How Many Credit Cards Do YOU have?

[09Lexie]

@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

[longtimelurker]

---

@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...

[09Lexie]

@longtimelurker

You added to the list

[maiden_girl]

---

@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

[OptimalCS]

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

[MaRain]

---

@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

[mike1789]

5 Credit cards: 3 Chase 1 BoA 1Secured

[Petraeus]

---

@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?

[Petraeus]

---

@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.

[Danizzle]

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.