topic Re: Managing multiple CC accounts, usage, and balances. in Credit Cards

Managing multiple CC accounts, usage, and balances.

iNathanDrake — Thu, 27 Oct 2022 19:29:05 GMT

***Quick Update***

My mistake for the misleading title.

Let me calrify lol.

I don't have any trouble managing it in the traditional sense of "keeping track" of everything. I too have all the apps on my phone, have my own spreadsheets, reminders, I don't ever carry balances, ETC. I don't need help here.

MY question was more, eventually it becomes annoying/alot to care to update cards on places like Amazon, or other online retailers where I could burn a transaction. I have reminder on my phone that go off every 6 months telling me to go spend on card "X".. I simply don't care to keep up with it anymore, it feels like a chore to me. I keep my 3 main cards in my wallet and I was foolishly trying to hit the 15-21 accounts on credit Karma which thankfully alot of people pointed out is really not as beneficial as I thought and pointless. Sweet!

Then my next concern was, okay logically if you don't wanna deal with all these cards and you're too lazy to up keep them, close some yeah? I was worried about what/how I was taught that closing accounts is bad for your credit health. A lot of people have clarified that that's also a non issue and thayt even closed they keep reporting for 10 years or so, and that the dip is miniscule.

Again, this post was my mistake for the title, but I am thankful for everyone's feed back and am done applying for cards as I genuinely don't want anymore, and am now considering closing a couple of the smaller ones that I simply don't care about.

Hey everyone,

I was looking to get some help with some credit questions.

im currently at around 11 CC accounts all ranging from like 5k - 40k ish. I've gotten into the habit of opening a new card once a year give or take to take advantage of APR free periods and to slowly work my way up to the green score in credit karma of 15-21 accounts.

How do you guys manage so many accounts? Is it worth it? Should I stop? I try to utilize all of my "sock drawer" cards at least once a year, trying to do once every 6 months now.

Is it bad to have so many semi inactive accounts?

How often should you be charging on them?

Do I need to wait for statement posting before paying them for the activity to count or can I pay once it's no longer pending? Is there a difference?

By this method my AAoA is trash and never going to build age since I'm constantly adding to it , is that an issue?

should I consider closing some of my smaller and less used accounts (I'm aware this is a negative hit temporarily)?

I've noticed that my score doesn't really go up anymore, and has actually started to fall a bit here and there slowly. My highest was an 837, and on my most recent hard pull it looks like it's a 779? Again my credit hasn't changed much for the drop, obviously some hard pulls for apps but that's been a constant factor since I started my credit journey in 2016? All my balances are always under 10%

any tips and advice on how I should be using my credit cards and best practices is greatly appreciated!

Re: Managing multiple CC accounts, usage, and balances.

Anonymous — Tue, 25 Oct 2022 17:41:01 GMT

@iNathanDrake wrote:
Hey everyone,

I was looking to get some help with some credit questions.

im currently at around 11 CC accounts all ranging from like 5k - 40k ish. I've gotten into the habit of opening a new card once a year give or take to take advantage of APR free periods and to slowly work my way up to the green score in credit karma of 15-21 accounts.

The major point is to not rely on credit karma for anything except free credit reports! There is no magic about 15-21,you can get great scores with many fewer (three is enough) or much more. So, don't add if this is the only driver (and similarly don't be scared of closing some if there are good reasons).

Re: Managing multiple CC accounts, usage, and balances.

Yasselife — Tue, 25 Oct 2022 18:22:56 GMT

Digital wallet helps, sometimes I go months using my bcp only and forget about the rest. I choose to keep them open in case a better card comes around and I decide to PC I'm missing the simplicity of having 1-2 strong cards, will probably let some close on their own along the road.

Re: Managing multiple CC accounts, usage, and balances.

iNathanDrake — Tue, 25 Oct 2022 18:34:50 GMT

I feel like I do have my 2 string preferred cards already. You're not worried about letting them close on their own affecting your profile?

Also, how do you add your credit cards to your signature like that?

Re: Managing multiple CC accounts, usage, and balances.

gdale6 — Tue, 25 Oct 2022 18:42:47 GMT

@iNathanDrake wrote:

Also, how do you add your credit cards to your signature like that?

https://ficoforums.myfico.com/t5/SmorgasBoard/THIS-IS-HOW-YOU-ADD-CREDIT-CARD-PICS-TO-YOUR-PROFILE/td-p/2262839

Re: Managing multiple CC accounts, usage, and balances.

iNathanDrake — Tue, 25 Oct 2022 18:45:21 GMT

Ah too much work lol, but thanks for replying and educating me! Appreciate your time!

@gdale6 wrote:
@iNathanDrake wrote:

Also, how do you add your credit cards to your signature like that?
https://ficoforums.myfico.com/t5/SmorgasBoard/THIS-IS-HOW-YOU-ADD-CREDIT-CARD-PICS-TO-YOUR-PROFILE/td-p/2262839

Re: Managing multiple CC accounts, usage, and balances.

