cancel
Showing results for 
Search instead for 
Did you mean: 

I have too many credit cards :-/

tag
Anonymous
Not applicable

I have too many credit cards :-/

Darn... As I started and have been improving my credit score by opening bunch of cards I realized I reached to 19 cards from 12 banks. 

Of which, 2 are store cards with Synch (Amazon and SamAsh). 1 is PayPal online credit.

Rest are visa, master card, discover and amex bank and bank provided cards.

 

I cannot even keep all of them active monthly. I rotate my expenditure among cards, so that each one gets some activity at least 2-3 months of a year.

I know this kinda was bad decision. Way too many cards to handle and I do not even have the classic high limit cards like Chase Sapphire, Cap1 Venture or Wells Fargo cards. Too many recent INQ's + too many open accounts kind hurt my chances of new cards, obviously.

 

My all credit scores are in 700-730 range, total limits add up to 75K-ish

 

I am definitely not gonna make another application or CLI request, for a long while.

However, do you think I should close 4-5 (not the oldest) low limit cards to apply for Sapphire or Venture like cards later on?!

Message 1 of 16
15 REPLIES 15
Imperfectfuture
Super Contributor

Re: I have too many credit cards :-/

Close what you do not want. That is all. I keep my oldest, 2013, open. Otherwise, I will make decisions when everything below 5% on all cards. Util at 6%, but one card just under 30% (the one with 0% for 20 months, need to consolidate for mortgage app).
Signature needs updating
Message 2 of 16
NRB525
Super Contributor

Re: I have too many credit cards :-/

OP can you list out the cards you do have and their limits? Closing cards should include a review of whether the card has usefulness in the future.

Depending on the cards involved, some may have clear, well defined pathways to become "high limit" cards with good benefits. Others may have a clear purpose to keep a foot in the door with a bank where you may want to get a higher limit card later. Still others could be closed if there is no long term use, and no easy path to improving the card.

 

I know the challenges of keeping all those cards active. After my balances are getting paid down, it is lowering the amounts I have available to keep cards busy with BT amounts, and the more PIF cards, the more I need to think about which card gets which spend event.

Message 3 of 16
Anonymous
Not applicable

Re: I have too many credit cards :-/

I feel ya. I have twice that many cards, but for me, the easiest way is just to not have balances on more than 2-3 at any given time. When you start having charges on many cards simultaneously, that's when it gets complicated. I will run on two or three, while the others are sock drawered, with zero balances. Then I will pay off my 2-3 cards and SD them, pulling another couple into circulation. You can set up a spread sheet if it will help you keep track. I never lose track because I am so hawkish about logging in to my accounts often, so I always see what's coming. I actually have a little black box they all sit upright in and I go through them all and make sure to log in at minimum every two weeks.

Message 4 of 16
red259
Super Contributor

Re: I have too many credit cards :-/


@NRB525 wrote:

OP can you list out the cards you do have and their limits? Closing cards should include a review of whether the card has usefulness in the future.

Depending on the cards involved, some may have clear, well defined pathways to become "high limit" cards with good benefits. Others may have a clear purpose to keep a foot in the door with a bank where you may want to get a higher limit card later. Still others could be closed if there is no long term use, and no easy path to improving the card.

 

I know the challenges of keeping all those cards active. After my balances are getting paid down, it is lowering the amounts I have available to keep cards busy with BT amounts, and the more PIF cards, the more I need to think about which card gets which spend event.


+1 OP if you are having a hard time managing all the cards then you definetly should do a review of your cards and see what works for you and what does not. Every year when I come up on an anniversary of a card I review it to see if I want to keep the card another year. You should always reassess your cards. If you have store cards and you don't use them for that store then those are prime canidates to go. If you have low limit cards that will not grow in the future then those cards can be tossed as well, unless they fill a specific need. 19 cards sounds like way too many and I believe when you review your card list many of those cards will hold no real value in keeping them open. If you post what you have, the limits, and the dates the cards were opened we would likely be able to point out pros/cons for each card. Inevitably someone will post that you should keep all cards open for AAoAs or overall credit util. I would strongly disagree if you have 19 cards, are having difficulty keeping track of all of them, and they are not serving a real use.

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 5 of 16
takeshi74
Senior Contributor

Re: I have too many credit cards :-/


@Anonymous wrote:

 do not even have the classic high limit cards like Chase Sapphire, Cap1 Venture or Wells Fargo cards. 


