Credit Cards Center Credit cards from our partners
Reply
New Member
Posts: 4
Registered: ‎10-03-2007
0

Too many cards...

[ Edited ]
I have ten cards but 5 of them very new (less than a year).  I have lots of available credit (50k).  Should I close the newest cards I do not really need?  Also, I have multiple Amex (4) should I consolidate them to one?


Message Edited by drivera98 on 10-03-2007 04:00 PM
Senior Contributor
Posts: 3,432
Registered: ‎08-27-2007
0

Re: Too many cards...

if they aren't costing you anything and they are prime cards i would hang onto them even if you dump them today they are going to be on you reports for 10 years and you aren't going to get any of the fico points back for dropping them. however, as they age they can help with uti (doesn't seem a problem for you though), and help raise the scores.
Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007
0

Re: Too many cards...

You can close them but maybe you should ask why you applied for them.  You will take the hit because your file has already be reaged.  Were you looking for a lower APR? Higher limits?  Never apply for a card unless it offers some benefit that your current cards do not offer.
Highlighted
New Member
Posts: 4
Registered: ‎10-03-2007
0

Re: Too many cards...

I was looking for a lower APR and higher limits but I only got the lower APRs.  They did offer membership rewards and airline miles, which I do utilize often when I travel.  I was under the impression that having low limit cards and a number of them would be worse than having none at all.  I am looking to purchase a home and wanted to consolidate to 4-5 cards, but I am afraid if I do rid myself of these recent cards, it would hurt my scores harshly.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.