topic Re: HELP! Too many credit cards?! in Credit Cards

HELP! Too many credit cards?!

Anonymous — Mon, 21 Oct 2013 23:24:08 GMT

I'm really nervous now. I have 13 open Accts. 25K avaiable in credit. I'm not opening any more!!!!! Forever!!

One car loan at 12.5K.

Student Loans at 13K.

Do i have too many credit cards?! Should I close some???? My utility is 1%.

Is there such a thing with having too much credit? Will this adversely affect me in the future when trying to buy a home in 10 years or a new Benz in 7 years?

Always on time w/ payments; paid as agreed.

Re: HELP! Too many credit cards?!

coldnmn — Mon, 21 Oct 2013 23:30:10 GMT

You treat these cards right you will be golden when the time comes for car or home. It will show that you have excellent control of your finances.

Re: HELP! Too many credit cards?!

Necromancer — Mon, 21 Oct 2013 23:30:54 GMT

I think your in fine shape. There are several people who frequent this board who have a lot more than you currently have. Just keep what you have, use them wisely and you will do fine.

Re: HELP! Too many credit cards?!

B335is — Mon, 21 Oct 2013 23:42:58 GMT

As long as you're managing what you have (which sounds like you do), you'll be fine. I actually like managing my cards and have all the details plotted out on a spreadsheet that gets updated daily.

Re: HELP! Too many credit cards?!

SunriseEarth — Mon, 21 Oct 2013 23:56:36 GMT

@Anonymous wrote:
I'm really nervous now. I have 13 open Accts. 25K avaiable in credit. I'm not opening any more!!!!! Forever!!
One car loan at 12.5K.
Student Loans at 13K.

Do i have too many credit cards?! Should I close some???? My utility is 1%.

Is there such a thing with having too much credit? Will this adversely affect me in the future when trying to buy a home in 10 years or a new Benz in 7 years?

Always on time w/ payments; paid as agreed.

If you have too many TLs to manage, then you have too many cards. If you're worried about hitting a credit ceiling, you probably aren't there with $25K in revolving credit.

You could always determine which cards best suit your needs and use those and SD the rest, if they're a pain to manage. But if you can manage them, I don't see any harm in having them at all.

Re: HELP! Too many credit cards?!

phoenix_one — Tue, 22 Oct 2013 01:05:55 GMT

So far you are OK.

But if you want to trim you cards down, I would at least get rid of Macy's, (unless you shop there a lot) and SHELL (you get a better deal with your cashback cards).

Work on increasing the limits your AMEX (Clear and BCE) cards, read the AMEX 3x CLI thread.

Those are easiest and quicker ones to grow.

Let the accounts age, make you payments and you will see your score go up.

As time goes by you find out which cards work for you. Those who does not match you needs, cancel them and get better ones (Hotel Cards or Airline Cards).

Other than that you are doing fine. In two years all those inquiries will fall off.

If you worry on having too much credit, I believe you can hit 150% of your annual income without any issue. (Given you do not get any lates or collections items).