i'm trying to obtain as many a

Discussion in 'Credit Talk' started by love, Jan 12, 2001.

  1. love

    love Guest

    I'm trying to get as many as credit cards i can like some of other user here.
    Hopely 28-30 in 4 yrs.
    I only have 4 credit cards now , $300-$2000
    If i make all payments on time , on what monthly basis should i apply for each card
    without getting an inquiry
    i'm planning to apply 3 for 6 months
  2. mt

    mt Guest

    RE: i'm trying to obtain as ma

    I'm curious -- why would you want so many cards. I would think it might be difficult to keep track of all of them. I think most credit applications result in an inquiry, so I don't think you can avoid that. "Hard" inquiries remain on your report for two years.
  3. lee

    lee Guest

    RE: i'm trying to obtain as ma

    No one should have over 5 active revolving credit card accounts at one time.FICO dosn't like excessive amount of tradelines opened.Could cause your score to go very low,and you will never be able to get lower interest rate on the credit cards.So think it over.
  4. roni

    roni Well-Known Member

    Bad Idea

    I myself got carried away with accumulating credit card accounts when I started cleaning my credit. Now I am trying to close most of them and leave just 4 open. Why in the world do you think that more is better. Well, I did a little at first, but what you propose, 30 cards, is proposterious. If you review this board carefully, you will see that the recommendation is 4-5 accounts maximum. Alot of us have more, b/c we didnot know this was the case and are forced to keep the new accounts b/c they are good ones with betters rates. We have to keep the older accounts because they are older and help the score due to longevity of credit. You need variety.

    I would use inquiries getting installment accounts. That would be cars or bank loans. Secured bank loans are super easy to get. They use your savings account or a CD as collateral. I have done this method.

    Take my word for it. What you are planning is a VEry Bad Move. The inquiries alone will kill your Fico score. Review the guidelines on getting better scores and concentrate on improving your scores. That would include debt ratios. Any questions? If not, Good Luck.

  5. Sailor

    Sailor Guest

    I didn't know that 4 to 5 is t

    I have 7 and am applying for an 8th.
  6. roni

    roni Well-Known Member


    we've have said that about a gazillion times on this board.

  7. creditwork

    creditwork Well-Known Member

    RE: Bad Idea

    I have more, because it is great to have as many as possible. Credit is to be used, not abused. The credit minded person with the patience and discipline to handle many accounts, should go for it.

    I invest all my credit. The more the better.

  8. roni

    roni Well-Known Member

    RE: Bad Idea

    The more revolving trades you have lowers your credit score. The # of inquiries hurts as well. More is not better. In your case you require more. I have more because I wanted more initially thinking it was better. My score is increasing despite the excessive # of trades. However, my score would have risen just the same with a fewer # of better cards reporting on time. When someone is trying to start over or start out, excessive inquiries is not good. Especially if you want a major purchase soon.

  9. RichGuy

    RichGuy Guest

    Personal Choice

    Anyone who is getting approved for better cards with better rates has not yet reached the point where excessive revolving accounts are hurting them. The score may be slightly lower, but is acceptable by definition if creditors continue to approve.

    The real problem would occur when we are not applying for ordinary credit at 17, 18, or 19
    percent, but for genuine prime credit at 10 or 12 percent. Then, standards like 4 or 5 revolving accounts might apply. But most of us are far from that point. Until then, it's largely a matter of personal choice.

    While 30 cards could be considered "proposterious," having a lot of cards (10 to 15, for example) may be the best solution until everything else--income, time at job, time at residence, length of history, absence of derogatory items--qualify a person for prime credit. EVERYTHING else. Until then, it does little good to conform perfectly to the "4 revolving accounts" rule. A few extra accounts can easily be closed once they are the sole remaining obstacle to obtaining prime credit.

    Here are a few practical matters to consider:

    (1) While 10 to 15 cards may be manageable, it could be difficult to make timely payments on a full 30 cards. That could lead to late fees or even reported late payments.

    (2) While accumulating cards, anyone should do what Roni is doing and cancel the true subprime cards as soon as possible. Small limit bank cards with high interest rates can't do much except add satisfactory accounts. Love is likely to have the opposite problem, if any, and can easily afford to cancel unnecessary accounts.

    (3) A good rule for inquiries would indeed be 3 inquiries every 6 months. But this would apply to each particular agency. Many inquiries are entered on only one report, leaving an extra inquiry allowed on the others, as long as we are sure which agency a given creditor uses.

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