different story. Having a lot of available credit to tap into can show risk to a lender. Your score will be the same whether you have 20% or 60% balance/limit ratio, however 60% is the threshold.
You're wrong. Source: real life and every CC forum.
Posted on 7/24/14 at 10:14 am to bubbz
quote:
bubbz
to the OP, take 5 mins and do some research, and you will quickly see that everything this guy said is incorrect.
fwiw i currently have 5 cards and a 800+ FICO.
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