Credit Cards

[greenspan]

My scores went up to a high of 648 recently and with recent applications and approvals I think I have too many cards.  Here they are with their limits

GE/Old Navy $200

GE/GAP $200

GE/Walmart $400

GE/Amazon $600

Macys $300

Shell Gas $500

Texaco Gas $350

Citi Thank You $2500

Bank of Americard $1000

Cap 1 $500

Orchard Bank/ Cap 1 $500

Capital One Business $750

Barclays NFL $500

Is this too many?  If so what should I close?  My utiization is around 10% total.

[JPersat]

Too many is as unique as a person is. I personally don't want more than 5 or 6. Some people can handle 30 with no problem. If you can keep up with them and they don't charge am AF, keep 'em.

[ccnewcc]

If you're managing, you're managing.

I personally think 2-3 is enough.

I would axe your store cards for sure (including your gas cards), your cap 1s and the orchard.  But thats just me

[youngandcreditwrthy]

I'd use those to build up much larger limits, but garden the heck out of them!!!!!

I have like about 15-20 cards but I manage them well and have about $85k in avail cred. It really only matters if you're using them all...of those cards, I maybe use 5 or 6 at the most. The others I just use every six months or so to keep active and get regular clis to build my credit.

Good luck!

[greenspan]

What exactly do you mean when you say "garden the heck out of them'?

[Duncanrr]

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greenspan wrote:

My scores went up to a high of 648 recently and with recent applications and approvals I think I have too many cards.  Here they are with their limits

GE/Old Navy $200

GE/GAP $200

GE/Walmart $400

GE/Amazon $600

Macys $300

Shell Gas $500

Texaco Gas $350

Citi Thank You $2500

Bank of Americard $1000

Cap 1 $500

Orchard Bank/ Cap 1 $500

Capital One Business $750

Barclays NFL $500

Is this too many?  If so what should I close?  My utiization is around 10% total.

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Isn't Gap and Old Navy basically the same card? (Can't you use one at the other?)  If so, I would call can see if they could combine the limits to the one card of those you want to keep.  Close Orchard Bank and Cap1 if you have an AF on it.  I would probably keep the others as it would me at my magic number of 10 cards (granted this is my personal preference but I think 10 cards is manageable.  I could see reasons for having more or less and I myself may go more or less with my own cards.)

Remember with GE cards to ask for 4 month CLI and treat your Citi card well as its your highest limit.

[greenspan]

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youngandcreditwrthy wrote:
I'd use those to build up much larger limits, but garden the heck out of them!!!!!

I have like about 15-20 cards but I manage them well and have about $85k in avail cred. It really only matters if you're using them all...of those cards, I maybe use 5 or 6 at the most. The others I just use every six months or so to keep active and get regular clis to build my credit.

Good luck!

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What exactly do you mean when you say "garden the heck out of them'?

[youngandcreditwrthy]

I mean...
Build your aaoa, get regular clis, and in a year or two of NO APPING... And just growing your aaoa and credit lines on those accounts, you could be at a 700 FICO with limits on each account that are in the $1,000-$5,000 range.

Never miss a payment, don't open any more accounts for now...and at least a year...
GARDEN!!!!

[Repo-ed]

ya, garden or you will keep being issued near useless CLs

[Shogun]

You will want to try to get CLI's, especially on those GE backed cards.   You have several cards, but they are at toy limits.  You want fewer cards but bigger CLs.  How long have you had those GE cards?   After 4 months, you will want to try to get CLI's on them.