Nov 6 2013, 02:48 PM
QUOTE(dopp @ Nov 6 2013, 10:29 AM)
Does owning too many credit cards hurt credit rating?
There is one time, loan office told me for loan application they calculate by number of credit facility we have over 6 mths.
But im not sure too many cc with hurt credit rating especially when applying for eg car loan /housing loan?
you may perform a check with bnm on this matter by requesting for a credit report.There is one time, loan office told me for loan application they calculate by number of credit facility we have over 6 mths.
But im not sure too many cc with hurt credit rating especially when applying for eg car loan /housing loan?
if not mistaken, every cc's credit limit also likened to a loan.
meaning that if you have 5 cc with a total of rm100k credit limit, it is equivalent to you having a rm100k loan.
so this rm100k will definitely take up your total credit quota (based on your income capability) when you try to apply for a new loan.
however, if you maintain a good payment record with less utilization of your cc credit limit, this will not affect your chances of getting a new loan.
This post has been edited by victorywp: Nov 6 2013, 06:07 PM
Quote
0.0142sec
0.72
6 queries
GZIP Disabled