Limits are not just a matter of the card.  One's credit profile and income will determine the limits that one qualifies for.

 


@Anonymous wrote:

 

However, do you think I should close 4-5 (not the oldest) low limit cards to apply for Sapphire or Venture like cards later on?!


Your call to make.  The cards you apply for, the cards you keep, etc are all determined based on your needs/wants and what you can reasonably manage.  Consider the info in the Closing Credit Cards thread linked in the Helpful Threads sticky.  In future, consider these things before you apply, not after.

 

We can't say that closing cards will help you to get a CSP or Venture.  You also need to carefully consider whether or not those cards are suited to you.  Run the numbers for your spend and consider how the redemption methods you can use will impact rewards value.

 

As for the oldest card, again, consider the info in the Closing Credit Cards thread.

Message 6 of 16
Mattopotamus
Frequent Contributor

Re: I have too many credit cards :-/

I just leave the cards in a drawer when I am done with them if they have no AF.  It makes no difference if the bank closes them for inactivity or I do myself.  Each day they stay open will add to the overall AAoA (they still report for 10 years, but every day counts).  I am not really worried about fraud since I am not using the card, and I would be alerted immediatly of use.

Message 7 of 16
Mantis350
Regular Contributor

Re: I have too many credit cards :-/

It just all depends on your profile and you personally.  If it is causing you unnecessary stress then by all means close some of your newer cards.  Look at all rewards structure of the cards and keep only the ones that are useful to you.  I've got 18 cards and probably only heavily use 3 per month (based on spending bonus or bonus quarterly categories).  I have been trying to consolidate.  If I have multiple cards from one bank, I try to get the limits combined onto the card that best fits my needs.  I like have the padded UTIL just in case I ever need it.  Most of my cards remain SD'd and will have recurring bills (Netflix, termite, home alarm, etc...) that have autopay set for the total balance.  I find that works best for me but YMMV.  I actually enjoy keeping up monthly with all my cards but I'm weird like that.  It's a hobby of mine which my DGF seems to enjoy witnessing.  Just do what comes naturally for you.  Credit should not be a stressful endeavor.  Like Ron Popeil always says...."set it and forget it" Smiley Happy

PenFed Rewards Visa Sig-$14,000 | BofA Plat Visa-$12,500 | Discover IT-$11,000 | NASA-$7,500 | WF Cash Rewards Visa-$6,800 | BofA Cash Rewards Visa Sig-$6,500 | Barclay Rewards MC-$6,000 | Cap1 QS Visa Sig-$5,750 | Citi DC-$5,500 | Cap1 Venture 1-$4,500 | Cap1 QS-$3,400 | Chase Freedom-$3,400 | AMEX BCE-$2,000 | Lowes-$15,000 | Home Depot-$5,000
|Current Score(2/19/2016)|| 709 EQ || 734 TU || 729 EXP ||
Message 8 of 16
SouthJamaica
Mega Contributor

Re: I have too many credit cards :-/


@Anonymous wrote:

Darn... As I started and have been improving my credit score by opening bunch of cards I realized I reached to 19 cards from 12 banks. 

Of which, 2 are store cards with Synch (Amazon and SamAsh). 1 is PayPal online credit.

Rest are visa, master card, discover and amex bank and bank provided cards.

 

I cannot even keep all of them active monthly. I rotate my expenditure among cards, so that each one gets some activity at least 2-3 months of a year.

I know this kinda was bad decision. Way too many cards to handle and I do not even have the classic high limit cards like Chase Sapphire, Cap1 Venture or Wells Fargo cards. Too many recent INQ's + too many open accounts kind hurt my chances of new cards, obviously.

 

My all credit scores are in 700-730 range, total limits add up to 75K-ish

 

I am definitely not gonna make another application or CLI request, for a long while.

However, do you think I should close 4-5 (not the oldest) low limit cards to apply for Sapphire or Venture like cards later on?!


No I don't. It won't accomplish anything for your scores. Just keep rotating them as you have been.


Total revolving limits 568220 (504020 reporting) FICO 8: EQ 689 TU 691 EX 682




Message 9 of 16
Anonymous
Not applicable

Re: I have too many credit cards :-/

Once you get the 700s you should scale back the store cards if you can, unless they are deferred financing options. The goal is to be at a point where your score is up, and new accounts is so low that if you do have a large purchase to make out of budget, you'll be guaranteed approval from any prime card to enjoy its intro rate and its spend bonus.
Message 10 of 16
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.