How many is too many?

[Anonymous]

Hi all. I currently have 8 credit cards - and the limits are pretty varied (7500, 6000, 4000, 2000, 850, 400, 400, and 300). I'm thinking of cutting some dead weight - I have two BofA cards (7500 and 300) and four CapOne cards (6000, 2000 and the two 400). Here's my dilemma. The 300 card I have with BofA is my oldest account, which I fear could hurt me if I close it. The two 400 cards are CapOne converts from Orchard bank and are seven and five years old, respectively. The 6000 CapOne card is my oldest high limit card, being 7 years old, but the rest are fairly new. The 850 is a credit one card that is only a year old that I really think I should get rid of. I just want to get to a manageable number of cards.

Any advice?

[Anonymous]

@Anonymous wrote:

Hi all. I currently have 8 credit cards - and the limits are pretty varied (7500, 6000, 4000, 2000, 850, 400, 400, and 300). I'm thinking of cutting some dead weight - I have two BofA cards (7500 and 300) and four CapOne cards (6000, 2000 and the two 400). Here's my dilemma. The 300 card I have with BofA is my oldest account, which I fear could hurt me if I close it. The two 400 cards are CapOne converts from Orchard bank and are seven and five years old, respectively. The 6000 CapOne card is my oldest high limit card, being 7 years old, but the rest are fairly new. The 850 is a credit one card that is only a year old that I really think I should get rid of. I just want to get to a manageable number of cards.

Any advice?

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Keep the old cards and the high limit cards. Ditch the newish low limit card. That should increase your AAoA. 

You might also be able to merge the cards together. i.e., have BofA push the 300 card into the 7500 to give you a total of $7800 on one card. I'm not sure what effect that will have on your AAoA and oldest account metrics. 

Generally, though, if it doesn't hurt to keep the card open (no AF), then just put them in a box somewhere, charge a pack of gum every couple months to keep them open, and don't fret about them. 

[uswala]

For BankAmericard with $300 limit you can get it converted to their BBR card and then use it once every month to earn $25 cashback per quarter. That way you will get good rewards and it will not hurt your credit as well.

[Anonymous]

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@Anonymous wrote:

Hi all. I currently have 8 credit cards - and the limits are pretty varied (7500, 6000, 4000, 2000, 850, 400, 400, and 300). I'm thinking of cutting some dead weight - I have two BofA cards (7500 and 300) and four CapOne cards (6000, 2000 and the two 400). Here's my dilemma. The 300 card I have with BofA is my oldest account, which I fear could hurt me if I close it. The two 400 cards are CapOne converts from Orchard bank and are seven and five years old, respectively. The 6000 CapOne card is my oldest high limit card, being 7 years old, but the rest are fairly new. The 850 is a credit one card that is only a year old that I really think I should get rid of. I just want to get to a manageable number of cards.

Any advice?

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I'd drop the four under 1,000's. Otherwise. Keep collecting; We'll let you know when you have too much

[Anonymous]

There is no magic number. Generally 3-5 cards are a good number for just credit score purposes. More does not necessarily hurt, but every time you get a new account it drags down your AAoA and adds a new HP to your credit report. 

I tend to close accounts I don't have a purpose for. For example, if I had any store cards for stores I don't go to and if the card did not offer superior benefits to my other rewards cards, I'd close the account. Why? The card serves no purpose other than maybe to bolster utility, and I don't need utility bolstering cards. On the other hand, I generally won't close a no AF fee card from a prime lender even if I don't plan on using it. I'd just let the account close on its own due to lack of use or preferrably transfer some of the credit limit to another card from the same lender (or PC the card). This will keep the card active for longer and help my AAoA for longer. Closed cards report for 10 years after closure, but the later they close the longer they help (10+ years down the road). 

I tend to focus on rewards cards and sign-up bonuses when I get my CCs. Because I apply for cards actively, my score is not as good as it could be (always 700+ still). New cards mean lower AAoA and more HPs. However, I have 40+ accounts reporting (not just revolving accounts), so a few new accounts don't really drag my AAoA much. I have 12 active CCs now and many more "closed" CCs that I closed down to avoid AFs after getting the sign-up bonuses. 

This post is getting kind of long, but the gist of my post is this: There is no magic number of cards. The number of cards that is too many depends wholly on you. If you are new to credit, 3-5 is probably best. If you plan on buying a house soon, not adding any more cards is probably best. If your credit is not excellent, developing a few credit lines before adding more is probably best. If you have excellent credit and want to pursue the best rewards cards and get sign-up bonuses when possible, having more cards is not bad. With that said, you should avoid getting cards past 3-5 just for the sake of having them (my personal opinion that some here will disagree with). I only have one card that does not bolster my rewards strategy. I have a local CU card with a 35k limit (highest limit on their lowest APR card) as an in case of emergency card.

