topic Re: I have too many credit cards :-/ in Credit Cards

I have too many credit cards :-/

Anonymous — Mon, 01 Feb 2016 05:43:58 GMT

Darn... As I started and have been improving my credit score by opening bunch of cards I realized I reached to 19 cards from 12 banks.

Of which, 2 are store cards with Synch (Amazon and SamAsh). 1 is PayPal online credit.

Rest are visa, master card, discover and amex bank and bank provided cards.

I cannot even keep all of them active monthly. I rotate my expenditure among cards, so that each one gets some activity at least 2-3 months of a year.

I know this kinda was bad decision. Way too many cards to handle and I do not even have the classic high limit cards like Chase Sapphire, Cap1 Venture or Wells Fargo cards. Too many recent INQ's + too many open accounts kind hurt my chances of new cards, obviously.

My all credit scores are in 700-730 range, total limits add up to 75K-ish

I am definitely not gonna make another application or CLI request, for a long while.

However, do you think I should close 4-5 (not the oldest) low limit cards to apply for Sapphire or Venture like cards later on?!

Re: I have too many credit cards :-/

Imperfectfuture — Mon, 01 Feb 2016 05:47:43 GMT

Close what you do not want. That is all. I keep my oldest, 2013, open. Otherwise, I will make decisions when everything below 5% on all cards. Util at 6%, but one card just under 30% (the one with 0% for 20 months, need to consolidate for mortgage app).

Re: I have too many credit cards :-/

NRB525 — Mon, 01 Feb 2016 06:28:39 GMT

OP can you list out the cards you do have and their limits? Closing cards should include a review of whether the card has usefulness in the future.

Depending on the cards involved, some may have clear, well defined pathways to become "high limit" cards with good benefits. Others may have a clear purpose to keep a foot in the door with a bank where you may want to get a higher limit card later. Still others could be closed if there is no long term use, and no easy path to improving the card.

I know the challenges of keeping all those cards active. After my balances are getting paid down, it is lowering the amounts I have available to keep cards busy with BT amounts, and the more PIF cards, the more I need to think about which card gets which spend event.

Re: I have too many credit cards :-/

Anonymous — Mon, 01 Feb 2016 06:32:37 GMT

I feel ya. I have twice that many cards, but for me, the easiest way is just to not have balances on more than 2-3 at any given time. When you start having charges on many cards simultaneously, that's when it gets complicated. I will run on two or three, while the others are sock drawered, with zero balances. Then I will pay off my 2-3 cards and SD them, pulling another couple into circulation. You can set up a spread sheet if it will help you keep track. I never lose track because I am so hawkish about logging in to my accounts often, so I always see what's coming. I actually have a little black box they all sit upright in and I go through them all and make sure to log in at minimum every two weeks.

Re: I have too many credit cards :-/

red259 — Mon, 01 Feb 2016 06:50:06 GMT

@NRB525 wrote:
OP can you list out the cards you do have and their limits? Closing cards should include a review of whether the card has usefulness in the future.
Depending on the cards involved, some may have clear, well defined pathways to become "high limit" cards with good benefits. Others may have a clear purpose to keep a foot in the door with a bank where you may want to get a higher limit card later. Still others could be closed if there is no long term use, and no easy path to improving the card.

I know the challenges of keeping all those cards active. After my balances are getting paid down, it is lowering the amounts I have available to keep cards busy with BT amounts, and the more PIF cards, the more I need to think about which card gets which spend event.

+1 OP if you are having a hard time managing all the cards then you definetly should do a review of your cards and see what works for you and what does not. Every year when I come up on an anniversary of a card I review it to see if I want to keep the card another year. You should always reassess your cards. If you have store cards and you don't use them for that store then those are prime canidates to go. If you have low limit cards that will not grow in the future then those cards can be tossed as well, unless they fill a specific need. 19 cards sounds like way too many and I believe when you review your card list many of those cards will hold no real value in keeping them open. If you post what you have, the limits, and the dates the cards were opened we would likely be able to point out pros/cons for each card. Inevitably someone will post that you should keep all cards open for AAoAs or overall credit util. I would strongly disagree if you have 19 cards, are having difficulty keeping track of all of them, and they are not serving a real use.

