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Do I have too many credit cards?

Frequent Contributor

Re: Do I have too many credit cards?

Yes you have to many cards!!

 

My gosh that's a lot of cards!!

 

My humble opinion only, I mean really what's the actual purpose or need for  that many cards.  I'm sure you only ever use like 3-4 anyway!


Starting Score: EQ FICO 777
Current Score: EQ FICO 803
Goal Score: EQ FICO 810


Take the FICO Fitness Challenge

Message 11 of 44
Valued Contributor

Re: Do I have too many credit cards?

Reasons are sign-up bonuses/points - you can earn money, free hotel stays, etc.  Another reason is to lower your overall utilization.  Amex backdates.  Walmart gives you a free FICO.  Cap One/Discover/Chase Sapphire Preferred have no foreign transaction fees.  There are many reasons why people have the cards they do.  Some could be rebuilders too.

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


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Message 12 of 44
Valued Contributor

Re: Do I have too many credit cards?


android01 wrote:

In my opinion, you can never have too many credit cards as long as you can keep track of them and use them responsibly.  Smiley Happy 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.   


WELL SAID and I thoroughly concur!



Husband's Current Score: EX 691 CUSC; EQ 694; TU 687; Mine: EX 773 (AMEX); EQ 720; TU 750
Wallet Contents: SECURED: Capital One Platinum Mastercard, US Bank Harley Davidson Visa, USAA Bank American Express;
UNSECURED: Chase Freedom; USAA Cash Rewards World Mastercard, Discover More, CUSC Platinum Rewards Visa, American Express Zinc, American Express Blue Cash Preferred, Amazon Card, Walmart Discover Card
Message 13 of 44
Senior Contributor

Re: Do I have too many credit cards?

IMO, 13 cards is just right, so you have 1 too many.   I'd close the AMEX zync.

Message 14 of 44
Frequent Contributor

Re: Do I have too many credit cards?

Its a personal choice, but if you have to ask then its probably too many

Message 15 of 44
Super Contributor

Re: Do I have too many credit cards?

IMHO The number of CCs is not important.  Keeping track of the ones that are used and when the need to be paid/their util is the hard part.  I might consider closing CCs with AFs provided your AAoA won't hurt if the closed CCs are droped from your CR early.

12/08/2017 FICO: EQ 843 TU 849 EX 844
Message 16 of 44
Established Contributor

Re: Do I have too many credit cards?

It's all a matter of Average of Age of Accounts. 

 

 

Look at your average age listed on your credit report and then take all the cards that are younger than that average. Any stick out that are useless or expensive to keep? Get rid of them. Start with the youngest and work backwards. As each younger card comes off, your average account age will go up....and so will your score. 

 

That being said, useful cards that you want to keep that happen to be younger, should stay....obviously. 

 

 

Do some math. Convert all your cards into months and do the ol' add up and divide with various scenarios to see what works for you.

 

**PS: I just removed a useless AU account from my report that my wife put me on. The card was opened in 2/12. At the time, I didn't mind becauee my scores were suffering. But now that I got rid of my baddies, I realized what a drag it was on my AAofA. I just came off all 3 in the last 2 days and my scores shot up cosniderably

 

TU 754--->789, EQ 764--->777. I'll see the effect on my EX in a few weeks when PSECU comes out. It was 755. I'm expecting to be in the 770s.  

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Message 17 of 44
Valued Contributor

Re: Do I have too many credit cards?


ztnjpv wrote:

It's all a matter of Average of Age of Accounts. 

 

 

Look at your average age listed on your credit report and then take all the cards that are younger than that average. Any stick out that are useless or expensive to keep? Get rid of them. Start with the youngest and work backwards. As each younger card comes off, your average account age will go up....and so will your score. 

 

That being said, useful cards that you want to keep that happen to be younger, should stay....obviously. 

 

 

Do some math. Convert all your cards into months and do the ol' add up and divide with various scenarios to see what works for you.

 

**PS: I just removed a useless AU account from my report that my wife put me on. The card was opened in 2/12. At the time, I didn't mind becauee my scores were suffering. But now that I got rid of my baddies, I realized what a drag it was on my AAofA. I just came off all 3 in the last 2 days and my scores shot up cosniderably

 

TU 754--->789, EQ 764--->777. I'll see the effect on my EX in a few weeks when PSECU comes out. It was 755. I'm expecting to be in the 770s.  


This is actually excellent advise! If you are an AU on a newer account that you do not need, have yourself removed.Thanks for posting.

Ray

** Every Card has a Job, and Every Card does its Job **
Message 18 of 44
Blogger

Re: Do I have too many credit cards?

Who am I to be objective about your subjectivity?

 

To me. Yes, you have too many. To others, no, you don't. To Goldilocks, you have it JUST right.

What matters is what YOU think and whether YOU can handle them.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 19 of 44
Regular Contributor

Re: Do I have too many credit cards?

You do not have too many cards.  As long as your AAoAs can withstand new tradelines without causing a significant drop in your scores your'e good.  I have 12 credit cards with $66,700 available credit, plus an $18,0000 line of credit. 

Let's Go Heat!! Vamos Heat!
Message 20 of 44