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Established Member
Posts: 28
Registered: ‎11-22-2012
0

I think I might have too many credit cards...

[ Edited ]

Hi first post but been lurking. I love these forums:smileywink:

 

So I think I've reached a point where I have too many credit cards. I've listed the type of cards limits and dates when I got them. 

My goal is to get some CLI on some of the stronger cards and do away with some weaker cards. (Is this a good idea to close any of them?) 

Obviously I went on an app spree November 2012 which hurt my score pretty bad, and I've incurred a balance on some of these. 

I am however paying them off respectively. Im planning on buying a house here in about 2 years when alot fo these inquries go away as well.

Any suggestions? 

 

Charge Cards

AU - Amex Green - December 2012

AU - Amex Gold - February 2013 

 

Credit Cards 

Chase Sapphire   $5,000   November 2012 

BankAmeriCard Platinum Visa $1,000 October 2010 

Discover Cashbook Bonus  $1,000 November 2012 

Capital One Journey $750 Augusts 2011 

Capital One Cash Rewards MC $500 November 2012

Citi  Thankyou $500 November 2012 

Creditone Bank $500 October 2011 

 

Store Cards 

Walmart  $900 November 2012 

Gap $400 November 2012 

Target $300 November 2012 

Macys $300 November 2012 

Dillars $600 November 2012 

The Home Depot $500 November 2012 

Lowe's $500 November 2012 

Express $250 July 2012 

 

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: I think I might have too many credit cards...

First and foremost, CreditOne. :smileyhappy:
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Moderator
Posts: 27,206
Registered: ‎09-13-2012
0

Re: I think I might have too many credit cards...

What are you asking? Do you have too many? Should you close them? Need more info like balances
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: I think I might have too many credit cards...

this is always what i recommend.

 

pay off the cards that has ridiculous monthly / annual or random fees structure and try to get them waived. if you can't get the fees waived, cancel it.

pay down the cards with highest interests first, then pay down the card with the next highest interest rate, and go from that order.

as for cards with no fees, just put it into your drawer and let it close itself out from inactivity. you get to milk a few more months / years of account age for what it's worth.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Established Contributor
Posts: 662
Registered: ‎02-20-2013
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Re: I think I might have too many credit cards...


Luis135 wrote:

Hi first post but been lurking. I love these forums:smileywink:

 

So I think I've reached a point where I have too many credit cards. I've listed the type of cards limits and dates when I got them. 

My goal is to get some CLI on some of the stronger cards and do away with some weaker cards. (Is this a good idea to close any of them?) 

Obviously I went on an app spree November 2012 which hurt my score pretty bad, and I've incurred a balance on some of these. 

I am however paying them off respectively. Im planning on buying a house here in about 2 years when alot fo these inquries go away as well.

Any suggestions? 

 

Charge Cards

AU - Amex Green - December 2012

AU - Amex Gold - February 2013 

 

Credit Cards 

Chase Sapphire   $5,000   November 2012 

BankAmeriCard Platinum Visa $1,000 October 2010 

Discover Cashbook Bonus  $1,000 November 2012 

Capital One Journey $750 Augusts 2011 

Capital One Cash Rewards MC $500 November 2012

Citi  Thankyou $500 November 2012 

Creditone Bank $500 October 2011 

 

Store Cards 

Walmart  $900 November 2012 

Gap $400 November 2012 

Target $300 November 2012 

Macys $300 November 2012 

Dillars $600 November 2012 

The Home Depot $500 November 2012 

Lowe's $500 November 2012 

Express $250 July 2012 

 


I woud recommend gettting rid of all the store cards except maybe walmart. CreditOne get rid of for sure and Capital one journey. Then email EO for cap1 and ask for a CLI on the other cap1 card. Get your discover PC'd to Discover IT and ask for a CLI along the way.

 

Once your other creditors are able to see on your report the store cards are closed, they may be more inclined to give you CLI's. those store cards really are useless. the spend that you might put on them would be better put on a card that gives you decent rewards, of which you have a few.


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Established Member
Posts: 28
Registered: ‎11-22-2012
0

Re: I think I might have too many credit cards...

lol Why does every one alwas suggest to axe this card? 

Moderator
Posts: 27,206
Registered: ‎09-13-2012
0

Re: I think I might have too many credit cards...

Without knowing the balances - it would be difficult to ascertain the affect closing any cards will have on your credit score.
Established Member
Posts: 28
Registered: ‎11-22-2012
0

Re: I think I might have too many credit cards...

Yeah basicaly, do I have too many cards and should I close some of them?

 

My balances as follow.

Chase Saphire $4,000 just made a large purchase going to pay off soon.

BOA Card $600 paying off by the end of month. 

 

Established Member
Posts: 28
Registered: ‎11-22-2012
0

Re: I think I might have too many credit cards...

Thanks for the advice!! :smileyvery-happy:

Valued Contributor
Posts: 1,453
Registered: ‎04-14-2012
0

Re: I think I might have too many credit cards...

Do you have to many and should you close them....I think depends on what it is you are trying to accomplish.....

*8/10/13
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