Re: I have too many credit cards :-/

takeshi74 — Mon, 01 Feb 2016 15:25:11 GMT

@Anonymous wrote:
do not even have the classic high limit cards like Chase Sapphire, Cap1 Venture or Wells Fargo cards.

Limits are not just a matter of the card. One's credit profile and income will determine the limits that one qualifies for.

@Anonymous wrote:

However, do you think I should close 4-5 (not the oldest) low limit cards to apply for Sapphire or Venture like cards later on?!

Your call to make. The cards you apply for, the cards you keep, etc are all determined based on your needs/wants and what you can reasonably manage. Consider the info in the Closing Credit Cards thread linked in the Helpful Threads sticky. In future, consider these things before you apply, not after.

We can't say that closing cards will help you to get a CSP or Venture. You also need to carefully consider whether or not those cards are suited to you. Run the numbers for your spend and consider how the redemption methods you can use will impact rewards value.

As for the oldest card, again, consider the info in the Closing Credit Cards thread.

Re: I have too many credit cards :-/

Mattopotamus — Mon, 01 Feb 2016 15:43:25 GMT

I just leave the cards in a drawer when I am done with them if they have no AF. It makes no difference if the bank closes them for inactivity or I do myself. Each day they stay open will add to the overall AAoA (they still report for 10 years, but every day counts). I am not really worried about fraud since I am not using the card, and I would be alerted immediatly of use.

Re: I have too many credit cards :-/

Mantis350 — Mon, 01 Feb 2016 16:48:00 GMT

It just all depends on your profile and you personally. If it is causing you unnecessary stress then by all means close some of your newer cards. Look at all rewards structure of the cards and keep only the ones that are useful to you. I've got 18 cards and probably only heavily use 3 per month (based on spending bonus or bonus quarterly categories). I have been trying to consolidate. If I have multiple cards from one bank, I try to get the limits combined onto the card that best fits my needs. I like have the padded UTIL just in case I ever need it. Most of my cards remain SD'd and will have recurring bills (Netflix, termite, home alarm, etc...) that have autopay set for the total balance. I find that works best for me but YMMV. I actually enjoy keeping up monthly with all my cards but I'm weird like that. It's a hobby of mine which my DGF seems to enjoy witnessing. Just do what comes naturally for you. Credit should not be a stressful endeavor. Like Ron Popeil always says...."set it and forget it"

Re: I have too many credit cards :-/

SouthJamaica — Mon, 01 Feb 2016 21:37:21 GMT

@Anonymous wrote:
Darn... As I started and have been improving my credit score by opening bunch of cards I realized I reached to 19 cards from 12 banks.
Of which, 2 are store cards with Synch (Amazon and SamAsh). 1 is PayPal online credit.
Rest are visa, master card, discover and amex bank and bank provided cards.

I cannot even keep all of them active monthly. I rotate my expenditure among cards, so that each one gets some activity at least 2-3 months of a year.
I know this kinda was bad decision. Way too many cards to handle and I do not even have the classic high limit cards like Chase Sapphire, Cap1 Venture or Wells Fargo cards. Too many recent INQ's + too many open accounts kind hurt my chances of new cards, obviously.

My all credit scores are in 700-730 range, total limits add up to 75K-ish

I am definitely not gonna make another application or CLI request, for a long while.
However, do you think I should close 4-5 (not the oldest) low limit cards to apply for Sapphire or Venture like cards later on?!

No I don't. It won't accomplish anything for your scores. Just keep rotating them as you have been.

Re: I have too many credit cards :-/

Anonymous — Tue, 02 Feb 2016 00:57:25 GMT

Once you get the 700s you should scale back the store cards if you can, unless they are deferred financing options. The goal is to be at a point where your score is up, and new accounts is so low that if you do have a large purchase to make out of budget, you'll be guaranteed approval from any prime card to enjoy its intro rate and its spend bonus.

