Quote:
Originally posted by dudemac
Does the number of credit cards effect you when you apply for a home loan? I have about 10 credit cards and my wife has about 12-15, only like 2k total debt not counting student loans.
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Yes, it does. Financial Institutions don't just look at the debt that you have, but the debt that you could incur. It is best to have three to five credit cards. Any more than that could possibly damage your score. If you feel that you need the extra cards for emergencies, close them and ask for higher credit limits on the best cards that you currently have. (ie low interest rate, No annual fees, etc.) There isn't really any reason to have 25 open lines of credit.