New Visitor
Posts: 2
Registered: ‎05-06-2008

how many credit cards

how many credit cards are to many
i have about 30 with only about 4 with a balance
i understand that cancelling some may hurt my credit score
Valued Contributor
Posts: 1,426
Registered: ‎07-24-2007

Re: how many credit cards

Depends on what your plans are. Plan on buying RE? If so, 30 is too many. I had 29 cards in 1998 when I bought my house. Broker told me to close some cards - I wound up having 8 cards. And 8 is how many I have today.
Have no plans to buy a house? 30 is fine. I managed well with 29.
Banks son't like to see you with too many cards - they get jumpy if you have access to too much credit..  
New York Yankees - 2009 World Series Champions. 27... and counting.....
Established Contributor
Posts: 527
Registered: ‎11-29-2007

Re: how many credit cards

How does one actually manage to use 30 cards enough to keep them from being cancelled for inactivity?

And what's the appeal of so many cards?

I'm the opposite, I like to have as few cards as possible given the game-playing needed for FICO.
4/25: TU 793, EQ 791, EX ?
Goal: 800s by 12/09
New Visitor
Posts: 2
Registered: ‎05-06-2008

Re: how many credit cards

most of them i got through special programs such as free financing for one year
or some free cash if opened an account when buying something on line
some i have never used but still show up on credit report
most are just sit in my safe with zero balances
Super Contributor
Posts: 8,158
Registered: ‎03-25-2007

Re: how many credit cards

Closing them will only hurt your score if it adversley affects your utilization percentage.  And they will stay on your report for 10 more years anyway
Many cards go "inactive" after about 12 months, and some of those will pull an inquiry if you try to reactivate them.
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Valued Contributor
Posts: 2,374
Registered: ‎03-15-2007

Re: how many credit cards

The more cards you have, the better it is for your FICO score...up to a point, anyway. That "curve" is pretty healthy on up to 5 or 6 cards, then begins to flatten, and by the time you pass 10 or so there's really no significant benefit to having more.

So I would triage the cards. The older they are, and the higher the CL is, the more valuable they are. The newer they are, and the lower the CL, the less valuable they are. If a card is your oldest reported account, don't close it.
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in a credit-scoring postnuclear Stone Age...

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