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Established Member
MandaNic2005
Posts: 17
Registered: ‎05-12-2012
0

How many Credit Cards is too many?

So, in a few short months, my husband and I are looking to hopefully by a house of our own, and I want to do whatever I can to make my credit the best it can be. That being said, I have 11 credit cards, 4 major and the rest are store cards (kohls, home depot, lowes, childrens place, victorias secret, etc..). Is it bad to have too many CC's? All of my cards are in good standing... No late payments, most have a $0 balance, should I close some of them? I will say I do use them all though, mainly for the discounts I get while using them, but than I pay them off right away. Is this good or should I close out some of my accounts? Thanks for any feedback!! :smileyhappy:


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Valued Contributor
jamesdwi
Posts: 1,546
Registered: ‎09-16-2011
0

Re: How many Credit Cards is too many?


MandaNic2005 wrote:

So, in a few short months, my husband and I are looking to hopefully by a house of our own, and I want to do whatever I can to make my credit the best it can be. That being said, I have 11 credit cards, 4 major and the rest are store cards (kohls, home depot, lowes, childrens place, victorias secret, etc..). Is it bad to have too many CC's? All of my cards are in good standing... No late payments, most have a $0 balance, should I close some of them? I will say I do use them all though, mainly for the discounts I get while using them, but than I pay them off right away. Is this good or should I close out some of my accounts? Thanks for any feedback!! :smileyhappy:


Keep them open, with no usage, if the Loan officier has a problem with them he can ask you to close them. Why close them prematurely especially some of them will come in handy after you become home owners, lowes and homedepot for example. 

 

 


Cards: Chase Southwest 20k & CSP 10k & Amtrak 4.6k, & Freedom 3.3k & Slate 3.3k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Sams Club Discover 10k, Paypal Extras MC 6k, CapOne 2.5k, CapOne 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Established Contributor
Koop10010
Posts: 731
Registered: ‎02-15-2012
0

Re: How many Credit Cards is too many?

There really isn't such a thing as "too many" credit cards from a FICO perspective.  If you have a use for all of them and can manage them, I don't think there's any reason to close them as I don't see you getting a score bump from it.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
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Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: How many Credit Cards is too many?

Too many is when you can no longer keep up with them.  If they have no annual fees and you don't keep a balance and paying interest on them.  Just leave them be, use occassionally, pay them off and leave them in the garden.  :smileyhappy:


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Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012
0

Re: How many Credit Cards is too many?

you should ask  Walter Cavanagh


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
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Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Regular Contributor
alboto
Posts: 211
Registered: ‎08-23-2012
0

Re: How many Credit Cards is too many?

[ Edited ]

nicholasyud wrote:

you should ask  Walter Cavanagh


Walter Cavanagh owns 1,497 active credit cards valued at $1.7 million. Aside from holding  the world record for the most number of credit cards, he also owns the world’s longest wallet, measuring 250 ft in length and 38 pounds in weight, with a capacity to hold 800 cards.

 

WHOA!!!! a little too many lol

 

 

http://6starliving.com/the-man-who-owns-the-most-credit-cards/

 

 

Valued Contributor
jamesdwi
Posts: 1,546
Registered: ‎09-16-2011
0

Re: How many Credit Cards is too many?


alboto wrote:

nicholasyud wrote:

you should ask  Walter Cavanagh


Walter Cavanagh owns 1,497 active credit cards valued at $1.7 million. Aside from holding  the world record for the most number of credit cards, he also owns the world’s longest wallet, measuring 250 ft in length and 38 pounds in weight, with a capacity to hold 800 cards.

 

WHOA!!!! a little too many lol

 

 


So that calcualtes to having 697 cards in his sock drawer,

 


Cards: Chase Southwest 20k & CSP 10k & Amtrak 4.6k, & Freedom 3.3k & Slate 3.3k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Sams Club Discover 10k, Paypal Extras MC 6k, CapOne 2.5k, CapOne 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: How many Credit Cards is too many?

This dude knows how to recon properly.

"When his application was declined, he would send a letter to the issuer explaining his purpose for seeking credit card approval, which is to maintain his world title"

In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

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Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: How many Credit Cards is too many?

Lmao @ world title.



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Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012
0

Re: How many Credit Cards is too many?

If all his cards charge $99 AF like Credit One . He would end up paying $ 148203. :smileyvery-happy: 1497 * $99 = 148203.


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