LOL, I have 3x more than you and am looking to obtain more, you have some very nice cards, I would cancel nothing and just sit back in the garden and watch them grow.
Adding: I manage them all with computerized software, takes about 1 hour a month to deal with them.
@Anonymous wrote:This is going to be a long post, but y'all have helped before so let's try again.
I'm currently trying to build my credit to 800+ and Im 21 (all scores 720-740). I got a carried away and applied for TOO many cards. It's just a pain to balance and keep track of statement dates and their are redundant rewards. For example, I have a chase freedom and discover IT, both cards have very similar rewards structures so it's almost pointless to have both. Anyways, I always pay in full and I pretty much buy everything on credit (although I have enough cash for it) simply because I get rewards cash for it and it builds my credit. Anyways, here is my extensive list of cards and limits.
BoA Cash Rewards-1500
Boa Better Balance Rewards- 2000
AmEx Trueearnings -2000
Chase Freedom- 2500
Discover IT - 1000
Duck Card-500
Beaver Card- 500
Looking back, it was pretty immature and irresponsible to apply for this many cards, its just a waste of time to manage in my opinion, especially since so many of the cards are similar and all have toy limits. The BoA cash rewards card has been my main card since August 2013. All other cards I got in December 2013. So the last inquiry I did was December 31 2013. Im in the garden for a while, probably until Jan 1 2015, but where do I go from there???
I was thinking of using the cards for which ever gives the best rewards and simultaneously always pay in full. Come January 1 2015 Ill ask for CLI on all the cards and Id probably keep the cards which give me the biggest limit. For example if the Duck Card only gets boosted to $1000 Ill probably close the account. All accounts are the same age pretty much so there's no major difference in AAoA. Do you think I should wait till Jan 2015 and ask for a CLI on all cards? I was hoping Id get a nice limit with the Duck and Beaver card but I was not given a big limit. I definately will be open to the possibility of asking OCCU to close one of them and add the credit from one card to the other (if that's possible). The only card I care about keeping indefinately is the AmEx because I shop at costco often and the BoA cash rewards because I bank with them.
So what do y'all think!
I would ask myself what are my future goals? What lenders have the cards I want down the line? Which of these rewards programs will have the greatest benefit to me. Which of these cards will have credit lines that grow without HPs? I would then focus my spend on those cards with the greatest rewards for me and/or on those cards with lenders that I really want to establish a great history with. Don't split your spend up too much, because then it will be harder to redeem or get chances at good credit line increases. You don't have to use all the cards. Some of them I would put in the sock drawer and only pull out every other month for minor purchases just to keep the account active.
When it comes to deciding which accounts to keep open you could apply for CLIs on all the cards and see what shakes out. If you want to close out some cards I would dump the BoA, Beaver & Duck cards if they don't give you better credit lines (this is assuming that your credit lines on other cards have increased over the year). The cards aren't hurting anything being left open in a sock drawer though. However, I would keep the amex, freedom and discover IT for sure. True the discover and freedom have a similiar design but the categories are not the same at the same time. Right now I think you can get a bonus at restaurants with Discover but the bonus for the freedom at restaurants doesn't start until next quarter. That means for 1/2 of 2014 you will have 5x rewards on restaurant spend which is pretty awesome in my mind. These are non-AF cards so I would probably leave them on there. The amex should grow nicely over the course of the next year.
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I wouldn't too much about it now that you already have the cards. You could sock drawer you less desired cards or simply use them on a occassional basis. You don't have to use all the cards all the time. In time they will all age and your score will increase. Just keep the accounts current, pay them off as you use them and sit back and enjoy your financial health.
Starting Score: EQ 732 October 2007; Current Score: EQ 839; TU 865, July 2022;
I would close one of the duck/beaver, but other than that -- I think that's not too many. However, everyone is completely different. Like others have said, instead of trying to trim your # of CCs just simply work on CLIs via SP method and when it's worth it HP.
