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9/22/2017 12:11:25 AM
Posted: 12/29/2005 2:09:32 PM EDT
Don't have a balance on any of them, but will having a bunch hurt credit or anything.
Link Posted: 12/29/2005 2:14:35 PM EDT
I've heard having a lot of cards CAN hurt your credit in that companies will be leery that you'll run all of those cards up beyond your ability to pay. Of course, you also hear about people who have 10 Visa or MC cards, so who knows if theres really a definitive answer.
Link Posted: 12/29/2005 2:14:50 PM EDT
I've heard that it would, something about being able to over extend by run ning them all up at once.
Link Posted: 12/29/2005 2:20:36 PM EDT
Depends on your income. Credit reports take into account not only your outstanding balances and payment history, but also your debt-to-income ratio.

I'm going through a re-finance on my mortgage right now so I'm learning more about how this works than I ever really wanted to know.
Link Posted: 12/29/2005 2:26:43 PM EDT
[Last Edit: 12/29/2005 2:28:44 PM EDT by ScrubJ]
They CAN. Any open line of credit (ever do in house at Best Buy, Room to Go, or any other place?) will show up on your credit report. YOU must personally close the account for it to be dropped from your report. All show a potential debt liability.

Edited to add: Hit one of the free credit report sites and get a report form all three credit reporting groups. You will be amazed at what you might have "open".
Link Posted: 12/29/2005 2:34:14 PM EDT
You can max out your available credit by having too many open accounts. If you don't use it, close it.





Link Posted: 12/29/2005 2:38:40 PM EDT

Originally Posted By MNGuns:
You can max out your available credit by having too many open accounts. If you don't use it, close it.






Bad advice, closing accounts is not very good for your credit either.
Link Posted: 12/29/2005 2:40:06 PM EDT

Originally Posted By oneSoneK:

Originally Posted By MNGuns:
You can max out your available credit by having too many open accounts. If you don't use it, close it.






Bad advice, closing accounts is not very good for your credit either.


Explain that one. How can they hold that against you if its an inactive account you no longer want to keep?
Link Posted: 12/29/2005 2:45:30 PM EDT

Originally Posted By tc556guy:

Originally Posted By oneSoneK:

Originally Posted By MNGuns:
You can max out your available credit by having too many open accounts. If you don't use it, close it.






Bad advice, closing accounts is not very good for your credit either.


Explain that one. How can they hold that against you if its an inactive account you no longer want to keep?

A) Cancelling accounts shows that you can't handle open lines of credit.
B) Those accounts, as long as they are in good standing, are HELPING your credit. If you take them away, you take that good credit away, hurting your score.

There's more to it, you should speak to a professional for the rest.
Link Posted: 12/29/2005 2:46:24 PM EDT
[Last Edit: 12/29/2005 2:50:03 PM EDT by Sammich]

Originally Posted By tc556guy:

Originally Posted By oneSoneK:

Originally Posted By MNGuns:
You can max out your available credit by having too many open accounts. If you don't use it, close it.






Bad advice, closing accounts is not very good for your credit either.


Explain that one. How can they hold that against you if its an inactive account you no longer want to keep?



I don't know anything really so I'll just say this: .Local radio station was discussing credit cards and credit and one woman called in and said she's never had a credit card and her credit score was an 850.
Link Posted: 12/29/2005 2:46:24 PM EDT

Originally Posted By tc556guy:

Originally Posted By oneSoneK:

Originally Posted By MNGuns:
You can max out your available credit by having too many open accounts. If you don't use it, close it.






Bad advice, closing accounts is not very good for your credit either.


Explain that one. How can they hold that against you if its an inactive account you no longer want to keep?





ITS A TRAP, once they get thier claws into you, they dont let up.

Link Posted: 12/29/2005 2:47:07 PM EDT
That's true. We are building a house so we've just been through all of this.

We have several old credit card accounts open but with zero balance. We were counseled to leave them open until we closed on the loan because it has a negative effect on your FICA score.
Link Posted: 12/29/2005 2:49:18 PM EDT
MY bank told me, (credit union, and I trust them) that what matters is your debt to credit limit ratio. If you have $30,000 of available credit, but only have $5k on them, then that is good. It means you like using credit, but don't go apeshit with it.

I would talk to a professional though.

Good luck, and remember, credit is a tool, not a crutch.

TXL
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