I have 100 accounts....

[Anonymous]

dont know why there is a bleep in my reply. sorry

[Anonymous]

I didn't even know 100 credit cards exised (just kidding, kinda), but wow that is mind blowing.

[wasCB14]

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@Anonymous wrote:
No need to bash me for having 100 accounts. I already realize I don’t need 100 accounts or 55 open accounts. I’m weeding my way down to less than ten but it will take me some time. I have carefully built my credit score and I don’t want to see anything but positive things happen to it.

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You're not going to get from 55 to less than 10 with a scalpel. Either make your cutting goal less aggressive (and plan to keep more than 10 cards) or significantly raise the standard of what it takes to keep something.

@Anonymous wrote:
I realize after opening so many accounts, I need to slowly close them instead of chucking them immediately and seeing a negative result in my credit score.

Unless you have high utilization, the timing doesn't matter. Chuck away!

[Dalmus]

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@wasCB14 wrote:

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@Anonymous wrote:
No need to bash me for having 100 accounts. I already realize I don’t need 100 accounts or 55 open accounts. I’m weeding my way down to less than ten but it will take me some time. I have carefully built my credit score and I don’t want to see anything but positive things happen to it.

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You're not going to get from 55 to less than 10 with a scalpel. Either make your cutting goal less aggressive (and plan to keep more than 10 cards) or significantly raise the standard of what it takes to keep something.

@Anonymous

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 Exactly.   With 55 accounts, the OP can afford to be pretty picky, with the exception of watching utilization.  But that should be fairly easy to manage.

[wasCB14]

If you are determined to cut aggressively, there are a few techniques you might try:

1. Ask yourself which features matter the most to you. Discounts, rewards, extended warranties, big CLs, great customer service...whatever.

2. Ask yourself how often you use each card and how much you spend on it. 20% savings on $100 a year isn't very much. Saving 5% on $5k of purchases a year may be the better value. Price or purchase protection may make whole categories of cards obsolete.

3. Rank your cards. Lay them out in a line (or maybe a grid) and force yourself to put them in order of how much you value them. It doesn't have to be exact, but if you really want to take 55 to <10, you can probably cut the bottom third for starters. Then maybe another dozen.