Posted on: 07th Jun, 2013 12:35 am
I have opened too many credit cards in order to improve and maintain a good credit score. I have always paid them off and there are no late payments. But whenever I apply for a loan, they say that though my credit is ok, I have too much debts and I am denied for the loan. Where am I going wrong?
Hi cavvyy,
Opening too many credit cards can play a havoc on your credit report. You should have maximum 2-3 credit cards in your name. Try and close down some of the cards.
Thanks,
Jerry
Opening too many credit cards can play a havoc on your credit report. You should have maximum 2-3 credit cards in your name. Try and close down some of the cards.
Thanks,
Jerry
Having too many cards open is very detrimental to your credit score. How many do you have open? Depending on how many you have open and how much credit is on them will determine the number of those you should pay off and close.
Also, if the accounts are new, it can decrease the scores. Credit is also affected by number and age of the accounts.
Opening with too many credit cards play a bad role in your credit score. you have to only 2 or 3 credit cards for your business. so please closed account of extra cards and then apply for loan. you can make a contact with some good " Credit Repair Services " company for getting information how increase your credit score
Hi Cavvyy! You mentioned it yourself. The reason you are being denied for the loan is because you have too many credit cards. Cancel some of them and leave two to three credit cards to use. However, make sure that you dont cancel the cards with the longest credit histories. To make sure, youll want to check your credit reports first.