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How many Credit Cards is too many?

Established Member
64.121.180.219

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!! Smiley Happy


Starting Score: 670
Current Score: 709
Goal Score: 800


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Message 1 of 20
19 REPLIES
Valued Contributor
64.121.180.219

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!! Smiley Happy


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 & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 2 of 20
Established Contributor
64.121.180.219

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
Message 3 of 20
Moderator Emeritus
64.121.180.219

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.  Smiley Happy

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 20
Valued Contributor
64.121.180.219

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,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Message 5 of 20
Regular Contributor
64.121.180.219

Re: How many Credit Cards is too many?


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/

 

 

Message 6 of 20
Valued Contributor
64.121.180.219

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 & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 7 of 20
Valued Contributor
64.121.180.219

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) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 8 of 20
Mega Contributor
64.121.180.219

Re: How many Credit Cards is too many?

Lmao @ world title.



EQ FICO 548 3/3/16
Message 9 of 20
Valued Contributor
64.121.180.219

Re: How many Credit Cards is too many?

If all his cards charge $99 AF like Credit One . He would end up paying $ 148203. Smiley Very Happy 1497 * $99 = 148203.


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Message 10 of 20