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blaksun333
Valued Member

too many credit cards

Right now i have about 15+ credit cards...

 

I will be paying all of them off by 2013 and plan to do the following:

 

Keeping 4 CCs with highest limits (7k, 4k, 2k, 2k) 

Out of the 4, one was opened in 2006 and the rest about >2009.

 

My question is that I have two, small CL cards ($300), that were opened back in 2007, and the rest of the 12+ cards were opened after 2009.

As far as AAoA, will these two small CL cards have a big impact on my credit score once I close them?

 


Starting Score: 425
Current Score: 615
Goal Score: 720


Take the FICO Fitness Challenge
Message 1 of 9
8 REPLIES 8
tinuviel
Moderator Emeritus

Re: too many credit cards


@blaksun333 wrote:

Right now i have about 15+ credit cards...

 

I will be paying all of them off by 2013 and plan to do the following:

 

Keeping 4 CCs with highest limits (7k, 4k, 2k, 2k) 

Out of the 4, one was opened in 2006 and the rest about >2009.

 

My question is that I have two, small CL cards ($300), that were opened back in 2007, and the rest of the 12+ cards were opened after 2009.

As far as AAoA, will these two small CL cards have a big impact on my credit score once I close them?

 


 

Closing credit cards does not impact one's AAoA immediately. The accounts will continue to appear on your reports for 10 years after they are closed. So, you're AAoA will take a dip in 10 years, but by then your newer cards will have had a chance to age, thus buffering the effects.

 


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Message 2 of 9
blaksun333
Valued Member

Re: too many credit cards

Thank you!


Starting Score: 425
Current Score: 615
Goal Score: 720


Take the FICO Fitness Challenge
Message 3 of 9
tinuviel
Moderator Emeritus

Re: too many credit cards


@blaksun333 wrote:

Thank you!


 

You're welcome!

 


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Message 4 of 9
ficojoe
Frequent Contributor

Re: too many credit cards


@blaksun333 wrote:

Right now i have about 15+ credit cards...

 

I will be paying all of them off by 2013 and plan to do the following:

 

Keeping 4 CCs with highest limits (7k, 4k, 2k, 2k) 

Out of the 4, one was opened in 2006 and the rest about >2009.

 

My question is that I have two, small CL cards ($300), that were opened back in 2007, and the rest of the 12+ cards were opened after 2009.

As far as AAoA, will these two small CL cards have a big impact on my credit score once I close them?

 


I am wondering why close them entirely instead of sock drawering them? Or even cutting them up and throwing them away but leaving them open? I really do not know which is better, but I'd love to hear opinions.

Message 5 of 9
ComputerWizMaster
New Contributor

Re: too many credit cards


@ficojoe wrote:

@blaksun333 wrote:

Right now i have about 15+ credit cards...

 

I will be paying all of them off by 2013 and plan to do the following:

 

Keeping 4 CCs with highest limits (7k, 4k, 2k, 2k) 

Out of the 4, one was opened in 2006 and the rest about >2009.

 

My question is that I have two, small CL cards ($300), that were opened back in 2007, and the rest of the 12+ cards were opened after 2009.

As far as AAoA, will these two small CL cards have a big impact on my credit score once I close them?

 


I am wondering why close them entirely instead of sock drawering them? Or even cutting them up and throwing them away but leaving them open? I really do not know which is better, but I'd love to hear opinions.


Sock Drawing (SD) is a decent option, but can be too much of a maintenance issue. As generally the bank will close the account anyway if you don't use it every so often due to inactivity. So if you find that trying to manage when you last put a charge on each card too much hassle closing it can be a better choice. The same is true for fraud (you will have to monitor each account for fraudulent activity as although you aren't using them someone might be...)

 

Feb. 2012: TU: 677 EQ: 647 EX: 666
Aug. 2013: TU: 729 EQ: 726 EX: 697
Goal 2013+: 720+ All Three
Message 6 of 9
Anonymous
Not applicable

Re: too many credit cards

I closed all the starter cards I used to establish credit, even though none of them had annual fees.  They stay on your reports for 10 years, at which point them falling off won't have much effect.  There's no need to leave them open, and I really don't like having open accounts that I don't use.  There's the chance they could be used fraudulently and I don't want to have to think about them.

Message 7 of 9
RockinRay
Valued Contributor

Re: too many credit cards


@Anonymous wrote:

I closed all the starter cards I used to establish credit, even though none of them had annual fees.  They stay on your reports for 10 years, at which point them falling off won't have much effect.  There's no need to leave them open, and I really don't like having open accounts that I don't use.  There's the chance they could be used fraudulently and I don't want to have to think about them.


+ 1 - some good advice about... 

Ray

** Every Card has a Job, and Every Card does its Job **
Message 8 of 9
ficojoe
Frequent Contributor

Re: too many credit cards

How many credit cards is too many?

 

Is there an idea number for FICO scoring?

Message 9 of 9
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