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HELP! Too many credit cards?!

Established Member

HELP! Too many credit cards?!

I'm really nervous now.  I have 13 open Accts. 25K avaiable in credit.  I'm not opening any more!!!!! Forever!!  

One car loan at 12.5K.  

Student Loans at 13K.

 

Do i have too many credit cards?! Should I close some????  My utility is 1%. 

 

Is there such a thing with having too much credit? Will this adversely affect me in the future when trying to buy a home in 10 years or a new Benz in 7 years?

 

Always on time w/ payments; paid as agreed. 

Chase Slate- 33K |AmEx Clear Card-2K | AmEx BCE-2K | Chase Freedom-1.3K | BoA Travel Rewards Visa-10K | BoA Accelerated Rewards AmEx-20K | Citibank Dividend Visa-2.1K | U.S. Bank-600 | Macy's Store Card-1.8K| Barclays MC-2.5K| Discover IT-17K | Chase CSP-1K | Banana Republic Visa-10K | BoA Better Balance Rewards MC-2.5K | Chevron Visa- 1.5K | EBay MC- 2.5K | Citi Diamond Preferred-2K | Citi American Airlines MC- 6.3K | Discover IT Chrome-2.5K| BoA Susan G. Komen MC-8.5K

TOTAL LINES: 20 |TOTAL UNSECURED CREDIT: $125,100
Message 1 of 6
5 REPLIES
Mega Contributor

Re: HELP! Too many credit cards?!

You treat these cards right you will be golden when the time comes for car or home. It will show that you have excellent control of your finances. 

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $13.5k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $6.1k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $4.85k / Citi DC (WMC) $7.1k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 2 of 6
Regular Contributor

Re: HELP! Too many credit cards?!

I think your in fine shape. There are several people who frequent this board who have a lot more than you currently have.  Just keep what you have, use them wisely and you will do fine.

Message 3 of 6
Moderator

Re: HELP! Too many credit cards?!

As long as you're managing what you have (which sounds like you do), you'll be fine.  I actually like managing my cards and have all the details plotted out on a spreadsheet that gets updated daily.  

Message 4 of 6
Moderator

Re: HELP! Too many credit cards?!


BruinTheNursePractitioner wrote:

I'm really nervous now.  I have 13 open Accts. 25K avaiable in credit.  I'm not opening any more!!!!! Forever!!  

One car loan at 12.5K.  

Student Loans at 13K.

 

Do i have too many credit cards?! Should I close some????  My utility is 1%. 

 

Is there such a thing with having too much credit? Will this adversely affect me in the future when trying to buy a home in 10 years or a new Benz in 7 years?

 

Always on time w/ payments; paid as agreed. 


If you have too many TLs to manage, then you have too many cards.  If you're worried about hitting a credit ceiling, you probably aren't there with $25K in revolving credit.

You could always determine which cards best suit your needs and use those and SD the rest, if they're a pain to manage.  But if you can manage them, I don't see any harm in having them at all.



Start: 619 (TU08, 9/2013) | Current: 791 (TU08, 10/26/17)
Sam's Club MC $25000 | Marvel MC $25000 | Macy's AMEX $25000 | AMEX BCE $20400 | Discover IT $20000 | Macy's Store $20000 | Cap 1 QS WMC $17250 | BoA BBR #1 $17200 | JCP $15000 | Citi DC $12600 | Freedom VS $12000 | BofA BBR #2 $11800 | Disney VS $11500 | Care Credit MC $11200 | Cash+ VS $10500 | CashForward WMC $10000 | Barclay Rewards WMC $10000 | WCU Visa $10000 | Amazon Store $8000 | Blispay $7500 | Sony Card $4250 | Target MC $4000 | Costco Anywhere $3200 | ~~Gardening Since 11/2/17
Message 5 of 6
Highlighted
Contributor

Re: HELP! Too many credit cards?!

So far you are OK.

 

But if you want to trim you cards down, I would at least get rid of Macy's, (unless you shop there a lot) and SHELL (you get a better deal with your cashback cards).

 

Work on increasing the limits your AMEX (Clear and BCE) cards, read the AMEX 3x CLI thread.

Those are easiest and quicker ones to grow.

 

Let the accounts age, make you payments and you will see your score go up.

 

As time goes by you find out which cards work for you. Those who does not match you needs, cancel them and get better ones (Hotel Cards or Airline Cards).

 

Other than that you are doing fine. In two years all those inquiries will fall off.

 

If you worry on having too much credit, I believe you can hit 150% of your annual income without any issue. (Given you do not get any lates or collections items).


Starting Score: 660 - 2010
Current Score: Experian 758, Equifax 767, TransUnion 754
Goal Score: 800


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Message 6 of 6