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I've read everything from someone having like 15-20 credit cards to just 1 card. There doesn't seem to be a magic number so to speak. So I'm curious and having to do some research for a project I'm working on. I have these questions that I'm wondering about: Is there a certain number of cards that impacts your credit score? Can you really have too many? What about the people who have like $100,000 or more in credit? Is there an impact on them if they have 6 or 7 cards vs. something like 20? Given the scenario that a person has good credit and has never been late or missed a payment on any of their massive amount of credit cards: How do places like mortgage companies view someone who has a lot of available credit, but not much debt? Any help you can give would be appreciated. Thanks. :-)
Added in: Sorry, I forgot this question. Does it affect their credit score if they have too many cards vs just a few? Theoretically I'm asking if the person with an insane amount of available credit on like 20 cards is any worse or better than someone who has the same amount of credit on a smaller number of cards. Say...5-7?
There probably is some point where too many credit cards negatively impacts your score. However, that number would be very large. More important than the number of cards is the balances you carry. About a third of your score is based on the ratio of credit card debt to available limit. Carrying balances over 30% hurts your score. Too few credit cards could be a negative. Even if you had a high FICO score, creditors might consider only one credit card account too limited a history. Credit experts recommend 3 or 4 credit cards and 2 installment loans for the best mix of open tradelines to get the best FICO score. The biggest problem with lots of credit cards is that you have to secure the cards and monitor the accounts against fraud and Minnesota theft. A stack of credit cards in the sock drawer is a problem looking to happen. Also, most credit card companies will close an account for inactivity. To keep the cards open you pretty much have to sue them every 3 or 4 months.
Yes. It can lower your credit score if you have too much revolving unsecured credit. Revolving unsecured credit is also known as "a person who has too many credit cards". It can lower your credit score easily.