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Can too much available credit affect my credit score?
You have 19 credit cards, department store credit cards and lines of credit available with low balances.
Can too much available credit affect my credit score? Since 30% of your FICO credit score comes from your credit utilization ratio it stands to reason that if you have low balances compared to your credit lines you should have a good credit score.
So having high credit limits compared to how much debt you owe is normally a good thing.
However moderation is the key.
You do not want to keep applying for new credit cards and lines of credit to keep boosting your available credit.
You also do not want to go to the extremes of having a ton of available credit.
Potential lenders could see this as a high risk that you have all this available credit and may use it one day when you get into a financial crisis.
So the answer is as long as you do not go to an extreme of having way too much available credit then a low credit utilization ratio is a good thing and will positively affect your credit score.
If you have a ton of available credit now do not close your accounts as this can hurt your credit score.
Do not apply for new credit either as this can also lower your credit score.
So for the most part having too much available credit will not negatively affect your credit score.
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