topic Re: Do I have too many open CC's-Should I close some? in Credit Cards

Do I have too many open CC's-Should I close some?

Rhaeny — Thu, 25 Apr 2013 01:26:24 GMT

Okay you all can smack me later. But seriously I think I have opened too many cards and I don't want to keep managing them all. I can't believe I'm saying this coming from where I came from last year . One year ago I wouldn't have dreamed that I would have come this far. Nonetheless I find myself thinking that I have too many cards now and wayyyy too soon. So I started thinking about if I should just shut some of them down or just let them age.

I have some teeny weeny limits and some large limits. The differences between the smallest to the largest is so out of whack that it shows from where I started. I don't plan on appying for anything else until early next year. If Barclays doesn't CLI by 2014 then I would like to get one of the Amex CC's that gives rewards on gas and groceries. I think that I will be pretty well rounded after that.

The below CC's do not have any AF's, so what do you all think? Should I shut down some of these or just let them be?

CC	Opened	Amount
The Avenue	06/02/12	250
Genisys Visa	09/01/12	900
Catherines	09/16/12	300
Walmart Store	09/16/12	2,500
DCU Visa	09/17/12	7,500
Barclays Rewards	09/18/12	2,000
JCP	09/18/12	1,500
Victoria's Secret	09/21/12	750
Woman Within	09/21/12	750
Macy's Store	10/21/12	1,300
Amazon	11/25/12	1,500
NFCU Visa	12/22/12	15,000
Discover	12/30/12	1,000
Paypal	01/13/13	800
NFCU Navcheck	03/21/13	3,000
Chase Freedom	03/23/13	5,000
HSN	04/08/13	2,000
		46,050

Re: Do I have too many open CC's-Should I close some?

09Lexie — Thu, 25 Apr 2013 01:31:30 GMT

HSN!? When did you sneak that one in? The low limit CL'S are mostly store cards. I assume no AF? I'm not familiar with Avenue, Catherine's etc do they offer coupons like Macy's or Kohls?

Re: Do I have too many open CC's-Should I close some?

LS2982 — Thu, 25 Apr 2013 01:32:12 GMT

@Rhaeny wrote:
Okay you all can smack me later. But seriously I think I have opened too many cards and I don't want to keep managing them all. I can't believe I'm saying this coming from where I came from last year . One year ago I wouldn't have dreamed that I would have come this far. Nonetheless I find myself thinking that I have too many cards now and wayyyy too soon. So I started thinking about if I should just shut some of them down or just let them age.

I have some teeny weeny limits and some large limits. The differences between the smallest to the largest is so out of whack that it shows from where I started. I don't plan on appying for anything else until early next year. If Barclays doesn't CLI by 2014 then I would like to get one of the Amex CC's that gives rewards on gas and groceries. I think that I will be pretty well rounded after that.

The below CC's do not have any AF's, so what do you all think? Should I shut down some of these or just let them be?

CC Opened Amount
The Avenue 06/02/12 250
Genisys Visa 09/01/12 900
Catherines 09/16/12 300
Walmart Store 09/16/12 2,500
DCU Visa 09/17/12 7,500
Barclays Rewards 09/18/12 2,000
JCP 09/18/12 1,500
Victoria's Secret 09/21/12 750
Woman Within 09/21/12 750
Macy's Store 10/21/12 1,300
Amazon 11/25/12 1,500
NFCU Visa 12/22/12 15,000
Discover 12/30/12 1,000
Paypal 01/13/13 800
NFCU Navcheck 03/21/13 3,000
Chase Freedom 03/23/13 5,000
HSN 04/08/13 2,000
46,050

Re: Do I have too many open CC's-Should I close some?

Ron1 — Thu, 25 Apr 2013 01:34:03 GMT

Why do you want to close them? I got more accounts than you. I use them once a year. It doesn't cost to keep it open.

You got a good collection of cards.

Ron.

Re: Do I have too many open CC's-Should I close some?

09Lexie — Thu, 25 Apr 2013 01:34:56 GMT

The only thing besides the kitchen sink, is a gas and home improvement cc! 😒

Re: Do I have too many open CC's-Should I close some?

Rhaeny — Thu, 25 Apr 2013 01:38:35 GMT

@09Lexie wrote:
HSN!? When did you sneak that one in? The low limit CL'S are mostly store cards. I assume no AF? I'm not familiar with Avenue, Catherine's etc do they offer coupons like Macy's or Kohls?

