How many credit lines should I have?

Question by AC: How many credit lines should I have?
Right now I have two credit cards. An american express with $ 2600 limit and a Capital One with a $ 1000 limit. I recently went to apply for a personal loan in the amount of $ 5000 but got denied everywhere. My credit score is 668 and im told that is ok. They say my lack of credit lines is the main reason I got turned down. Any Advice?

Best answer:

Answer by msanch_98
There is no specific answer. It is a function of how much you make and how much you owe.
Creditors look at Income to debt (Salary/what you owe)
They also look at Income to credit limit (Salary/ what you could owe if you maxed out all your cards)
Keep in mind credit history is also important, so don’t go canceling cards that you have had for years.

Bottom line is don’t get more credit than you need. If credit cards keep increasing your credit limit, decline it. For example your on your American Express card you might be better off with a $ 1500 limit than the $ 2600 you have.

Give your answer to this question below!


  1. cindyunion says:

    None! Pay cash for everything or don’t buy it. Including cars. Of course a home is different but otherwise you’ll feel better knowing that you don’t owe anyone anything. Someday, all these folks are going to have to pay or lose it all. By the way, that credit score is fairly good. It may be something else that is affecting it. Check your credit reports! Good luck to you.

  2. Jim M says:

    Generally they are looking for 3 credit lines and one that has been open for over 24 months. If you need another credit line to build your credit try a rent to own store. Buy something cheap like a lamp or something. Make sure they report to all 3 credit agencies. If you have weekly payments that is reported 4 times a month rather than once and will help to raise your score quicker.

  3. Carley says:

    People with poor credit feel that it is difficult to get personal loans. However, there are many financial companies and banks that provide loans to bad credit applicants. Bad credit personal loans are generally soughtThe interest rates on secured loans are lower than unsecured loans. However, there is always the risk of losing your house or property if the loan is not repaid.

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