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More credit lines give you a higher credit score. Yes it has relatively low impact, but the more lines you have, the better it is for your credit score. That'

by tertius 13y ago

More credit lines give you a higher credit score. Yes it has relatively low impact, but the more lines you have, the better it is for your credit score. That's just the system.

scotth 13y ago
I only have one. My credit is excellent. I've never had a problem with anything. I'm not saying you're wrong, but clearly it isn't the only way.
- tertius 13y ago
  Like I said, it's a low impact factor, but it still is. And I'm not saying this is "my experience" it's just one of the factors. Also credit lines could be anything from retail credit, mortgage, car loan etc. All apply. Compared to paying every month, utilization, past default etc. it's a low factor, but it still is.
democracy 13y ago
Not really. Every request from a credit provider is a hard request negatively impacting your score in most formulas. Providers not checking your score do not affect it anyways (improving it or making it worse). Plus it is harder to manage debt, adding risk of defaults and fraud operations.
- tertius 13y ago
  I would agree that it is harder to manage debt. I suggest not having any debt in that case. And yes, hard requests negatively impact your score more than say having 10 lines of credit would positively impact your score. Hard requests do not last as long as credit lines though. Does this (low impact) factor suggest that you request to get a new card every month? No. I think the top range (for credit lines) is 15-22. Going above that would not affect your score any more positively. I think it's ridiculous but that's what it's become. The more you borrow (or technically "can borrow") the more lines you'll be able to get.
jack-r-abbit 13y ago
You do have to watch out for a bad "income to potential debt" ratio. Having a ton of open accounts (even if with $0 balances) can be a bad thing. You have the potential to go wild one weekend and find yourself with a ton of maxed out cards. Some lenders are not keen on that either.

by tertius 13y ago

More credit lines give you a higher credit score. Yes it has relatively low impact, but the more lines you have, the better it is for your credit score. That's just the system.

scotth 13y ago

I only have one. My credit is excellent. I've never had a problem with anything. I'm not saying you're wrong, but clearly it isn't the only way.

tertius 13y ago
Like I said, it's a low impact factor, but it still is. And I'm not saying this is "my experience" it's just one of the factors. Also credit lines could be anything from retail credit, mortgage, car loan etc. All apply. Compared to paying every month, utilization, past default etc. it's a low factor, but it still is.

democracy 13y ago

Not really. Every request from a credit provider is a hard request negatively impacting your score in most formulas. Providers not checking your score do not affect it anyways (improving it or making it worse). Plus it is harder to manage debt, adding risk of defaults and fraud operations.

tertius 13y ago
I would agree that it is harder to manage debt. I suggest not having any debt in that case. And yes, hard requests negatively impact your score more than say having 10 lines of credit would positively impact your score. Hard requests do not last as long as credit lines though. Does this (low impact) factor suggest that you request to get a new card every month? No. I think the top range (for credit lines) is 15-22. Going above that would not affect your score any more positively. I think it's ridiculous but that's what it's become. The more you borrow (or technically "can borrow") the more lines you'll be able to get.

jack-r-abbit 13y ago

You do have to watch out for a bad "income to potential debt" ratio. Having a ton of open accounts (even if with $0 balances) can be a bad thing. You have the potential to go wild one weekend and find yourself with a ton of maxed out cards. Some lenders are not keen on that either.