Yea Lexie, HSN is what knocked me out of the garden (see siggy date). I was buying something from HSN on my Visa and I'll be damned if a popup didn't show up. Well I'm a ficonian so I took it! Of course with an sp, but since it was a new account...well you know what happens. Had to start over with my seedling.

The Avenue and Catherines are commenity. And yes they do offer coupons that you have to use their card to get. But with those puny limits there isn't a lot of buying power there.

Re: Do I have too many open CC's-Should I close some?

Rhaeny — Thu, 25 Apr 2013 01:40:18 GMT

@LS2982 wrote:
@Rhaeny wrote:
Okay you all can smack me later. But seriously I think I have opened too many cards and I don't want to keep managing them all. I can't believe I'm saying this coming from where I came from last year . One year ago I wouldn't have dreamed that I would have come this far. Nonetheless I find myself thinking that I have too many cards now and wayyyy too soon. So I started thinking about if I should just shut some of them down or just let them age.

I have some teeny weeny limits and some large limits. The differences between the smallest to the largest is so out of whack that it shows from where I started. I don't plan on appying for anything else until early next year. If Barclays doesn't CLI by 2014 then I would like to get one of the Amex CC's that gives rewards on gas and groceries. I think that I will be pretty well rounded after that.

The below CC's do not have any AF's, so what do you all think? Should I shut down some of these or just let them be?

CC Opened Amount
The Avenue 06/02/12 250
Genisys Visa 09/01/12 900
Catherines 09/16/12 300
Walmart Store 09/16/12 2,500
DCU Visa 09/17/12 7,500
Barclays Rewards 09/18/12 2,000
JCP 09/18/12 1,500
Victoria's Secret 09/21/12 750
Woman Within 09/21/12 750
Macy's Store 10/21/12 1,300
Amazon 11/25/12 1,500
NFCU Visa 12/22/12 15,000
Discover 12/30/12 1,000
Paypal 01/13/13 800
NFCU Navcheck 03/21/13 3,000
Chase Freedom 03/23/13 5,000
HSN 04/08/13 2,000
46,050

Oh c'mon LS!!

Okay well maybe I'll get one or two or three more, but I'm trying to hold out for now...LOL!!!!

Re: Do I have too many open CC's-Should I close some?

09Lexie — Thu, 25 Apr 2013 01:41:23 GMT

I say, if there is no AF let nature take its course. If you frequent the stores at all then they will serve their purpose. They'll either age off and close on their own with inactivity.

Re: Do I have too many open CC's-Should I close some?

Rhaeny — Thu, 25 Apr 2013 01:43:52 GMT

@Ron1 wrote:
Why do you want to close them? I got more accounts than you. I use them once a year. It doesn't cost to keep it open.
You got a good collection of cards.

Ron.

Oh wow, you have more than that? Hmmm well okay then I don't feel so bad now . I just thought to myself, dang it!, what have I done? Is this going to stop say Discover and Barclays from giving me CLI's? I mean I was opening CC's seems like every month. Did you see those open dates? Anyway my util is 8% so I am keeping it low to thwart off any AA.

Re: Do I have too many open CC's-Should I close some?

jsucool76 — Thu, 25 Apr 2013 01:44:35 GMT

+1 to LS.
And ron
And lexie

Shove em in the sd, pop em out every so often for somethin small, pay it off immediately and just let em age.

Re: Do I have too many open CC's-Should I close some?

Rhaeny — Thu, 25 Apr 2013 01:46:14 GMT

@09Lexie wrote:
I say, if there is no AF let nature take its course. If you frequent the stores at all then they will serve their purpose. They'll either age off and close on their own with inactivity.

Yea you're right. But you know, we sometimes judge ourselves harder than we judge others. And as I started putting these accounts in a spreadsheet and actually looking at what I did I kinda got a little remorseful because some of those I really didn't need. But the addiction to "APPROVED!" was just too strong!

Re: Do I have too many open CC's-Should I close some?

09Lexie — Thu, 25 Apr 2013 01:49:07 GMT

True but some of those cc's got you were you are today.
Just remember when you are thinking of your next spree...'do I really need this cc?'

Re: Do I have too many open CC's-Should I close some?

Ron1 — Thu, 25 Apr 2013 02:04:58 GMT

@Rhaeny wrote:
@Ron1 wrote:
Why do you want to close them? I got more accounts than you. I use them once a year. It doesn't cost to keep it open.
You got a good collection of cards.