[Broke_Triathlete]

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@Anonymous wrote:

Hi all. I currently have 8 credit cards - and the limits are pretty varied (7500, 6000, 4000, 2000, 850, 400, 400, and 300). I'm thinking of cutting some dead weight - I have two BofA cards (7500 and 300) and four CapOne cards (6000, 2000 and the two 400). Here's my dilemma. The 300 card I have with BofA is my oldest account, which I fear could hurt me if I close it. The two 400 cards are CapOne converts from Orchard bank and are seven and five years old, respectively. The 6000 CapOne card is my oldest high limit card, being 7 years old, but the rest are fairly new. The 850 is a credit one card that is only a year old that I really think I should get rid of. I just want to get to a manageable number of cards.

Any advice?

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Pay off and close the lowest 3 cards for sure, and maybe the $850 if it won't hurt your utilization. Even though the small one is your oldest card it will still help your AAoA for 10 years after closing. By then I'm sure your file will be thicker than it is now so it won't even matter. The only point the AAoA will lower is either opening new cards or the card falling off your report after 10 years of closing.

[Anonymous]

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@Anonymous wrote:

Hi all. I currently have 8 credit cards - and the limits are pretty varied (7500, 6000, 4000, 2000, 850, 400, 400, and 300). I'm thinking of cutting some dead weight - I have two BofA cards (7500 and 300) and four CapOne cards (6000, 2000 and the two 400). Here's my dilemma. The 300 card I have with BofA is my oldest account, which I fear could hurt me if I close it. The two 400 cards are CapOne converts from Orchard bank and are seven and five years old, respectively. The 6000 CapOne card is my oldest high limit card, being 7 years old, but the rest are fairly new. The 850 is a credit one card that is only a year old that I really think I should get rid of. I just want to get to a manageable number of cards.

Any advice?

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Haha! If you're Creditaddict there's no such thing as "too many."

[SunriseEarth]

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@Anonymous wrote:

Hi all. I currently have 8 credit cards - and the limits are pretty varied (7500, 6000, 4000, 2000, 850, 400, 400, and 300). I'm thinking of cutting some dead weight - I have two BofA cards (7500 and 300) and four CapOne cards (6000, 2000 and the two 400). Here's my dilemma. The 300 card I have with BofA is my oldest account, which I fear could hurt me if I close it. The two 400 cards are CapOne converts from Orchard bank and are seven and five years old, respectively. The 6000 CapOne card is my oldest high limit card, being 7 years old, but the rest are fairly new. The 850 is a credit one card that is only a year old that I really think I should get rid of. I just want to get to a manageable number of cards.

Any advice?

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You might want to read the Sticky Thread about closing accounts.   If you want the summary, it'll report for ~10 years after it closes, so it won't immediately harm your AAoA to close an account.   I'd recommend closing any accounts that cost money or can't be PCed into something useful.  Credit One should definitely be on the chopping block!

[Anonymous]

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@Anonymous wrote:

@Anonymous wrote:

Hi all. I currently have 8 credit cards - and the limits are pretty varied (7500, 6000, 4000, 2000, 850, 400, 400, and 300). I'm thinking of cutting some dead weight - I have two BofA cards (7500 and 300) and four CapOne cards (6000, 2000 and the two 400). Here's my dilemma. The 300 card I have with BofA is my oldest account, which I fear could hurt me if I close it. The two 400 cards are CapOne converts from Orchard bank and are seven and five years old, respectively. The 6000 CapOne card is my oldest high limit card, being 7 years old, but the rest are fairly new. The 850 is a credit one card that is only a year old that I really think I should get rid of. I just want to get to a manageable number of cards.

Any advice?

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Keep the old cards and the high limit cards. Ditch the newish low limit card. That should increase your AAoA. 

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Closing it (or any other) will have no impact on AAoA for many years. 

[Burned2manybridgesB4]

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@Anonymous wrote:

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@Anonymous wrote:

Hi all. I currently have 8 credit cards - and the limits are pretty varied (7500, 6000, 4000, 2000, 850, 400, 400, and 300). I'm thinking of cutting some dead weight - I have two BofA cards (7500 and 300) and four CapOne cards (6000, 2000 and the two 400). Here's my dilemma. The 300 card I have with BofA is my oldest account, which I fear could hurt me if I close it. The two 400 cards are CapOne converts from Orchard bank and are seven and five years old, respectively. The 6000 CapOne card is my oldest high limit card, being 7 years old, but the rest are fairly new. The 850 is a credit one card that is only a year old that I really think I should get rid of. I just want to get to a manageable number of cards.

Any advice?

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I'd drop the four under 1,000's. Otherwise. Keep collecting; We'll let you know when you have too much

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Too much is in the eyes of the beholder...