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Is too much available credit a bad thing?
My wife and I have a total of 3 credit cards with a total available credit of $30K. We put all of our purchases on our credit cards to earn cash rewards, then pay off the entire balance in full each and every month. We're considering applying for the Citibank Double Cash Back card to maximize our yearly cash rewards, but wonder if:

1) Will having a total of 4 credit cards given our 18+ year history with other three credit card companies and spending/payment patterns hurt or help our credit?

2) Say we get approved for the new Citibank card with a $10,000 limit --- does having almost $40K in available credit look bad? If so, should we request to lower some of our credit limits or does this negatively impact credit scores?

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Mindjaz is correct... you are fine.  I have $85000 in open credit.  There are many out there with far more.  You dont sound like you are opening a lot of credit cards at one time so I'm sure you will be fine.  Also the credit card companys would not approve you if they thought that you could not handle it.

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Kudos to you and your wife. You pay your cards off every month so you're not wasting money paying interest.

Do not reduce your credit limits. That being said, you didn't mention your salaries. Banks want to be sure if you did charge your credit cards to the limit, that you would be able to pay them off. Some websites also let you list your liquid net worth, which aids lenders'  decisions as to credit worthiness. As long as you're making a minimum of 40k annually, then go ahead and apply.  Higher credit  availability reduces your debt to income ratio.

I have now have 103,000k in available credit. I also pay almost all of my monthly expenses with my credit cards as you do to maximize the rewards, and pay them off when I get paid. 

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Too much depends on the creditor and one's credit profile.  For any one given credit profile different creditors may be willing to extend different amounts of credit.  If a creditor thinks you have too much already extended then that creditor will not extend more.  However, another creditor may be willing to do so.

tl;dr - There's no universal "too much" and even with the info in your post it's impossible for us to say.  You'll only find out for certain if you run into a denial.  In such a case if you still want to open the new account with the creditor you can close out other accounts and/or reduce credit limits as needed and call that creditor's reconsideration line.

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