Posts: 26
Registered: ‎08-09-2012

Too Many Credit Cards

I have too many credit cards and have spent the morning cutting them all up. I am done with them. My problem is I have too many payments to track each month and would like to simplify my budget. What is the best way to move all the credit card balances under one card or to consolidate my debt? I am concerned if I do not begin to get it under control now, I will be in trouble later. However, I do not want 12 seperate payments each month, I would just like one monthly payment. Any advice? Thanks in advance!

Established Contributor
Posts: 527
Registered: ‎02-14-2012

Re: Too Many Credit Cards

BT? Consolidation loan? Close some cards? :smileyindifferent:

AmEx Platinum | AmEx BCP | AmEx Delta Gold | CSP | Chase Freedom | NFCU cashRewards Visa Sig | NFCU Plat MC | WM MC | Discover it | JCP

Regular Contributor
Posts: 156
Registered: ‎07-11-2012

Re: Too Many Credit Cards

Look to see if any of your cards have a nice bank transfer offer going on now? (0% apr for an extended period of time) If it's something where your situation is stable enough and you can afford the fixed payment for a year, then as adavis said, a consolidation loan might be your best bet.


Just keep in mind the percentage fee of the bank transfer vs. paying the interest on the loan. You'll have to sit down and see what offers there are out there and do the math to see which one will cost you less money over the time you want to allot for payoff!


I know how you feel! Battling and controlling debt myself! Be patient! You will get there!

In full gardening/ debt annihilation mode! (4/15/13)
Notre Dame FCU Visa 0/2k (8/04); CapOne Best Buy 800/1.5k (7\06)
Citi Thank You World MC 4800/9.7k (1/11); Amex Zync NPSL (9/11)
Chase Freedom Visa 1600/3.8k (9/11); Chase Southwest RR Premier Visa Signature 4300/10.7k (6/12); Discover It 0/3k (7/12)
EQ: 751 (4/1/13) EX: 742 (4/8/13) TU: 732 (4/8/13)
Frequent Contributor
Posts: 367
Registered: ‎06-02-2008

Re: Too Many Credit Cards

Keep the ones with no AF and/or old age and consolidate the balances of the small ones onto one or two cards.  I had the same problem.  Going through the process now. 

AmEx PRG (NPSL) | AmEx Costco ($8.2K) | AmEx Delta Gold ($19.3K) | AmEx BCE ($5K) | Chase United Explorer ($10K) | Chase Sapphire Preferred ($7.5K) | Chase Freedom ($8.2K) | Discover it ($3K) | Capital One Quicksilver ($2.5K) | PayPal Extras ($2.5K) | Lowes ($3.3K) | Walmart ($4.3K) | Amazon ($2.5K) | Restoration Hardware ($8.8K) | Crate & Barrel ($8.3K)
Homeowner since 05/29/13
Established Contributor
Posts: 961
Registered: ‎12-21-2010

Re: Too Many Credit Cards

I cut up 7 a few months ago , so I am down to 9.
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Mega Contributor
Posts: 15,436
Registered: ‎04-09-2011

Re: Too Many Credit Cards

I agree with the BT options if you have any that are low / 0%.

Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
Posts: 244
Registered: ‎07-29-2012

Re: Too Many Credit Cards

If you don't have any BT offers apply for Chase Slate they have no fee BT and after you transfer few cards close the ones you don't want anymore.

Cap1 QS $11500, Freedom $5000K, Slate $8000 Amex Sky $2000K, Discover IT $4400, BCE $8800, NFL $1500, Lowes $7000

Starting Score: 0
Current Score: 742
Goal Score: 800

Take the FICO Fitness Challenge
Valued Contributor
Posts: 1,339
Registered: ‎09-11-2012

Re: Too Many Credit Cards

+1 on the BT.


I recently axe'd first premier after 4 years. CreditOne is next on my list. Even know CB is 0, i still have to pay them $9 per month fee.


I have nothing against them, they helped me get started.

2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+