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New Visitor
wazzup
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
Creditaddict
Posts: 22,067
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!

 

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
New Visitor
wazzup
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
Creditaddict
Posts: 22,067
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.
Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
New Visitor
wazzup
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
fused
Posts: 16,373
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 (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

New Visitor
wazzup
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.
Community Leader
Senior Contributor
laz98
Posts: 4,336
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
Creditaddict
Posts: 22,067
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.

 

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
Established Contributor
Mike14
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

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