krystalmarie07 wrote:Also, the reason I was asking was, I went to talk to a banker about whether it would be a good idea to apply for another credit card (Chase Sapphire) and he told me having too high of a "credit ceiling" could hurt your score. He also said that having a really high "credit ceiling" would make lenders avoid giving me loans and more credit cards because they see that I could get into a lot of debt so they don't want to loan me anymore. (I hope the way I typed that makes sense.) Anyway, I may have just misunderstood him but I just wanted to get some reassurance on my decision to apply for the Chase card.
I understand his point. And this is also true having "too many" lines of credit or too much available can also make you look high risk. Unfortunately, there really isn't a magic number on how many lines is enough or how much is enough. Its basically the more leverage you have the more potential you have to over extend yourself.
But, I wouldn't worry about that since you are just starting out. Having 6,000 of available credit is fair, most installments (loans) are more than this. However, once you have cards you are comfortable with using and they meet your needs, then there is no longer a need to shop for credit, and you can focus on establishing a good payment history.
Someone on the forum has a signature that says: building credit is a marathon, not a sprint. Or something like that. I often remind myself of that. I set goals for my score, that don't involve opening new credit and just work with what i have.