Gotta keep up with your edits...
Obviously individual lenders will look for different things. But saying that they will interpret available credit as debt is absurd.
Having high credit limits with extremely low utilization is not an indicator of someone who has trouble managing their money.
Viper GTS
dullard
Elite Member
- May 21, 2001
- 26,137
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I am asking this question: which of the two would you consider a greater risk?
My point is simple. Credit score is unaffected (for the most part) by how many cards you have. How people and companies use your credit score and credit report IS affected by how many cards you have.
- Jun 16, 2001
- 5,539
- 0
- 0
During a manual review of your credit, which a "loan shark" would do, he/she would see that even though you have massive amounts of available credit, it is obvious that you use it responsibly. It's all about risks. If your risk is low, it doesn't matter how much credit you have available.
So, how about option C: You stop being an smug know-it-all Thanks pal!
Edit: Oh, and as far as an honest answer: I don't know, I'm not a loan shark.
dullard
Elite Member
- May 21, 2001
- 26,137
- 4,792
- 126
If you are correct in that I am a know-it-all, then it must follow that I know it all. I don't take the side of purposely debating the incorrect answer. Therefore, there would be no reason in debating with me because I know the correct answer. Or maybe, I'm not a know-it-all.
So, which of the two would you loan the money to? If both people run up the debt and enter bankruptcy, with person 1 you'd be only fighting a few creditors for the money. With person 2 you'd be fighting dozens for the money. Your share that you get back is smaller in that case. Thus, I personally would pick person 1 for the less risk. You can pick person 2 if you want, just give me a reason why to pick #2 over #1 and I'll be happy.
SoulAssassin
Diamond Member
- Feb 1, 2001
- 6,135
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I'm just throwing it out there as a point of comparison, interpret it how ever you will. I really have no desire to impress people on the intarweb. I don't really think it's an insane amount. Go over to FW Finance and talk to the people with individual 100k lines and you'll begin approaching insanity.
only one, BoA card.
if you are speaking of how many i used to have? then i'd say three, stupid bank changes. fleet -> BoA gold -> BoA platinum
if you are speaking of how many i used to have? then i'd say three, stupid bank changes. fleet -> BoA gold -> BoA platinum
For the most part, having a high available credit limit compared to a low balance is much better (Raises your score). There is a lot that goes into a credit score but the main part of it is the ratio of available credit that you have compared to the balance that you have in conjunction to the length of your credit history. For example, you have 5 cards, all totalling....50,000 in credit. Your balance on them is $5,000 so your credit/balance ratio is 10% which means you'll have a pretty good credit score but again, history also goes into it. As far as who a lender will credit to, if someone walked up to me and had a ton of available credit but hardly any balance, I'd first ask him what he needs this for and chances are he's managed his finances very well and is simply looking for a loan that has a lower interest rate than his credit cards are....so he'd be the one I'd most likely give the loan to.
Sign-up bonuses mostly. I use about 15 of them on regular basis depending on which one brings me the most reward for shopping at a particular place. BTW, I don't carry balance on any of these cards, some I use at 0% to make money as pointed out above.
Originally posted by: krunchykrome
You have 60+ credit cards?
I call shens
I smell a challenge. Looks like I'll have to stack them up and take a picture.
Originally posted by: LukFilm
Originally posted by: krunchykrome
I call shens
I smell a challenge. Looks like I'll have to stack them up and take a picture.
Do that, and I will admit defeat and apologize for provoking you.
Azurik
Platinum Member
- Jan 23, 2002
- 2,206
- 12
- 81
AMEX Centurion (Black)
AMEX Platinum
AMEX Gold
AMEX Gold Rewards
AMEX Blue
AMEX Green (Corporate)
AMEX Premium Cash Rebate
AMEX Fidelity Gold
AMEX Starwood
AMEX Delta Gold
Advantage Platinum Business
BOA Worldpoints
BOA Choice Hotels
BOA Platinum
Capital One (first credit card at 18)
Chase United Personal
Chase United Business
Chase Sony Rewards
Citi Diamond Preferred Rewards
Citi Platinum Select
Citi Professional
Citi Business Premiere Pass
Citi Hilton HHonors
Discover Cashback Bonus
Disover Miles
Discover Gas
MBNA/FIA Charles Schwab
MBNA/FIA Merrill Lynch +AMEX Centurion (Black)
Providian PayPal
Store Card (GAP)
Store Card (j.crew)
Store Card (Banana Republic)
Store Card (American Eagle)
Store Card (Old Navy)
Store Card (GAP)
Store Card (j.crew)
Store Card (Banana Republic)
Store Card (American Eagle)
Wachovia Bank (something)
My FICO score currently is about 768, planning to apply for 10+ cards by the end of this year.
AMEX Platinum
AMEX Gold
AMEX Gold Rewards
AMEX Blue
AMEX Green (Corporate)
AMEX Premium Cash Rebate
AMEX Fidelity Gold
AMEX Starwood
AMEX Delta Gold
Advantage Platinum Business
BOA Worldpoints
BOA Choice Hotels
BOA Platinum
Capital One (first credit card at 18)
Chase United Personal
Chase United Business
Chase Sony Rewards
Citi Diamond Preferred Rewards
Citi Platinum Select
Citi Professional
Citi Business Premiere Pass
Citi Hilton HHonors
Discover Cashback Bonus
Disover Miles
Discover Gas
MBNA/FIA Charles Schwab
MBNA/FIA Merrill Lynch +AMEX Centurion (Black)
Providian PayPal
Store Card (GAP)
Store Card (j.crew)
Store Card (Banana Republic)
Store Card (American Eagle)
Store Card (Old Navy)
Store Card (GAP)
Store Card (j.crew)
Store Card (Banana Republic)
Store Card (American Eagle)
Wachovia Bank (something)
My FICO score currently is about 768, planning to apply for 10+ cards by the end of this year.
SoulAssassin
Diamond Member
- Feb 1, 2001
- 6,135
- 2
- 0
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