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Reached my limit for number of Credit Cards

Regular Contributor

Reached my limit for number of Credit Cards

Since joining this forum in July I've closed two cards (orchard and first premier) and opened seven (Amex gold, Amex BCP, Cap1 Cash Rewards, Chase Freedom, Chase MP, Discover and SFFCU) brings me to a total of eight cards.  

 

I think I've reached my limit and will garden indefinitely....my plan is to grow my BCP, Discover and credit union card, combine my Chase limits and likely close the Cap1 card when the annual fee hits.  

 

I'd like to get to the point where I have only four cards with healthy limits (10k+).  

 

Anyone see a reason to have the eight credit cards open?

 

 

Staring Score:EQ 649 TU 647 EX 644
Current Score: EQ 786 TU 699 EX 746
Goal Score: 800
Wallet: SF Fire CU $5000 CL Chase Freedom 4000 CL, Chase MP $5000, WellsFargo $6000 CL, Amex Gold NPSL, Cap1 CashRewards $2500 CL, Amex BCP $12000 Discover More $1200 CSP 18000
Message 1 of 5
4 REPLIES
New Contributor

Re: Reached my limit for number of Credit Cards

It is individual choice how many credit cards to keep open and manage.

 

I have 28 cards.

Message 2 of 5
Regular Contributor

Re: Reached my limit for number of Credit Cards

i combined my chase southwest (5k) to Jp Morgan select (9k)=14k cl

now i still have 9 cards..

Message 3 of 5
Frequent Contributor

Re: Reached my limit for number of Credit Cards


Madman94044 wrote:

 

Anyone see a reason to have the eight credit cards open?

 


Only if you can justify them (IMO). I currently have the 5 listed below, but plan to open both a Chase Freedom and an AmEx Blue Cash Preferred by the end of the year. I iwll try and PC the Amazon.com Rewards to the Freedom, or close it afterwards. Once I do, I will carry the CSP, Freedom, BCP, and Discover which will cover all of my needs, and keep the Cap One and NFCU for the credit/AAoA in my sock drawer for the most part. It all depends on your personal needs.



Starting Scores: myFICO EQ: 678, myFICO TU: 676, myFICO EX: 678 (01/2013)
Latest Scores: myFICO EQ: 789, myFICO TU: 782, myFICO EX: 788
My Wallet: American Express BCE, NFCU cashRewards, Capital One Quicksilver, Discover It, Chase Freedom, Chase Amazon Rewards
Gardening since 02/07/17
Message 4 of 5
Valued Contributor

Re: Reached my limit for number of Credit Cards


Madman94044 wrote:

Since joining this forum in July I've closed two cards (orchard and first premier) and opened seven (Amex gold, Amex BCP, Cap1 Cash Rewards, Chase Freedom, Chase MP, Discover and SFFCU) brings me to a total of eight cards.  

 

I think I've reached my limit and will garden indefinitely....my plan is to grow my BCP, Discover and credit union card, combine my Chase limits and likely close the Cap1 card when the annual fee hits.  

 

I'd like to get to the point where I have only four cards with healthy limits (10k+).  

 

Anyone see a reason to have the eight credit cards open?

 

 


If you can justify them and/or there's no AF on the ones you might want to close, you could just leave them open and put the unused cards in the old sock drawer.Smiley Happy

EX = 849 EQ = 850 TU = 850 as of 07/2017
Retired and Retiring Cards!
Message 5 of 5