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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
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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...

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

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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 Smiley Happy

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






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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.

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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

Back in the garden until 10/2015.

Starting Score: EQ 714, EX 658, TU 691 (pulled by mortgage lender on 10/7/14)
Current Score: EQ 656, EX 660, TU 660 (FAKOS pulled on 3/26/15)
Goal Score: EQ 760, EX 700, TU 760


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


longtimelurker wrote:

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...


I understand the fraud part but isnt there a risk regardess by having even just 1 cc out there? Plus with buyer protection in general I cant see that as a bullet point to close an account, although i could be wrong 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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Registered: ‎08-23-2013
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Re: How Many Credit Cards Do YOU have?

Just saw this topic and figured I'd bite.

6 CCs, 1 store card and 1 LoC:

AmEx BCE $1,500 / $13,900 

usbank Visa Platinum $1,000 / $6,300 (first CC as I do my banking there)

Chase Sapphire $0 / $5,000

Citi Simplicity $0 / $ 3,500

Discover it $0 / $2,500

Citi Diamond Preferred $0 / $1,500


Military Star store card $0 / $1,275.


After gardening until at least January '14, I have my eye on the Chase Freedom (for the signup cash back), Citi TY and Barclaycard Arrival World MC with no annual fee. I don't want anymore than 10 cards.

All FICO scores as of 9.1.14: Exp 744, Eq 745, TU 764
Goal: 800+ across the board
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