Too many credit cards?

[Anonymous]

I have 7 credit cards.. I'm working hard to pay them off since I wasn't so responsible with them in the past.  I have a balance remaining on 3! (congrats to me )  Will having 7 cards make me look bad to loan companies even if they don't have a balance?  I want to buy a house next year.  Should I close them?

[Anonymous]

Don't close them -

Closing cards needs to be very calculated-

A few rules-

Reduce or eliminate AF's

Don't close oldest account

Make sure closing does not affect UTL negatively.

If no AF - leave it open and use it every 6 months,

Make sure you only have a balance on less than 1/2 of ALL open accts (including installment and mortgage)

[cobra19]

tb.............7 cards is not excessive. I have 8.  Let no more than 3 of your 7 carry small balances.  

[Anonymous]

Like cobra19, I also have 8 credit cards, and my 3 FICOs are in the 800s. 

[Red1Blue]

I have added 18 new accounts in 2007. Despite all the new accounts and inquiies, I also managed to raise my score from  554 to 660.  I got 3 more Paid Collections to get out in 2008. Hoping to reach the 700 club in 2008.

[rubaty]

I have 20 accts and have recently used the advice of other people on the forums about keeping my UTL low and only keep a balance on a few each month.  Since I have so many, I'm letting a balance show on 5 each month and then I PIF.  Hopefully, by the end of 2008 I will be at my goal of 777!

[Anonymous]

I have nine and got a car with a decent rate and a mortgage with a great rate--I dont think its the amount of credit its how you manage it

[divasheart]

What cards did you get in 2007? Did getting all of those cards and the inquiries hurt you at all?

I got a few this past year and it dragged my score down, but I am seeing it slowly go back up with each month that passes. I make my monthly payments on time. Thanks.