06-20-2012 07:10 PM
I feel that I may have too many credit cards. Below are my the cards that I currently have all have a 0% balance. Do any stick out that should consider closing?
BOA Americard CR ('11) -- $5000
PenFed VISA Plat CR -- $10k
HSBC Best Buy ('08) -- $2000
Bloomingdales ('08) -- $1500
CITI Forward ('09) -- $10k
CITI Platinum Select MC ('09) -- $4850
Chase Amazon Visa ('09) -- $2900
Discover More - $7500
Chase Continental OnePass Plus MC -- $7500 ($95 AF)
Walmart ('09) -- $2050
AMEX Blue Cash Everyday -- $7000
AMEX Zync - no preset limit
Chase Sapphire Preferred -- $18.5k ($95 AF)
PenFed AMEX --$10k
06-20-2012 07:13 PM
yes, you have too many. Not that it hurts your FICO or anything, but if it were me and I had your credit, I would close all the ones under $10k, just to make it easier to keep track of them all.
06-20-2012 07:17 PM
I don't think so, but others may. I have 9 credit cards and I plan on opening one more later this year.
Citi Student $1,700
Citi Diamond Preferred $20,000
Discover More $9,400
BoA Platinum $2,000
BoA World Points $11,100
Sams Club $10,000
Sams Club Discover $6,000
Best Buy $10,100
Capital One $1,700
Gonna apply for the Chase United in September.
06-20-2012 07:28 PM
In my opinion, you can never have too many credit cards as long as you can keep track of them and use them responsibly. When I say "keeping track" I don't only mean paying them responsibly, but also aquiring them responsibly. As credit is a long term game, strategic applications over time, that do not adversely affect your ability to obtain credit when needed, is paramount. Think strategically rather than tactically.
06-20-2012 07:31 PM
No IMO you don't have too many cards. As long as you can manage a large portfolio i don't see any problems. I've got 28 active cards.
For higher scores only 2 or 3 cards should report a balance. That's the hard part.
06-20-2012 07:33 PM
Ok I would rather have 3 - 25k limits, then 10 cards split in the 75k limit in my opinon. So if you are considering closing the cards, bump some of the high limits up higher; you don't lose out on overall limit. I have 3 cards and plan on maxing out at 4, really do not care to keep track of more then this.
06-20-2012 08:07 PM
06-20-2012 08:12 PM
I have more cards than that but I don't think it's too many (although I want to get rid of some too!). In your case, I would combine the PenFed ones if possible and get rid of Best Buy, Bloomingdales, Citi Plat Select (maybe combine the limit on the Forward), Zync and possibly the Walmart if you don't care about the FICO. To each their own though of course - it depends on which ones you use, how you use them and where you shop.
06-20-2012 08:18 PM - edited 06-20-2012 08:19 PM