CYBERSAM — Tue, 25 Oct 2022 18:54:12 GMT

Today's age, managing multiple accounts are very easy!

I have bookmarked all the accounts, utilities, bills in my browser. Very easy to set them on auto pay and login about once a month to make sure everything is in order!
You can also add your accounts as External to a main bank site and they can update almost anytime you login. I use DCU for this, but you can use many banks like CHASE, TD most Credit Union sites etc.
You can also use Spread Sheet, such as Google to manage your accounts if you like add personal notes to them.

I generally keep only the cards that have use to me and cancel dormant or low limit cards eventually!

Re: Managing multiple CC accounts, usage, and balances.

iNathanDrake — Tue, 25 Oct 2022 18:56:58 GMT

The managing was more for like using them regularly and keeping them active so as not to close lol. As far as payments go and being on top of my stuff I'm super OCD and organized.

You're not worried about closing out older cards and hurting your scores?

Re: Managing multiple CC accounts, usage, and balances.

CYBERSAM — Tue, 25 Oct 2022 18:57:25 GMT

@iNathanDrake wrote:
Ah too much work lol, but thanks for replying and educating me! Appreciate your time!
@gdale6 wrote:
@iNathanDrake wrote:

Also, how do you add your credit cards to your signature like that?
https://ficoforums.myfico.com/t5/SmorgasBoard/THIS-IS-HOW-YOU-ADD-CREDIT-CARD-PICS-TO-YOUR-PROFILE/td-p/2262839

All you need to do is add one card to your sig 1st and then build it up from there

Re: Managing multiple CC accounts, usage, and balances.

Yasselife — Tue, 25 Oct 2022 19:02:35 GMT

I do everything on my cellphone, I use Mint, and also have my bank apps on there.

I check Mint app daily, multiple times lol

Re: Managing multiple CC accounts, usage, and balances.

CYBERSAM — Tue, 25 Oct 2022 19:03:12 GMT

@iNathanDrake wrote:
The managing was more for like using them regularly and keeping them active so as not to close lol. As far as payments go and being on top of my stuff I'm super OCD and organized.

You're not worried about closing out older cards and hurting your scores?

Closed accounts are generally report for 10 years!

Re: Managing multiple CC accounts, usage, and balances.

Yasselife — Tue, 25 Oct 2022 19:05:22 GMT

I buy one cafe con leche every morning for $1.34 to keep them active; subs, hygiene, clothes, ebay, and more coffee...

Re: Managing multiple CC accounts, usage, and balances.

CreditMarathoner — Tue, 25 Oct 2022 19:08:46 GMT

You don't need 15-21 cards to get great scores. Also, Credit Karma gives you Vantage 3.0 scores which nearly no one uses for actual credit decisions. You can get exceptional FICO 8/9 scores with 3 or 4 cards + an installment loan (mortgage, car loan etc.)

I'd just apply for a new card if you want/need that card. Or if you want to take advantage of a sign-up bonus or 0% APR offer. You aren't helping your scores by applying for more accounts at this point.

Gardening to let your existing accounts age will do more for your scores than adding more accounts. FICOs tend to shoot up when your youngest account reaches 1 year, at least it does for me. I have 4 cards (oldest is >25 years, youngest 1 year) + a mortgage and my TU FICO8 just hit 848. If you let your accounts age you should see your scores creep up.

As for managing them, as long as it doesn't overwhelm you keeping track of them all, do whatever works. Some here have 50+ cards. I find 4 to be as many as I'd ever want at once. I'd put a charge on cards you don't want to be closed at least twice a year. You don't have to wait for statement cut to pay it off. Any activity will keep it open.

Re: Managing multiple CC accounts, usage, and balances.

iNathanDrake — Tue, 25 Oct 2022 22:31:31 GMT

Thanks for this, hate having open balances and just wanted to pay everything off lol

Re: Managing multiple CC accounts, usage, and balances.

cashorcharge — Tue, 25 Oct 2022 22:43:57 GMT

My "go to" method for putting activity on a card that hasn't been used in a while....add it to my Starbucks Account....reload Starbucks from the credit card, then delete the credit card from Starbucks, it'll take 24-48 hours to post and then pay off. You don't even have to leave the house...

Re: Managing multiple CC accounts, usage, and balances.

CashOutReFi — Tue, 25 Oct 2022 23:44:41 GMT

@iNathanDrake wrote:
Hey everyone,

I was looking to get some help with some credit questions.

im currently at around 11 CC accounts all ranging from like 5k - 40k ish. I've gotten into the habit of opening a new card once a year give or take to take advantage of APR free periods and to slowly work my way up to the green score in credit karma of 15-21 accounts.

How do you guys manage so many accounts? Is it worth it? Should I stop? I try to utilize all of my "sock drawer" cards at least once a year, trying to do once every 6 months now.

Is it bad to have so many semi inactive accounts?

How often should you be charging on them?

Do I need to wait for statement posting before paying them for the activity to count or can I pay once it's no longer pending? Is there a difference?

