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Member
Posts: 10
Registered: ‎09-24-2012
0

Do I have too many cards???

[ Edited ]

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.

Frequent Contributor
Posts: 299
Registered: ‎05-28-2012
0

Re: Do I have too many cards???

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.


Starting Score: 492 02/12
Current Score: TU: 668 (FICO), EQ: 668 (FICO). EX: 651(lender pull 9/27/12)
Goal Score: 660



Established Contributor
Posts: 560
Registered: ‎09-29-2012
0

Re: Do I have too many cards???

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

Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
0

Re: Do I have too many cards???

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!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Member
Posts: 10
Registered: ‎09-24-2012
0

Re: Do I have too many cards???

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

Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
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Re: Do I have too many cards???


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.


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.



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Member
Posts: 10
Registered: ‎09-24-2012
0

Re: Do I have too many cards???


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!

What exactly do you mean when you say "garden the heck out of them'?
Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
0

Re: Do I have too many cards???

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!!!!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
Posts: 2,982
Registered: ‎02-09-2012
0

Re: Do I have too many cards???

ya, garden or you will keep being issued near useless CLs
5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!
Moderator
Posts: 13,897
Registered: ‎04-15-2011
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Re: Do I have too many cards???

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.

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July 2013 score:
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Current scores after adding $81K in CLs and 2 new cars since July 2013
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