How many Credit Cards are too many?

Discussion in 'Credit Talk' started by matty61184, Jul 17, 2001.

  1. matty61184

    matty61184 Well-Known Member

    I was just wondering how many credit cards are too many? Would 6 Visa/Mastercard and 2 retail store cards be too many to have? What is the recommended number, as well as the "average?"
  2. Mist

    Mist Well-Known Member

    I thought 4 cc and 1 retail was ideal. Here's a question for Mr. FICO and Mr. Isaac. Think they would answer it? I have lots of questions for these guys. I think, in addition to the Inquiry 2001 project we've got going here, we should start bombarding FICO with SPECIFIC questions and cc the FTC, BBB, AG, State AG, legislators and congressmen. We deserve disclosure of what will affect our financial reputation and we need to start demanding that disclosure!
  3. matty61184

    matty61184 Well-Known Member

    I agree! Maybe we could start some type of lobby and get everyone's signatures on this board to lobby they disclose everything about keeping stellar credit. To me, it seems foolish they haven't let us know. It's like sending your child to school, they sit there all day doing nothing and wondering what the hell is going on. Before school is out, the teacher gives them a test over something that was never reviewed! That's how many consumers feel when it comes to knowing things like the right amount of credit cards, debt ratios, etc. No more should they stop us! REVOLT!


    The Platinum Visa Guy...
  4. Mist

    Mist Well-Known Member

    Who's with us?

    Also, if you have any links/e-mail addresses which might be useful in this campaign please post.
  5. matty61184

    matty61184 Well-Known Member

    I'll check around and see what I can find. I'm sure there are others out there who want to exercise their rights.
  6. breeze

    breeze Well-Known Member

    Go read Greg Fisher's letters on Hilarious!!

    FICO will tell you if you have too many cards, or not enough cards, but not how many you should have.

    It is all bogus crap anyway. A way to charge you more for credit.


    GEORGE Well-Known Member


    I had >$100,000 (twenty+) until this F.I.C.O. GARBAGE came into the picture and I had to cut way back...
  8. creditwork

    creditwork Well-Known Member

    FICO, smashko. I have 18 cards, close to $150,000 in credit lines, a mortgage, a home equity line of credit, a car loan, (that I just got @7.9 for a used car), and 2 businesses with close to $100,000 credit in each. Who cares what my FICO score is?
    Not me.
    By the way, I am still getting teaser rate offers and higher lines. It pays to exercise your credit. Deal from strength.

    GEORGE Well-Known Member

    I have learned to care...when FIRST USA raises your rate from about 10% to 22.49%...
    You have to care...
    I have tried to apply...DENIED AFTER DENIED...
  10. GEORGE

    GEORGE Well-Known Member

    They never say INCOME too low...
    It's always BALANCES too high...
    Too much credit...
  11. creditwork

    creditwork Well-Known Member

    George, if you have strong credit, when they raise your rate, you just pay them off. True, you will be denied if you have "too much" credit, but if you exercise the credit you do have, the offers will come fast and furious. It worked for me. It worked for my girlfriend before she became my wife, it worked for my sister. It will work for anyone that has the patience and the discipline to embark on the exercise program.
  12. ble103

    ble103 Well-Known Member

    No more then 5 to 7 cards max is the ideal number to get a higher FICO score.Having 6 would be it as far with FICO but keep in mind that FICO looks at the credit limits on the cards,and compares the used amount against the credit limits on the cards.It is recommended not to use no more then 50% of total availiable credit to score higher but if you want to know the truth no one should exceed over 40% total usage against their availiable credit to optimize their FICO scores.I have a total of 6 cards with a total amount of $63,000 of availiable credit with only $21,000.00 used so i am in good shape with FICO,and my creditors prove that by offering very low interest rates on my cards.Keep in mind that there isn't such of a thing of having too much availiable credit by FICO because FICO dosn't factor anyones income for it scoring model,only a creditors internal scoring model can tell if anyone has too much availiable credit by that persons application information including their income.Each creditor has their own underwriting guidelines wether to extend any additional credit to someone or not.A credit reporting agency dosn't decide who gets credit or not nor the the FICO scoring model only the creditor that uses the information from a persons credit file makes the decision on extending credit to them.
  13. GEORGE

    GEORGE Well-Known Member

    only a creditors internal scoring
    model can tell if anyone has too much availiable credit by that persons application
    information including their income.

    The credit card companies need to give more weight to payment history instead of F.I.C.O.
    I have handled over $100,000 of credit cards...PERFECT PAYMENT HISTORY FOR 22 YEARS...BUT BECAUSE OF F.I.C.O. SCORING I AM SUDDENLY A BAD RISK???

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