Credit Cards Center Credit cards from our partners
Reply
New Visitor
Posts: 12
Registered: ‎10-27-2008
0

high number of accounts

i have 57 open credit card accounts.    should i cancel newer accounts opened? how many  should i cancel? i do not want to lower my score which is almost 800. any insight?
Epic Contributor
Posts: 28,687
Registered: ‎10-23-2007
0

Re: high number of accounts

If the accounts are not hurting your credit, which with 800, clearly they are not I wouldn't worry about it. I have 2 rolodex' to hold all my cards and I have them back to back!

 

New Visitor
Posts: 12
Registered: ‎10-27-2008
0

Re: high number of accounts

thanks for the reply. the only negative in my report flags my number of open accounts as being too high. i am not complaining about my score, but in these times it seems as though a great score is getting higher and higher. i am just looking ahead as i do not need all these cards, but i am concerned i may lower my score by getting rid of some.  
Epic Contributor
Posts: 28,687
Registered: ‎10-23-2007
0

Re: high number of accounts

you could start with the cards that you have more of 1 at the same bank and combine them together. that way you wouldn't loose any cl and wouldn't loose the oldest account but would consolidate down.
New Visitor
Posts: 12
Registered: ‎10-27-2008
0

Re: high number of accounts

great idea as i have multiple cards with a few banks. i never knew that. thanks. as for the rest of my excessive accounts i guess i should quit while i am ahead as my balences are very low.
Moderator Emeritus
Posts: 16,381
Registered: ‎03-12-2007

Re: high number of accounts

With a FICO score of 800, I wouldn't do anything. Your score is EXCELLENT, so if it ain't broken, why fix it.
Credit Profile - FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 27 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: TU 1


Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring World Mastercard ~ Chase Freedom Signature Visa ~ CITI Dividend World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
New Visitor
Posts: 12
Registered: ‎10-27-2008
0

Re: high number of accounts

thanks fused, i guess i have just worked hard on achieving good credit and hate to see anything negative in these times, especially.
Senior Contributor
Posts: 4,329
Registered: ‎09-06-2008
0

Re: high number of accounts

may i ask why the 2 of you (OP & CreditAddict) have so many cards in the first place?
Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Epic Contributor
Posts: 28,687
Registered: ‎10-23-2007
0

Re: high number of accounts

haha, don't you see my name.

I use to keep old credit cards because I liked to lay them out on the floor and see what I use to have. I have gotten much better! it's a process.

but then I compare myself with the world record, he had 1146... ALL ACTIVE! 1.6 million in credit line i think it was.

 

Established Contributor
Posts: 618
Registered: ‎09-16-2008

Re: high number of accounts

[ Edited ]
I'd cancel any newer cards that have an annual fee.  No need to throw away that money!
Message Edited by Mike14 on 10-27-2008 10:07 PM
Wife's FICO Scores, 7/10/09: TU:??? EQ:634 EX: ???
Wife's FICO Scores, 2/13/09: TU:??? EQ:604 EX: 630
Wife's FICO Scores, 2/05/09: TU:??? EQ:592 EX: 630
My FICO Scores, 6/19/09: TU:757 EQ:744 EX:758 (all from MB; EQ Agrees)
My FICO Scores, 3/29/09: TU:755 EQ:746 EX: ???
My FICO Scores, 2/05/09: TU:??? EQ:730 EX: 720

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

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 internal myFICO analysis of 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. These ranges were not provided by any card issuer.

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.