By this method my AAoA is trash and never going to build age since I'm constantly adding to it , is that an issue?

should I consider closing some of my smaller and less used accounts (I'm aware this is a negative hit temporarily)?

I've noticed that my score doesn't really go up anymore, and has actually started to fall a bit here and there slowly. My highest was an 837, and on my most recent hard pull it looks like it's a 779? Again my credit hasn't changed much for the drop, obviously some hard pulls for apps but that's been a constant factor since I started my credit journey in 2016? All my balances are always under 10%

any tips and advice on how I should be using my credit cards and best practices is greatly appreciated!

I may miss some of your points, I may miss them all. But here's my take:

- I am well over the 15-21 card sweet spot and am considering thinning the herd. Many of the older cards that built my history have toy limits despite CLI requests, and opening newer accounts with 5 figure opening limits, I am thoroughly convinced they're bucketed. Some of them are so low, a week's worth of groceries will get me dinged for utilization.

- Dozens of cards with dozens of due dates are filling up my Google calendar. Even if dozens of cards had the same due date, it would still be a chore to remember all the ones that fell on the one date. More motivation to follow through with step 1.

- I carry a card holder with the ability to hold 6 cards. I keep the rest in Apple Wallet, which can only hold 10. I am planning on thinning the herd to fit my physical + digital carrying capacity. They won't all be closed, some will be merged with other cards from the same lender to combine limits, others will be product changed down to no AF cards.

- I make multiple payments per cycle just so less of a balance, if any, is reported. AZEO is the way to go.

- No AF cards are more likely to be closed by lenders for inactivity, but cards with even small annual fees are much safer from lender closure for inactivity.

Re: Managing multiple CC accounts, usage, and balances.

805orbust — Wed, 26 Oct 2022 04:06:57 GMT

There is no penalty for closing cards. They continue to remain, and age for as much as 10 years after closing. You do lose the utilization % tho, so there may be a minor ding, especially if it's a lower limit card.

Re: Managing multiple CC accounts, usage, and balances.

SouthJamaica — Wed, 26 Oct 2022 12:41:11 GMT

@iNathanDrake wrote:
Hey everyone,

I was looking to get some help with some credit questions.

im currently at around 11 CC accounts all ranging from like 5k - 40k ish. I've gotten into the habit of opening a new card once a year give or take to take advantage of APR free periods and to slowly work my way up to the green score in credit karma of 15-21 accounts.

How do you guys manage so many accounts? Is it worth it? Should I stop? I try to utilize all of my "sock drawer" cards at least once a year, trying to do once every 6 months now.

Is it bad to have so many semi inactive accounts?

How often should you be charging on them?

Do I need to wait for statement posting before paying them for the activity to count or can I pay once it's no longer pending? Is there a difference?

By this method my AAoA is trash and never going to build age since I'm constantly adding to it , is that an issue?

should I consider closing some of my smaller and less used accounts (I'm aware this is a negative hit temporarily)?

I've noticed that my score doesn't really go up anymore, and has actually started to fall a bit here and there slowly. My highest was an 837, and on my most recent hard pull it looks like it's a 779? Again my credit hasn't changed much for the drop, obviously some hard pulls for apps but that's been a constant factor since I started my credit journey in 2016? All my balances are always under 10%

any tips and advice on how I should be using my credit cards and best practices is greatly appreciated!

CK's "green score" is a fraud. It's just meant to get you to click on their affiliate advertiser's links and keep on adding credit cards from them.

3 cards is enough to get perfect FICO scores.

Re: Managing multiple CC accounts, usage, and balances.

GatorGuy — Wed, 26 Oct 2022 14:54:57 GMT

Credit is there to be used as a tool to help financially. There is no value in having a high credit score if you never want to use it. That doesn't mean you use no interest offers to rack up additional debt.

Also there is no real difference between a score of 780 and 830 to credit lenders. All this to say, feel free to continue to open new cards they are beneficial to you and you feel you are able to manage them all.

I have more cards than you do and don't find it overly burdensome managing them. I set my cards on autopay, set up alerts for new charges or late notifications. I theoretically don't even need to sign into my accounts once a month. I also have my accounts set up in Mint which is a back up for notifying me of late payments. I also could login to one app to check all balances.

I use a spreadsheet to track when I opened accounts, when I last requested a CLI, etc.

Re: Managing multiple CC accounts, usage, and balances.

BronzeTrader — Thu, 27 Oct 2022 00:32:47 GMT

Credit cards are just tools. They are financial instruments.

I've seen some people have like 50+ cards of their own. I manage 100+ cards of my own family. It is not too hard if you get organized. Financial software and Excel spreadsheets definitely help you out.

In contrary to what people believe, very high FICO score and very low credit usage is not very good thing. Lenders still want to see active credit usage and good financial responsibility. Bank will likely offer you a new card if you have about $5,000 balance with $250,000 total credit line. Than another customer who has $500 balance and a $300,000 total credit line.

To keep old card active, you can just load $1 on Amazon account. If banks want to close down your underutilized cards, that won't hurt much. But just keep your oldest cards renewed if you can.