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Do I have too many credit cards?

New Contributor

Do I have too many credit cards?


I feel that I may have too many credit cards. Below are my the cards that I currently have all have a 0% balance. Do any stick out that should consider closing?


BOA Americard CR ('11) -- $5000

PenFed VISA Plat CR -- $10k
HSBC Best Buy ('08) -- $2000

Bloomingdales ('08) -- $1500
CITI Forward ('09) -- $10k

CITI Platinum Select MC ('09) -- $4850
Chase Amazon Visa ('09) -- $2900

Discover More - $7500
Chase Continental OnePass Plus MC -- $7500  ($95 AF)

Walmart ('09) -- $2050
AMEX Blue Cash Everyday -- $7000

AMEX Zync - no preset limit
Chase Sapphire Preferred -- $18.5k ($95 AF)

PenFed AMEX --$10k




Message 1 of 44
Valued Contributor

Re: Do I have too many credit cards?

yes, you have too many.  Not that it hurts your FICO or anything, but if it were me and I had your credit, I would close all the ones under $10k, just to make it easier to keep track of them all.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 2 of 44
New Contributor

Re: Do I have too many credit cards?

I don't think so, but others may.  I have 9 credit cards and I plan on opening one more later this year.


Citi Student                             $1,700

Citi Diamond Preferred        $20,000

Discover More                        $9,400

BoA Platinum                         $2,000

BoA World Points                  $11,100

Sams Club                             $10,000

Sams Club Discover            $6,000

Best Buy                                  $10,100

Capital One                            $1,700


Gonna apply for the Chase United in September.

Starting Score: 720
Current Score: 725 EQ 746 TU as of 6/24/2012
Goal Score: 750

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Message 3 of 44
Valued Contributor

Re: Do I have too many credit cards?

I'm not very happy with having the 6 I have.


I hope to one day be able to have 3 very solid CCs.

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 4 of 44
Valued Contributor

Re: Do I have too many credit cards?

In my opinion, you can never have too many credit cards as long as you can keep track of them and use them responsibly.  Smiley Happy When I say "keeping track"  I don't only mean paying them responsibly, but also aquiring them responsibly.  As credit is a long term game,  strategic applications over time, that do not adversely affect your ability to obtain credit when needed, is paramount.  Think strategically rather than tactically.   

EQ Fico 8 - 846
TU Fico 8 - 848
EX Fico 8 - 836
Message 5 of 44
Established Contributor

Re: Do I have too many credit cards?

No IMO you don't have too many cards.  As long as you can manage a large portfolio i don't see any problems.  I've got 28 active cards. 

For higher scores only 2 or 3 cards should report a balance.  That's the hard part.

Message 6 of 44
New Contributor

Re: Do I have too many credit cards?

Ok I would rather have 3 - 25k limits, then 10 cards split in the 75k limit in my opinon.  So if you are considering closing the cards, bump some of the high limits up higher; you don't lose out on overall limit.  I have 3 cards and plan on maxing out at 4, really do not care to keep track of more then this.

Message 7 of 44
Moderator Emeritus

Re: Do I have too many credit cards?

You may be able to transfer the limit from the amazon visa over to the chase continental and close out the amazon visa or vice versa. Do you travel enough to justify a continental card? Also you may be able to consolidate the limits on your two cities accounts and just keep one open. I would sock drawer all of the store cards instead of closing as they continue to contribute positively to your Aaoa. You may also see if chase will transfer limits from both amazon card and continental card to csp. That would allow you to close two chase cards.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!

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Message 8 of 44
Valued Contributor

Re: Do I have too many credit cards?

I have more cards than that but I don't think it's too many (although I want to get rid of some too!).  In your case, I would combine the PenFed ones if possible and get rid of Best Buy, Bloomingdales, Citi Plat Select (maybe combine the limit on the Forward), Zync and possibly the Walmart if you don't care about the FICO.  To each their own though of course - it depends on which ones you use, how you use them and where you shop.

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800

Starting Score: 648
Current Score: 736
Goal Score: 765

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Message 9 of 44
Established Contributor

Re: Do I have too many credit cards?

You can keep your limits by combining cards that are held my the same bank. I agree with others though, it's only too many if they're not managed well. Also, I have a closed walmart and can still view my score on their website.
-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

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Message 10 of 44