Re: I have too many credit cards :-/

SouthJamaica — Tue, 02 Feb 2016 01:00:03 GMT

@Anonymous wrote:
Once you get the 700s you should scale back the store cards if you can, unless they are deferred financing options. The goal is to be at a point where your score is up, and new accounts is so low that if you do have a large purchase to make out of budget, you'll be guaranteed approval from any prime card to enjoy its intro rate and its spend bonus.

Closing cards doesn't remove them from "new account" status for 10 years

Re: I have too many credit cards :-/

Anonymous — Tue, 02 Feb 2016 02:09:45 GMT

I wasn't saying that. He thinks he can't keep track of their numbers first of all. Second if income is sub 50k, quality accounts matter more if you go 2x 3x limits vs. Income. If rather have another 5k prime card over five store cards.

Re: I have too many credit cards :-/

Anonymous — Tue, 02 Feb 2016 02:27:15 GMT

Yes, so here is what I have:

Amazon Store Card/Synch: 2500

Amex Everyday: 7500

Amex Delta Gold: 2500

Amex SPG: 5000

BoA Americard: 4000

BoA Cash Rewards: 5000

Barclays Arrival: 2500

Capital One Quicksilver: 7000

Chase Freedom: 8500

Citi Diamond: 2500

Citi AA: 5000

Discover More: 1900 (oldest card, mid 2013)

Discover It Miles: 5000

Orbitz/Comenity: 2500

PayPal: 3000

Santander: 3500

SamAsh Store: 2000

US Bank Kroger: 2200

US Bank Platinum: 8000

Citi said they do not consolidate. If I ever close, Citi Diamond and Kroger visa would be the first two on the line, maybe Orbitz as a third.

One thing I do not know is whether the banks also take ''too many credit card accounts'' into consideration or not, before deciding..

Or should I wait and as the latest INQs and HPs drop from scoring eventually, go ahead and apply for Venture and CSP....

Re: I have too many credit cards :-/

red259 — Tue, 02 Feb 2016 02:49:47 GMT

@Anonymous wrote:
Yes, so here is what I have:

Amazon Store Card/Synch: 2500
Amex Everyday: 7500
Amex Delta Gold: 2500
Amex SPG: 5000
BoA Americard: 4000
BoA Cash Rewards: 5000
Barclays Arrival: 2500
Capital One Quicksilver: 7000
Chase Freedom: 8500
Citi Diamond: 2500
Citi AA: 5000
Discover More: 1900 (oldest card, mid 2013)
Discover It Miles: 5000
Orbitz/Comenity: 2500
PayPal: 3000
Santander: 3500
SamAsh Store: 2000
US Bank Kroger: 2200
US Bank Platinum: 8000

Citi said they do not consolidate. If I ever close, Citi Diamond and Kroger visa would be the first two on the line, maybe Orbitz as a third.
One thing I do not know is whether the banks also take ''too many credit card accounts'' into consideration or not, before deciding..
Or should I wait and as the latest INQs and HPs drop from scoring eventually, go ahead and apply for Venture and CSP....

Some of those cards I do not know much about at all. Off top of my head I would look at any AF cards and see if they are worth the AF. If not then I would look to see if they can be PC'd to something non-AF or if you can merge those credit lines over to other cards. If you can use the AF cards then by all means keep them. I would look at low credit line cards and see if you use those cards. If you do not use those low credit line cards, then what type of growth potential do those cards have? If none then can those lines be consolidated into other cards and then closed? Banks do look at what accounts you currently have and can deny you based on too many new accounts. Banks can also deny you for having too much overall available credit in relation to your income. At this point my concern is more about the fact that you are having difficulty maintaining all the cards. If it is too difficult or you are outside your comfort level that is a completely legitimate reason to close out some cards. I wouldn't keep a card because its one of your first cards if that card is low limit and it doesn't look like you can grow it (unless its something like you have had the card for years longer than your other cards). The reason I say this is that the card even if you close it, it will still remain on your credit report for 10 years. You do want to let your inqs age at least six months with a year being even better, but at least most of them should be over six months old. The 5/24 policy with chase will lead to a rejection for the CSP if you have receieved 4 of these cards in the past two years. Closing them won't get you a CSP.

