@Anonymous wrote:
Okay great! Thanks so much, I'm learning this forum and was slow in giving the full picture/framework of my credit. My apologies. So I'm getting I shouldn't close anything right now, correct?
You have "crashed, tanked, destroyed, ruined" you credit score by getting a lot of cards in a short period of time. You only need 3 cards including store/retail cards for 830+ Fico scores, and to show good payment history. If you pay in full every month and don't carry a balance, it makes no difference if you keep all of them or get rid of 10 of them. You need to stop getting cards and let time heal the wounds.
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My Recommendations: ( Personal opinion only)
I would get rid of Credit One, Total, Merrick and OpenSky (Now)
I would also get rid of any other cards that offers little to no rewards but charge an annual fee.
Let 6 months of normal spend and use occur and review rewards and spend patterns.
Cut the store card number in half.
Keep the others for another 6 months and then see if any more need to be cut.
Keep at least 3, but no need for more than 5 unless the benefits are worth it.
After another 6 months if your scores support it you can get 1 or 2 better cards and look at the value of your current lineup.
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I keep cards with good rewards/benefits and clean house if a card has little value.
I find 4-7 cards the sweet spot between rewards and time managing accounts for my spend.
The number of cards needed is related to how much time you want to spend managing them, how much value a card is worth, and your threshold of card value verses your time. The value of a card is different for each persons spend and relates to where and amount of money one puts through a card. High spend can support more cards than someone with small spend. Some get cards because the are pretty or they just want an "Amex" or "Chase". Others get a card because it make 3 dollars/mo more than the cards they have. I need a monthly value > value of my time checking/managing another card.
My card value number is $10/mo. If a card will get me more, I will consider getting it.
Your threshold might be $5, many on this forum have about 2$.
The lower your threshold the more cards you will have.
There is always another card to make a dollar or two.
Example:
I have the BofW 3% for grocery, with $500/mo spend I receive $15 in rewards each month.
I could get the AMEX BCP and receive 22/mo after the AF.
One needs to decide if it is worth lowering you AAoA, an inquire and managing another card for $7/mo.
