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Valued Contributor
maiden_girl
Posts: 2,005
Registered: ‎12-29-2011

Re: Please Reply: How Many Credit Cards Do YOU Own?

No more HPs for me unless it's from a company who's card I already have. Closed a bunch of cards this year so now I'm down to 8 instead of 13. Feeling proud.

The truth is out there...
FICO scores: 724 (EQ) 709 (EX) 711 (TU) 4/14 | Goal score: 750+ (all 3)
Tradelines: Capital One (5.0k) | Discover IT (5.0k) | Walmart Discover (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)
--------------------------Gardening until my credit recovers...NO MORE INQUIRES TIL 2015
Contributor
Petraeus
Posts: 88
Registered: ‎05-21-2013

Re: Please Reply: How Many Credit Cards Do YOU Own?

I'm just curious why anyone would close a CC? Even if you dont like/use/whatever, it doesnt hurt your AAoA and UTL doesnt take a hit.

FICO® Avg: 732 (11/2013)
Notable CC: AMHFCU® PLATINUM MASTERCARD $25K | Chase Marriott Rewards SigVisa $12K | AmEX PRG NPSL | BoA Cash Rewards Signature® Visa $12K | AmEX BCE $9K | Citi Diamond Preferred $10K | Chase Freedom Signature Visa $5K | BoA Travel Rewards® Signature® Visa $5K
Current Overall CL: $139K | UTL: 18% | AAoA 3yrs | Gardening since 11/26/2013
Future CC: Chase Sapphire Preferred Visa Signature®
Future CLI: AmEX BCE 2/2014 | Fico goal: 760+
Moderator
09Lexie
Posts: 24,119
Registered: ‎09-13-2012

Re: Please Reply: How Many Credit Cards Do YOU Own?

@Petraeus

If cc's have an AF and there are no rewards, easier to manage a smaller portfolio or just shedding dead weight. As for AAOA, closed cards may stay on your cr for up to 10 years
Senior Contributor
longtimelurker
Posts: 5,231
Registered: ‎04-22-2013

Re: Please Reply: How Many Credit Cards Do YOU Own?

[ Edited ]

Petraeus wrote:

I'm just curious why anyone would close a CC? Even if you dont like/use/whatever, it doesnt hurt your AAoA and UTL doesnt take a hit.


To reduce clutter.  To reduce the chance of fraud.  To avoid lender closing it for non-use.

 

Closing doesn't impact AAoA for many years.  Of course, if UTL is a concern, then don't do it, but if you are not carrying balances, UTL is easily handled.

 

Edit: Lexie beat me...

Most active cards: Amex BC ($50K), Cap One QS ($33K) Fidelity Amex ($20K)
Others: CSP, Freedom, Chase Amazon, Cap One QS, Penfed Plat Rewards (x2), Citi TY Preferred, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus
Scores May 14: EQ 848, EX 833, TU 841 (Jul)
Moderator
09Lexie
Posts: 24,119
Registered: ‎09-13-2012

Re: Please Reply: How Many Credit Cards Do YOU Own?

Valued Contributor
maiden_girl
Posts: 2,005
Registered: ‎12-29-2011

Re: Please Reply: How Many Credit Cards Do YOU Own?


Petraeus wrote:

I'm just curious why anyone would close a CC? Even if you dont like/use/whatever, it doesnt hurt your AAoA and UTL doesnt take a hit.


I close accounts that I don't use. Sure it may affect my UTL but my AAoA isn't affected. I feel better about having a closed card as it is less cards I have to keep track of in case of fraud, or fear of closure, etc. It will eventually be closed anyway for non-use so might as well close accounts I no longer need or want :smileyhappy:

The truth is out there...
FICO scores: 724 (EQ) 709 (EX) 711 (TU) 4/14 | Goal score: 750+ (all 3)
Tradelines: Capital One (5.0k) | Discover IT (5.0k) | Walmart Discover (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)
--------------------------Gardening until my credit recovers...NO MORE INQUIRES TIL 2015
Frequent Contributor
OptimalCS
Posts: 405
Registered: ‎07-31-2010

Re: Please Reply: How Many Credit Cards Do YOU Own?

Banking relationships can go bad in a heartbeat. Especially when they are not understanding when you need them to be.

CARDS.jpg

Regular Contributor
MaRain
Posts: 183
Registered: ‎04-05-2013

Re: How Many Credit Cards Do YOU have?


OptimalCS wrote:

I'm trying to get an idea of how many credit cards people own on average.

I currently own 5 bank cards and 1 store card. What about you?

 


4 CC's

Student Loan

1 LOC

Finally made it at least 7 months without an app!! In the garden until July 2014. Last app 9/16/13 (approved)



Starting Score: EQ 457, EX 424, TU 511 (FAKOS as of 4/27/12)
Current Score: EQ 643, EX 627, TU 678 (FICO pulled by dealership on 9/16/13)
Goal Score: EQ 700, EX 700, TU 720 (for now)


Take the myFICO Fitness Challenge
Member
mike1789
Posts: 17
Registered: ‎08-04-2013

Re: Please Reply: How Many Credit Cards Do YOU Own?

5 Credit cards: 3 Chase 1 BoA 1Secured

Age:20
Chase Sapphire Preferred $5,000 - Chase Sapphire $5,000 - Chase Marriott $5,000 - American Express SPG 1,000 - BOA $900 - Chase Freedom $700 - Banco Popular secured $500
09/02/13 693 Experian 09/02/13 694 Transunion
Contributor
Petraeus
Posts: 88
Registered: ‎05-21-2013

Re: Please Reply: How Many Credit Cards Do YOU Own?


09Lexie wrote:
@Petraeus

If cc's have an AF and there are no rewards, easier to manage a smaller portfolio or just shedding dead weight. As for AAOA, closed cards may stay on your cr for up to 10 years

I can understand the AF part although I'm sure you can work out PC to a card with no AF as an alternative. I guess i can understand those who dont want to manage a large portfolio but if you use the cards you dont want every so often (such as an auto charge like Netflix or a ulility bill), whats the harm in maintaining it that way to keep open, continue the lender relationship and thus build your AAoA even further? I respect those who want a smaller portfolio for easier management though but just looking for other thoughts on this?

FICO® Avg: 732 (11/2013)
Notable CC: AMHFCU® PLATINUM MASTERCARD $25K | Chase Marriott Rewards SigVisa $12K | AmEX PRG NPSL | BoA Cash Rewards Signature® Visa $12K | AmEX BCE $9K | Citi Diamond Preferred $10K | Chase Freedom Signature Visa $5K | BoA Travel Rewards® Signature® Visa $5K
Current Overall CL: $139K | UTL: 18% | AAoA 3yrs | Gardening since 11/26/2013
Future CC: Chase Sapphire Preferred Visa Signature®
Future CLI: AmEX BCE 2/2014 | Fico goal: 760+

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