Quote:
Originally Posted by johny
I disagree. I'm pretty sure the more credit you have, the lower your credit score, as you are a bigger risk to the bank.
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It's called utilization. It can ruin your ability to receive further credit as it shows the current applicant has access to a lot of revolving credit. It doesn't lower your credit score/beacon score itself unless the number of accounts are in total excess.
The best thing anyone can do is keep it to a minimum and don't get too bogged down with having loads of credit. Even if it's all paid off, I've seen people have trouble getting mortgages because of having large LOC's elsewhere.