03-07-2011 04:59 PM
03-07-2011 05:29 PM
if you feel like it's too much to handle, then it probably is. don't go by what works for other people. some people can manage 50, some can manage 3.
to answer your question, between the two of us we have 16 cards, 1 bill me later account, & 1 jewelry store line of credit; it reports like a credit card but we never got one, & i wouldn't know where else to use it if we did!
03-07-2011 05:42 PM
You should go with what makes you comfortable! This is your credit, not anyone else's. Read fused's Closing Credit Cards to help you think through the process, know which cards to close, and understand the implications.
I have 8 bank cards and 3 store cards and an unused LOC. I've closed two already, and I keep trying to close something else, but then they make nice again.
03-07-2011 06:11 PM
I have 11 Revolving accounts
2 Capital One Cards - 1 was just upgraded to a VentureOne Card with a $5600 Limit, the other is a Platinum with a $6000 Limit
2 Barclays Cards (Frontier & Airtran) Just got the AT Card to replace 1st Premier. AT Card has a $4500 Limit and Frontier has a $750 Limit (I'll call backdoor in a few months to see if they'll raise this)
2 HSBC Cards (Applied for a BBRZMC and Platinum MC last year about this time....a $500 Limit and $400 Limit.....thinking about getting rid of the Platinum MC because it has an Annual Fee...but I'll call them and maybe they'll waive it)
Speedway MC (Chase) $300 Limit - Only reason I'm keeping it is because its an old card and no AF. Don't really want to close it now that I lost FP...that was my 2nd oldest card.
Amex Gold - Just got this card in December...I love being with AMEX!!!
Gap Card - $400 Limit....nice cause it works at Gap, Old Navy and Bannana Republic
Wal-Mart - $500 Limit......
Home Depot - $3000 Limit
I have a great handle on these cards (at 24% UTL....and 90% is money that I helped my brother out with and he's paying back at a nice clip), but if HSBC won't waive the annual fee on the Plat card and/or raise the limit, then that is history. The only card that I'm REALLY REALLY wanting now is a Discover Card....but I have to wait for some baddies to fall off and some INQ's to fall off.
03-07-2011 06:31 PM - edited 03-07-2011 06:36 PM
Im curious to know how many cards everyone actually has. This has probably been discussed in the past but I feel overwhelmed with the amount of credit cards I have and feel like I should start scaling down and let them all age for years. Credit wise im happy where I am. I dont need anymore new credit but just want to grow with the banks I have and get rid of unessacery cards even if they are AF free. Amex Zync Amex Blue 2,000 Capital One 500 Chase Slate 1,800 Citi Forward 7,000 Care Credit 2,400 Store cards Best Buy 2,500 Macys 1,500 JcPenny 1,000 Radio Shack 650 Lord & Taylor 800 Amazon 1,100 Exxon Mobil 700 Bananna R 300 Of course the easiest would be to sock drawer them but the inconvience to remember to use whichever one and when just to keep them active so they dont get closed or cl decreases makes me feel like there is too much to worry about. Let me know your input.
1. First Premier POS Mastercard: $350
2. Macy's: $1500
3. Bloomingdale's: $1500
4. JCPenney: $1700
5. Jared: $1900
6. HSBC 2% Mastercard: $420
7. Care Credit: $1500
8. NASA Visa Classic: $1200
9. Chase Slate: $1000
There are two cards left for me to acquire and I think I'll be done collecting cards for LIFE.. I want a Citibank card and a Discover card and then I am DONE for good!
I would also like to get rid of First Premier's POS Mastercard and probably the HSBC 2% card if they continue to penny pinch me with another lousy $100 credit line increase and an annual fee.... The ONLY appeal of the HSBC card is that it's my only rewards credit card. At some point I'd like to upgrade my NASA Visa Classic to one of their rewards cards.
03-07-2011 07:34 PM
OP I was feeling like you recently, just too many cards to handle/not handle. I took a break from applying for a little of 8 months and not only did my scores increase but I was getting pre-approvals when I log into my accounts. Make a long story short, I had about 24 credit cards, but I closed I believe 9/10 that I opend within the past year. Replaced those with 3 large limit credit cards. I feel less of weight now handling the 13 I have remaining. And I feel I still need to get close a few more.
03-08-2011 05:02 AM
^WTH is with the username above me...
Anyway, I feel you, its annoying managing more than a couple cards per month. I generally like to only use two per month, I currently have 4 Bank Cards and 1 Store card, and am proceeding to get one more Bank Card if possible. 5 and 1 seems like as much as I can handle, plus they're all pretty decent lines:
-Bank of America
-Hopefully Amex Zync Soon
-Amazon Store Card
03-08-2011 08:35 AM
I have 7 but only 3 on me at any given time.
Barcalys always gets used because it's my personal card. Meaning DH is not on it and I pay the bills from my own account. Then it's CITI (for household expenses) until we exhaust the cashback and then switch to Chase.
Other than those, I've been switching it between Zync and BoA for small purchases.
GEMB/PayPal MC is in the sock drawer. Lowest limit card with the highest APR. I keep thinking I'll close it but might as well wait for them to do it.
So my wallet looks like this: Barclays (always on me), Citi or Chase. And last but not least Zync or BoA. The only ones I need to remember to change are Zync, BoA, and I only do it after I've paid off the balance on one of those cards. I can't stand having too many payments to keep track of.
03-08-2011 11:12 AM
USAA World MC $7500
NFCU Cash Rewards Visa $8000
Citi Diamond Preferred Rewards MC $8000
Home Depot Consumer CC $3000
Military Star/Chase MC $8400/$2500 (this card is two revolving accounts in one, one AAFES STAR account and one Chase MC account)
AMEX Gold Premier Rewwards (going to PC this to Zinc at the 1 yr anniversery as I dont run nearly enough through it t justfy the annual fee.)
19% util ATM.
As far as juggling these, I think I am pretty much at my limit, although I am tempted to get a Capital One card as I hear they do not charge a foreign currency exchange fee. Would be good for traveling.
I know I have a low post count, but I am a frequent lurker of these forums and I have learned quite a bit from you fine folks. Thanks MyFico forum for the educaion.