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Ver
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Ver
Posts: 1
Registered: ‎03-17-2009
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How many credit cards? What happens if I cancel?

Over the years of moving a credit card debt from one 0% offer to another, I've accumulated eleven credit cards.  I've paid off my debt.  Should I keep all eleven because it might hurt my 813 FICO score to start closing them?
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GomerPyle
Posts: 114
Registered: ‎03-17-2009
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Re: How many credit cards? What happens if I cancel?

I have this exact same question? I would love to know what really is reasonable and what is just insane?  I am thinking that it just depends on the person but I do not know.
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Guardian
Posts: 1,148
Registered: ‎04-23-2008
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Re: How many credit cards? What happens if I cancel?

I would welcome the input of others on this as well. My own position on this has been that as long as it is not EXCESSIVE and you are not using up a huge util, the age, the credit ratio it provides is not going to hurt you and you might as well keep them unless they are costing you money (AF and stuff).

Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


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WhirledPeasPlease
Posts: 3,418
Registered: ‎12-27-2007
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Re: How many credit cards? What happens if I cancel?

Eh, I have something like 16...  it happens -- and that's not including 3 AU accts.

 

Read Closing CCs in the Helpful Threads thread that is stickied at the top of the CC Forum.

~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008
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Re: How many credit cards? What happens if I cancel?

There you have it, straight from peas, thanks :smileywink:

Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Moderator Emeritus
WhirledPeasPlease
Posts: 3,418
Registered: ‎12-27-2007
0

Re: How many credit cards? What happens if I cancel?


Guardian wrote:
There you have it, straight from peas, thanks :smileywink:

 

Peas -- who is attempting to relax w/ Vicodin before her first root canal tomorrow!

 

I strongly dislike pain.

 

And to the PP -- Sorry, I meant to say "Please read Closing CCs..." -- My manners went missing.

 

;(

~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008
0

Re: How many credit cards? What happens if I cancel?


WhirledPeasPlease wrote:

 

Peas -- who is attempting to relax w/ Vicodin before her first root canal tomorrow!

 

I strongly dislike pain.

 

And to the PP -- Sorry, I meant to say "Please read Closing CCs..." -- My manners went missing.

 

;(


I am sorry you are in pain but easy on the Vicodins and good luck with your root canal. I do pretty well with pain, maybe too well :smileywink: Don't worry, your manners were fine, just take it easy and good luck tomorrow.


Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: How many credit cards? What happens if I cancel?

[ Edited ]

Ver wrote:
Over the years of moving a credit card debt from one 0% offer to another, I've accumulated eleven credit cards.  I've paid off my debt.  Should I keep all eleven because it might hurt my 813 FICO score to start closing them?

To sum up all the responses above, keep them, until you read fused's Closing Credit Cards .

There is a time and a place for closing credit cards, IF they are annoying you/ worrying you/ costing you money. Generally, it's fine to just keep them quietly ticking over in the background.

If you decide to dump a few, one of your main considerations should be the age of the card compared to your AAoA (average age of accounts.) The history *should* stick around for 10 years after closing (they have been known to fall off sooner, especially on EQ), but when it does fall off, you want it to affect your AAoA as little as possible. You want to target cards that are younger than your AAoA. When they fall off, depending on what else you have going on, this will either help your AAoA or have a neutral effect.

I have 10 cards in my name, plus one AU card (my husband's.) I am finding that it's getting annoying keeping all these cards happy, but unfortunately, the cards that I'd like to dump are my oldest. And thou shalt not close thy oldest card, or thy next-oldest.

There are other factors to look at, such as CL and effect upon your revolving util, and these are discussed in the cited thread. But with your scores, I doubt that these are issues. Just be aware of all the complex and interlocking issues involved, so that you'll know what will work best for you.
Message Edited by haulingthescoreup on 03-17-2009 06:53 PM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008
0

Re: How many credit cards? What happens if I cancel?

You said it hauling, know your options and act accordingly. :smileywink:

Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800



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