Ron.
Oh wow, you have more than that? Hmmm well okay then I don't feel so bad now . I just thought to myself, dang it!, what have I done? Is this going to stop say Discover and Barclays from giving me CLI's? I mean I was opening CC's seems like every month. Did you see those open dates? Anyway my util is 8% so I am keeping it low to thwart off any AA.

Yes, I got more than you. I got those accounts long time ago. You did good. You got 17 accounts less than a year. You broke my record. I know Barclays doesn't like too many recent opening accounts. It might trigger AA. Discover doesn't like grant any CLI. Don't worry. They're going close my accounts first. Closing accounts maight hurt your scores.

Some creditors might not grant you credit because too many opening accounts like me. There is nothing you can do. Don't close it.

Ron.

Re: Do I have too many open CC's-Should I close some?

Anonymous — Thu, 25 Apr 2013 02:08:46 GMT

I would take a second look at the department store cards. Think about how much you use them and do they offer a benefit for using them? Rank them like that and axe 2 or 3 if you really want to slim down your revolving portfolio. If not, just SD the least beneficial cards. Your non store line up looks good as is.

Re: Do I have too many open CC's-Should I close some?

Rhaeny — Thu, 25 Apr 2013 03:06:14 GMT

Thanks all for the advice. I'll just let them hang out open a little while longer to see if the store cards, specifically the commenity group, give me a CLI by the end of the year. If not maybe I will axe about 3 of them. And yea Lexie a home improvement CC may suit me as well, probably Lowes I will try next year. By that time my accounts should have seasoned a bit more and I can get a decent limit.

Re: Do I have too many open CC's-Should I close some?

Sevenfeet — Thu, 25 Apr 2013 03:30:25 GMT

The last thing I need to be doing is lecturing anyone on "do you have too many cards?". especially since I've gone from 3 cards to 9 cards since January. But I guess the question you should be asking is "Does this card serve a purpose in my budget?" If so, it stays. If not, well maybe it should be discontinued or changed.

Re: Do I have too many open CC's-Should I close some?

Anonymous — Thu, 25 Apr 2013 06:22:17 GMT

For me,

I don't want a lot of cards and never will have many. In fact, I have more than I want now and will probably close one or two. The purposes for my cards are to earn flyer miles so I can take discounted vacations every year. The more cards you have, the harder it is to do that. Especially if they are going into different programs. By concentrating nearly ALL my spending going to AmEx Member Rewards, or Chase Ultimate Rewards, I am able to work toward my goals all year. I am quickly closing in on 250,000 flyer miles. That should be enough to get me around the world.

Some people simply want discounts where they shop. If so, then I guess having a bunch of store cards makes sense. Some people want cash back, of so then having a mix of cards that work to that goal make sense. No one here knows your purpose or goals. So only you can define if you are moving toward where you want to be.

I do see the phenomenon here on MyFICO that you seem to touched on. People who have bad credit, tend to get card after card once their credit comes back. Eventually, they get so many it becomes a chore just keeping up with it all. I rebuilt my credit with a single card. It was easy to manage and got me a very positive relationship with the bank (Chase in my case).

Different approaches, but the way I did it seems to be VERY unpopular on sites like this. Everyone wants a bunch of cards "right now". Then they don't want to close them because of AAoA issues and get caught trying to figure out how to spend something on them every few months just to keep them open.

Best of luck no matter how you choose to proceed.

Re: Do I have too many open CC's-Should I close some?

BearsAndTurtlesRtheBest — Thu, 25 Apr 2013 07:36:55 GMT

I say why not hit 20 cc's?? You know make it an even number? hahha JK. They have no AF I say keep them and apply for your dream cards and hopefully that will make you feel more satisfied? IDK I just want a card of my own!!! Wish I had at least 1 cc under my name. -_-

Re: Do I have too many open CC's-Should I close some?

primechicken — Thu, 25 Apr 2013 09:23:24 GMT

I too have a lot of CCs opened in the last year. I wondered about closing some that I don't use or that don't seem to fit with the rest. Honestly, I think my impulse to do so may even be rooted in certain OCD tendencies to make everything look 'just right'.

Rather than close out any cards, why not just pick out the three or four (or whatever number; less is better) that you would really like to have and use, and that suit your needs, and use only those cards? That way you get to keep all the benefits of having the other cards open without the hassle of managing those accounts. It's a pared down approach amidst the excess that requires no closing, just smart, simplified consolidation.