Monday, January 14, 2013

How Many Credit Cards is Too Many?

I recently applied for an IberiaBank Visa Card. Iberia Bank offers 1% cash back on qualifying purchases with their Gold Card, so I was anxious to get in on the bonus. But to my surprise, I was denied a new credit card by IberiaBank.

The last time that I checked, I had a credit score of 803, and this score is better than 89% of all Americans. Iberia listed the reason for their decision as: excessive revolving bank cards. I have a grand total of 9 credit cards: 2 American Express, 3 Citi cards, 2 Discover ™ Cards, and 1 each from Bank of America and Barclays Bank Delaware (Barclaycard). Barclaycard is the same company that offers the Visa Black Card.

Is this number of credit cards considered excessive? Has anybody else with a good credit score been denied a new credit card for the same reason? What do readers think?


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