@Anonymous wrote:Now I know there are a few factors as to whether or not to cancel a card.
From what I've heard, your credit limit-to-usage ratio plays a big part, as well as your credit history.
My cards are:
Marriot Rewards - $15,000 CL, just approved
AMEX Blue Cash Preferred - $13,800 CL, 1 year old
Chase Sapphire Preferred - $7,500 CL, 1 year old
Citi Simplicity - $3,000 CL, 1 year old
Express - $no idea, 3+ years old
Macy's - $no idea, 3+ years old
The cards I use most/plan on using the most are the top 3, with the bottom 3 being inactive for quite some time. With the majority of my CL being in the top 3 cards, my assumption is that my usage ratio won't change much by cancelling the latter 3, especially since I just received an extra $15,000 with the addition of the Marriott Rewards card.
On the other hand, my least-used cards are also the oldest.
Your thoughts?
my opinion on keeping or canceling cards is if there is no AF , i would keep it open as long as i could. There is no drawback for keeping cards open. Other people may not agree with me though.
@mongstradamus wrote:
@Anonymous wrote:Now I know there are a few factors as to whether or not to cancel a card.
From what I've heard, your credit limit-to-usage ratio plays a big part, as well as your credit history.
My cards are:
Marriot Rewards - $15,000 CL, just approved
AMEX Blue Cash Preferred - $13,800 CL, 1 year old
Chase Sapphire Preferred - $7,500 CL, 1 year old
Citi Simplicity - $3,000 CL, 1 year old
Express - $no idea, 3+ years old
Macy's - $no idea, 3+ years old
The cards I use most/plan on using the most are the top 3, with the bottom 3 being inactive for quite some time. With the majority of my CL being in the top 3 cards, my assumption is that my usage ratio won't change much by cancelling the latter 3, especially since I just received an extra $15,000 with the addition of the Marriott Rewards card.
On the other hand, my least-used cards are also the oldest.
Your thoughts?my opinion on keeping or canceling cards is if there is no AF , i would keep it open as long as i could. There is no drawback for keeping cards open. Other people may not agree with me though.
The thing that scares me about inactive cards is the chance that it could be compromised. I could almost forget about it, but if someone finds a way to use it and rack up charges, I'm responsible. I suppose transaction alerts are the answer to that concern.
@Simba501 wrote:
@mongstradamus wrote:
@Anonymous wrote:Now I know there are a few factors as to whether or not to cancel a card.
From what I've heard, your credit limit-to-usage ratio plays a big part, as well as your credit history.
My cards are:
Marriot Rewards - $15,000 CL, just approved
AMEX Blue Cash Preferred - $13,800 CL, 1 year old
Chase Sapphire Preferred - $7,500 CL, 1 year old
Citi Simplicity - $3,000 CL, 1 year old
Express - $no idea, 3+ years old
Macy's - $no idea, 3+ years old
The cards I use most/plan on using the most are the top 3, with the bottom 3 being inactive for quite some time. With the majority of my CL being in the top 3 cards, my assumption is that my usage ratio won't change much by cancelling the latter 3, especially since I just received an extra $15,000 with the addition of the Marriott Rewards card.
On the other hand, my least-used cards are also the oldest.
Your thoughts?my opinion on keeping or canceling cards is if there is no AF , i would keep it open as long as i could. There is no drawback for keeping cards open. Other people may not agree with me though.
The thing that scares me about inactive cards is the chance that it could be compromised. I could almost forget about it, but if someone finds a way to use it and rack up charges, I'm responsible. I suppose transaction alerts are the answer to that concern.
Well you can literally sock drawer them so you don't have them in your wallet. Also I check my credit cards twice a week to make sure nothing gets charged that I don't want to
If they aren't costing you to keep them open, do not cancel them
Alrighty, sounds like the general consensus is to keep them. The only real reason I'd have for cancelling is that they're unused and I don't like having "loose ends". I pack light. 
Now it appears I'll be having 6 credit cards laying around. Is there some "limit" that I shouldn't pass? How many cards is too many?
@Anonymous wrote:Alrighty, sounds like the general consensus is to keep them. The only real reason I'd have for cancelling is that they're unused and I don't like having "loose ends". I pack light.
Now it appears I'll be having 6 credit cards laying around. Is there some "limit" that I shouldn't pass? How many cards is too many?
no amount is too many as long as you can manage them and keep your credit utilization low. I too have 6 cards and I don't plan on applying for any new ones for years