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New Member
drivera98
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
imducky
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
Brammy
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.
New Member
drivera98
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.


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