Guys how many credit cards are too many. I have 2 now 1 for Bank Of Marin with a 350 limit and I just got one today from Cross County a Gold card with a 200 limit. I was thinking about getting the Providain Gold they sent me the offer with a 300 limit. Should I get the Provdain? Or are 2 cards good enough? Or should I get 3 or more? What's the sweet spot that creditors look at? Kenny
RE: How many cards are too man I heard that 3-4 cards are plenty, but I have heard some nasty things about Cross country. Why did you choose this bank? Heard they're crooks. I have the Providian Gold (since 11/00) and so far so good. The rates aren't so good, but if you have bad or no credit, I think it's a good card to start with. I haven't had the card for long enough, but I heard they give increases every 3 months as long as you have no lates, no over the limits, and things like that. Check out some of the posts about them on this board. They're full of tips on what to avoid and how to get a grace period, lower APR, waive annual fee, etc. Their Aria card is also pretty easy to get, but with the same crazy rates as the Providian Gold. Just my opinion... dump the cross country and get a Cap one secured or the Aria card. Cap One has a lower APR, $39 annual fee and a grace (but it's secured). The Aria card is easy to get, unsecured, and they review for increases every three months (but they have high APR and annual fee, no grace period). I'm saying all this because I assume from the cards that you have, your credit is not "excellent" and you're stuck in the Sub-prime world like me and many others on this board.
RE: How many cards are too man ONE is too many for some...I handle 9 at this time (at one time had 20).
RE: How many cards are too man Since it sounds like you are dealing with sub-prime cards, I would be careful with how many inquiries and subsequent accounts you book in a short period of time. In regards to how many cards can you possibly get without negatively impacting your credit, I've got about 30 and it's not hindering me so far. I'm kind of a card collector. PS: watch out for Cross County. They have a bad rep. Kat http://creditexpert.tripod.com/cards.htm
RE: How many cards are too man Same as netKat, have 22 accounts and haven't seen a negative impact either.
RE: How many cards are too man Isn't it suppose to lower your fico score if you have a lot of accounts?
RE: How many cards are too man That's what they say, but until FICO releases info to consumers, Who really knows. Have read that 3-5 cards is a good mix. Scored a 740 and did mention too many new accounts in the negative section.
RE: How many cards are too man netKat wrote: "watch out for Cross County. They have a bad rep." I don't think "Cross Country" and "reputation" fit in the same sentence. Saar
RE: hay netkat. Hiya Sam, I don't carry them all around. I just take my favorite few with me. Some are department stores and I have those so I get the sale stuff in the mail. I pack those when I go to the mall. Additionally, I keep a revolving balance on one card utilizing a promo rate. So, I never use that account to make any purchases. It's just always been in my blood. I love credit cards. Kat http://creditexpert.tripod.com/home.htm
DUMP CCB If you are trying to build/rebuild which it appears I would suggest no more than 3 cards, keep these all in good standing for 18-24 months then you may see some better offers. I also suggest to DUMP Cross Country as fast as you can, this bank is TERRIBLE they will not help your credit they will probably hurt it, you should read up about them they are a bunch of crooks. Mom
RE: How many cards are too man Humm, I have been told my these so called credit score analysis that I have too many revolving account (7) total and was also told this by a lender. Does income also play a role as well?? Just curious because my 7 seems small to what others have said they have??
RE: How many cards are too man Hard to say, I have had as many as 20 cards. I am presently down to 18. I only close accounts that charge a fee or refuse to give me at least a teaser rate. http://www.creditsense.com
RE: How many cards are too man I think payment history and the way the accounts have been handled play a major factor. http://www.creditsense.com
RE: How many cards are too man I think payment history means little...I have a perfect payment history since 1978!!! I WAS TOLD BEING "MAXED OUT" ON DISCOVERCARD ALMOST EVERY MONTH EVEN THOUGH I PAY IN FULL EVERY MONTH IS THE PROBLEM!!!??? I have been denied 3 times in 3 months... 1)CITIBANK 2)CAPITAL ONE 3)JUNIPER
RE: How many cards are too man Approximately 35% of your Score is based on Payment History. 30% of your Score is based on AMOUNT OWED.
