How much revolving credit?

I%26#039;ve never gotten a real straight answer on this so I want to see what everyone thinks. Assuming I have 3 credit cards and let%26#039;s say I make $50,000 a year(gross) and I have: abover average credit, no debt and use credit for everyday purchases and pay them off each month. How much revolving credit should someone have? I%26#039;ve never heard of a ratio that is used, only that having an excess of accounts may damage your credit a little (but even that has decreased in the last few years). How much revolving credit should someone have?

How much revolving credit?

The reason you have never gotten a straight answer is simply that there isn%26#039;t a ratio. Open revolving credit has an affect on your credit score based on AVAILABLE credit, not your balances... When you apply for a loan, credit managers look at how much credit you have access to currently and gage rick from that. I personally am not a fan of revolving credit accounts period, cash is still, and will always be king.

The only ratios most people work off of are percentages for housing, transportation, food, entertainment, retirement/savings, etc.

My advice, close two of the revolving accounts, keep only the one that has the best interest rate and lowest fees... Negotiate with all three before closing any of them. Only having one open account and having your credit show you closed the other two shows responsibility with your credit.

Just a thought, hope it helps.

the is a quote to remember, %26quot;...the debtor is a servant to the lender...%26quot; The Bible