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04-18-2015 03:36 PM
I was wondering if there is such a thing as too many credit cards? I have struggled the past couple years with obtaining any kind of credit card, I recieved my first secureced card in 2011 and have been building my credit ever since. Now I have 5 credit cards and 2 store cards and I am wondering if this is too much?
My current cards are as follows:
Capital One Secured with a $500 limit
Capital One Jouney with a $500 limit
Gesa CU Card with a $500 limit
Barclays card with $1350 limit
BECU card with a $1500 limit
Fingerhut/Web Bank with a $500 limit
Amazon Store Card with a $400 limit
Now I know these limits are very small and I'd like to increase them but I want to get a higher limit on my BECU card as it is the lowest APR and only carry a balance on that but will having this many cards hurt my chances of obtainin a higher limit? Any suggestions?
Thanks in advance!
I respect Nixon's opinion.
If it was me, I would not close any of these accounts.
If you feel that's too much credit then, excute Nixon's sugestion.
04-18-2015 04:22 PM
This is discussed almost every week and the answer is always pretty much the same. It depends on your wants, needs, goals, and spend. For "good score" purposes most people suggest you shouldn't have less than 3 cards, but if you are not into the whole "reward chasing" and such, having 3 and no more is totally fine in the scoring respect.
I could never have above 6 and even that is pushing the limit for me. My spend isn't high enough to justify it. If you have lowish to moderate spend, you'll find yourself with $10 in rewards across several cards for quite awhile. The more your income and spending is, the more you will reap the benefits of an increased number of cards.
I'd rather have a lot of rewards on two cards (about $50 right now between the two) than $5 on 10 different cards. For me, two cards is fine (although I am planning on my third at the end of this year/early 2016). But for huge spenders, more cards *might* make sense (all depends on the person; my parents have 6 figures income, are huge spenders and only recently got a third bank card).
04-18-2015 05:08 PM
You don't have that many cards. I count less than 10 and some models show less than 10 cards a poor risk. Your file just needs time.
Ask Credit Addict about having too many cards with 79 of them.
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