- Discussion board

Last month I got turn down from Discover. The reasons were too many active bank credit accounts, excessive number of credit bureau inquires and excessive number of recently opened accounts with balances. In last 2-3 months I did apply 6-7 credit cards. Most of them gave me high credit line. I have an exellent credit. I try to open business without a lot of money. I just wonder If I can apply some more with out the problem. All my credit card that I got for personal not for the business. Because most of business credit cards ask about how many year you own the business. I just got business licence but I haven't start the business yet. What should I do now?

Thank you
Chili

I would keep the cards you have, and preferably, trim down to the cards w/ the best interest rates/highest credit line. Having too many open accounts can appear to a creditor you apply to the idea that you are preparing to overextend yourself and be in a pile of debt. That is why Discover rejected your application. The other option is to wait 6 months or so and re-apply to Discover. Still, it is unnecessary to have so many open accounts.

hey man - seems like you're giving a lot of advice on this board... i have to admit this is impressive for a 17-year old to have such broad knowledge of the credit card industry.

Hey thanks! I love to learn about new things, and when I got my first credit card, I began to research information on credit and how to handle it on the internet, and over time, with boards like this and web sites to keep you "credit savvy" I've learnt a lot!

i have 4 credit cards maxed and need to find one credit card who will accept a trasfer bal. from all to close the accounts and pay one monthly payment. Any suggestions? So far, no one wants to give a limit high enough to do that.