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11-02-2012 09:35 PM
If you can manage them that is fine, but all those limits are pretty low. Myself personally, I have 15 active revolving accounts, but I plan on cutting about 8 or so early next year as ,my credit has improve to wear I will be in prime land next year.
TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!
11-02-2012 10:55 PM
11-03-2012 04:13 AM
13 are not to many. However, do not use them all at once. Rotate them, like a couple of store cards this month and a couple next if you shop there frequently. We had 26 cards in our younger years. Many were store cards, but they all had good limits plus extra discounts. I did not carry them all. When my wife and I went shopping, we decided where we might head and for what, so I took those specific cards and used them. Later, as tastes changed,we began not using certain store cards. They were closed by the lenders over time for inactivity. Our Fico credit scores peaked at 843. The bank showed me that score when I purchased a new car. It was a terrific rush.
11-03-2012 06:59 AM
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
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.
That's a very subjective question. As others have mentioned, some do well with 2-3 cards, others with a handful of cards, still others with lots of cards. By asking the quesiton, one could assume that YOU think you MIGHT have too many cards. If you're not comfortable managing that many cards, sock drawer some of them, and as others have suggested, work on the CLI of the cards you are most likely to use.
My suggestion: Pick one (or at most two) card(s) as your "go to" card, the one you will use most frequently. Those that are not in the sock drawer, simply rotate them occasionally, PIF, and be done with them. Another way of management of cards is to use one specific card for one specific purpose, ie, gas purchases on one card, groceries on another card, etc. I've used both methods for the cards that I have, and usually use either my CSP or JPM Select as my "go to" cards.
As the cards age, your scores will go up. Keeping your utilization down and PIF each month are important and never ever be late !
11-03-2012 12:11 PM
general rule of thumb if you have to ask you probably have too any. but it's better than having not enough.
my friend went to get a credit card with Chase and only got approved for $500 freedom card since he only had 1 credit card for 3 years they didn't trust him enough.
I had 3 credit cards for 1 year and I got approved for $8,000 in one year of history which is funny cause technically we have the same number of good payment history. 36-40 months of history.
Although now I'm managing 9 credit cards for me and my family put together. But a lot are store cards which are little to no benefit to you, besides occassional coupons or promotion newsletters which you could sign up for anyways. After getting Prime cards I would start to cut some of the bad accounts away imo.
11-03-2012 12:53 PM
11-03-2012 02:29 PM
I don't know that you have too many cards, but I'd say you have too many store cards IMHO. They generally just don't have close to the benefits of rewards credit cards. I'd axe all the store cards, garden for several months, and apply for a Chase Freedom or an Amex charge card. Good luck - looks like your credit's on its way up!