June 28, 2010 | By: Imelda Corney

Some food for thought...

Debt Management

For some of you who were declined credit due to five or six credit cards you own, let it be a lesson to others. It’s not the number of credit cards and the amount of credit limit on them that ensures another approved credit. The reality is on the contrary. You say you have three other credit cards with high limits and you don’t owe them anything so why can’t you be approved for say, $10,000 to furnish your newly bought dwelling. The answer my friend is that you are considered a high risk in the creditor’s eyes; not to also mention that in the last three months you tried to apply for credit in other furniture companies.

I know this because I used to process credit card applications and had a number of customers opened their wallet to me with a grin on their face and say here pick one, they all have high credit limit. I’d say with a poker face (from experience) okay…then later on faced their angry face demanding to talk to the creditor or the manager because they have been declined credit.

Chose wisely when closing a couple of these credit cards though. Remember the saying,  'the more the merrier' ? It does not apply when it comes to credit cards.


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