I'm addicted to opening accounts.

[Anonymous]

5 months ago I had 2 first premiere cards with a 600.00 total limit. Now I have a 5000 chase freedom, 3000 home depot, 2500 lowes, 2000 barclay apple, 1500 chase slate, 1500 barclay, 1000 merrick, 1000 fingerhut, 500 best buy master card, 850 j crew, 500 express, 500 brylane, 500 victoria secret, 600 Macy's, 500 amazon, 300 capital one and a couple other shopping cart trick cards. Should I start shutting down cards? First premier and some shopping cart cards? I need to stop! Utilization like 5%. I don't abuse them at all. Scores were in 400's now mid 600s.

[shoo]

I'm no expert, but based on what I know and my experience, here are my thoughts:

Closing accounts will probably mess up your AAoA depending on how long you've had the cards. I'd say if they are pretty new, like a month or two old, get rid of the ones you will literally never use. Secondly, maybe you should take a break from opening new accounts lol...that's kind of a bajillion cards! On the other hand, if you actually use all those cards and take care of em right, don't close them. Take advantage of the nice utilization ratio you've got going and let them age.

Also realize that each time you open a new account and add an inquiry, it's making you look more desperate to lenders for credit. And each new account at age 0 shortens your AAoA. This affects your score, so I'd definitely take a break from the apps!

[JamesB95]

You do need to stop.. Literally. 

But as the above said, closing accounts can damage you if not done within a certain amount of time. Well, it will either way, but, more so then.

[Anonymous]

That's usually what happens when you finally come in to yourself and start being approved for credit cards. It can be a very heady feeling. But opening cards just to open them, without need for them is doing a disservice to your future credit needs. Closing them now, imo, will not hurt you that much, if at all. The AAoA should be ok. Remember, even though you close them, they will stay on your credit reports for 10 years. Good luck!

[ddemari]

I can understand your situation very, very well. Im 29 and messed up my credit 10 years ago.
I took me 8 years to get my reports in good shape, 9 1/2 years to get them clean. Now i can approved for most any card i want, except discover lol. Use your accounts right and it will pay off. After a year of lots and lots of new cards, my aaoa TooK a massive blow. If u really want another card, do it. but realize the game may start stop working in your favor. The approval of a new card is great so i understand the temptation.

[Anonymous]

Dont open so many accts if you dont need them. 

[tendertan]

Different strokes for different folks.  As for myself, I'm overwhelm with trying to keep up with due dates on 13accts.  In which I plan on cutting it down to half.  I don't need all those accounts and got a couple when I was rebuilding at first, but I'm going have to close them I have no use for them, I'll let them age til a year and either SD them or close them.

[Anonymous]

That feeling of getting approved is really great huh. If you keep applying creditors will give you limits too tiny to manage effectively or they will just deny you. I would just sock drawyer those cards you don't think you'll use often, keep for emergencies and gifts or whatever. I wouldn't close them unless you really don't want to give them your business.

Check out the garden thread. You can can check out other ways to distract yourself. For example by cultivating your current credit lines with SP CLIs. Or become an expert at managing you new CL's with a Mint account. Beefing up you credit mix with a SP secured loan. My recent distraction is investing in my works 401k and opening my persoal Roth IRA.

But yes, no more apping. 

[Kenny]

What you need to do is just garden. Feel what it's like to manage that many accounts. Don't close them. After 6 months or 1 year then reevaluate which are useful and which aren't for you.

[Chris679]

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@Kenny wrote:
What you need to do is just garden. Feel what it's like to manage that many accounts. Don't close them. After 6 months or 1 year then reevaluate which are useful and which aren't for you.

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This is exactly what I would do.