@Anonymous wrote:I can not reallly close the ones that I dont like since they are around 30 years old and they are my oldest open trade lines.
The newer cards have much better rewards. Most of the old cards have no rewards at all.
However, 1.7 million available credit on 1500 cards seems really low. I have more available credit then that on my 42 cards.
You're welcome, glad to offer advice.
You can close some of the older cards ... as long as you close some newer ones also. It's relative, so you just need to keep a good "average" age on your account. If your credit age is up to 10 years or more old on average, that is a "high" age of accounts. More than that isn't really helping a lot with scores or credit factors. You just wouldn't want to close ALL your oldest accounts. (*Edit: And as @Anonymous mentioned, the accounts will continue to age your report for ten years.)
As for rewards, have you looked into product changes? (ALL) of those oldest cards I mentioned have been "product-changed" to an updated more current product with better rewards or terms. My oldest current account is my Discover which started out as the original version which didn't even earn a full 1%, but still was a game-changer in its' day. I've changed it to Discover More, Discover IT Chrome, and now just the Discover IT. My Bank of America card was opened as a basic Bankamericard Visa with no rewards. It was changed to a Cash Rewards. My Chase Slate Visa started out with no rewards and was transitioned to a Freedom Unlimited. And my AFBA/UMB card originally had no rewards, then a simple 1% CU Rewards program, and finally upgraded to the UMB Simply Rewards program that pays up to 3% rewards. All PCs were done while maintaining the age of accounts.
If you have $1.7 Million on 42 cards, that's an average credit line of over $40K per card!! I would love to see you list of cards and limits. What are a few of your oldest cards and highest limit cards? What is your lowest limit?
@M_Smart007 wrote:It get's a little tough to keep track and to put spend on them all.
Everyone has a different tolerance level from @pinkandgrey to @Gmood1
You rang?😆
OP it's your credit and your choice.
Most posters in this thread that claim what it will do and what it won't do to your credit. Have never had that many cards at one time or ever.
We both know, some of it is what people think happens. For example, low SLs and higher aprs.
This is simply not true in all cases.
Many times I get the lowest APR offered by lenders. Many lenders could care less about the number of CCs I have.
Some folks collect baseball cards, some coins, comic books..you name it.
I collect cards. It's not something every one should do, try or can.
It's certainly not as easy to do as some would think. Great scores doesn't guarantee approvals.
It is the people like myself in this forum, who aren't afraid to take a HP or a denial. That come back to let the rest know how certain FIs operate.
I've been through many, none of them are the same. While most have to guess how a lot of these bank's and CUs loan departments operate.
I know first hand how they do.
I can't do that being afraid to use my credit. And I like coming back here to share any data points that may help others.
Everyone in my immediate family as well as co-workers, previous co-workers contact me when it comes to this stuff.
OP, sounds like you handle your CCs well. As long as you are not hurting anyone. Do what you do!😉
There are far worse addictions in this world.
@longtimelurker wrote:
@Aim_High wrote:You can close some of the older cards ... as long as you close some newer ones also. It's relative, so you just need to keep a good "average" age on your account. If your credit age is up to 10 years or more old on average, that is a "high" age of accounts.
@Aim_High , not sure what you mean here. If I close an old account (and we agree no immediate impact to AAoA) what is the advantage of closing a newer too? I can't quite think of what you might mean, when both drop off in ~ 10 years AAoA looks better by doing this? (if AAoA is now much greater than 10 years, maybe?)
Well, yes, it would help as they all age over ten years. It was more about keeping a relative balance the "new" against the "old" and was specifically aimed at OP's concerns about the long term effects of closing many cards. But yes, for the short term, probably would have little effect if the accounts stay on the report. While credit bureaus typically keep accounts on file for about ten years, there is no requirement for them to do so.