Re: I have too many credit cards :-/

Kevin86475391 — Tue, 02 Feb 2016 03:29:22 GMT

I can see how 19 cards would be overwhelming to responsibly manage, and I do think you need to very actively monitor them. I absolutely wouldn't advise paying them off and tossing them in a drawer because that's how fraud happens. You may/would hopefully get alerts, but you could easily miss those, your info may be/may go out of date, or the cc company may just fail to notify you or not even realize an isolated charge or two IS fraudulent. Then you've got a fruadulent charge sitting there not getting paid, racking up interest and fees, and hurting your credit. Don't let that happen! I would never advise anyone to fail to actively login into their online accounts or check their statements at least once a cycle minimum if a card is open, whether you're using it or not. Personally, I log into every one of my accounts at least once a week....but I have a lot fewer than you.

Anyway, if it were me I'd take out all my cards and put them all into one of three piles: Keep, Consider, Close. The first and third choice are easy, then just weigh the pros and cons of keeping the ones in the consider pile. I'd decide based on rewards, annual fees, and how well the cards suit your personal spending habits and preferences.

A clear candidate for keeping IMO is the Discover More since it's your oldest account and also a no AF rewards cards. So on that note, have you considered upgrading it to the Discover It? I used to have the Discover More before they came out with the It, but I upgraded because it comes with a few extra perks and very slightly better rewards. Unless I'm mistaken there's absolutely no downside to upgrading and you keep the account history regardless.

Re: I have too many credit cards :-/

NRB525 — Tue, 02 Feb 2016 03:56:35 GMT

@Anonymous wrote:
Yes, so here is what I have:

Amazon Store Card/Synch: 2500
Amex Everyday: 7500
Amex Delta Gold: 2500
Amex SPG: 5000
BoA Americard: 4000
BoA Cash Rewards: 5000
Barclays Arrival: 2500
Capital One Quicksilver: 7000
Chase Freedom: 8500
Citi Diamond: 2500
Citi AA: 5000
Discover More: 1900 (oldest card, mid 2013)
Discover It Miles: 5000
Orbitz/Comenity: 2500
PayPal: 3000
Santander: 3500
SamAsh Store: 2000
US Bank Kroger: 2200
US Bank Platinum: 8000

Citi said they do not consolidate. If I ever close, Citi Diamond and Kroger visa would be the first two on the line, maybe Orbitz as a third.
One thing I do not know is whether the banks also take ''too many credit card accounts'' into consideration or not, before deciding..
Or should I wait and as the latest INQs and HPs drop from scoring eventually, go ahead and apply for Venture and CSP....

That's a good list of cards. No real issues with your apping it looks like, several good limits.

For the US Bank Platinum, have you called them to see if you can PC this to Cash+? The Cash+ gives you 5% categories that may be useful like Fast Food, Department Stores, Cell Phone (my landline phone codes here also) and Sporting Goods stores, as well as others.

Delta Gold, SPG, and Citi AA are the only Annual Fee cards. Do you travel? Do you fly regularly with either airline, or stay at SPG properties? The cards can be valuable for those uses, but could be some of the first to consider if you don't utilize them often. Having said that, two trips on either Delta or AA will cover the AF with the free first checked bag on each.

I am presuming Arrival is not Arrival Plus with the AF?

Since all the others are noAF cards, there's not really much of a rush to close them, in my opinion.

You might check with Citi about whether there are any spend offers with the Diamond Preferred. For Q4 2015 and Q1 2016 I have gotten "5% on Dining and Movies and Live Entertainment" as a bonus category on my Diamond Preferred.

Check the BofA BankAmeriDeals offers, those are usually 10% at merchants you may buy from anyway. I see those all the time.