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Too Many Credit Cards


Too Many Credit Cards

I have too many credit cards and have spent the morning cutting them all up. I am done with them. My problem is I have too many payments to track each month and would like to simplify my budget. What is the best way to move all the credit card balances under one card or to consolidate my debt? I am concerned if I do not begin to get it under control now, I will be in trouble later. However, I do not want 12 seperate payments each month, I would just like one monthly payment. Any advice? Thanks in advance!

Message 1 of 8
Established Contributor

Re: Too Many Credit Cards

BT? Consolidation loan? Close some cards? Smiley Indifferent

AmEx Platinum | AmEx BCP | AmEx Delta Gold | CSP | Chase Freedom | NFCU cashRewards Visa Sig | NFCU Plat MC | WM MC | Discover it | JCP

Message 2 of 8
Regular Contributor

Re: Too Many Credit Cards

Look to see if any of your cards have a nice bank transfer offer going on now? (0% apr for an extended period of time) If it's something where your situation is stable enough and you can afford the fixed payment for a year, then as adavis said, a consolidation loan might be your best bet.


Just keep in mind the percentage fee of the bank transfer vs. paying the interest on the loan. You'll have to sit down and see what offers there are out there and do the math to see which one will cost you less money over the time you want to allot for payoff!


I know how you feel! Battling and controlling debt myself! Be patient! You will get there!

In full gardening/ debt annihilation mode! (4/15/13)
Notre Dame FCU Visa 0/2k (8/04); CapOne Best Buy 800/1.5k (7\06)
Citi Thank You World MC 4800/9.7k (1/11); Amex Zync NPSL (9/11)
Chase Freedom Visa 1600/3.8k (9/11); Chase Southwest RR Premier Visa Signature 4300/10.7k (6/12); Discover It 0/3k (7/12)
EQ: 751 (4/1/13) EX: 742 (4/8/13) TU: 732 (4/8/13)
Message 3 of 8
Frequent Contributor

Re: Too Many Credit Cards

Keep the ones with no AF and/or old age and consolidate the balances of the small ones onto one or two cards.  I had the same problem.  Going through the process now. 

AmEx PRG (NPSL) | AmEx Costco ($8.2K) | AmEx Delta Gold ($19.3K) | AmEx BCE ($5K) | Chase United Explorer ($10K) | Chase Sapphire Preferred ($7.5K) | Chase Freedom ($8.2K) | Discover it ($3K) | Capital One Quicksilver ($2.5K) | PayPal Extras ($2.5K) | Lowes ($3.3K) | Walmart ($4.3K) | Amazon ($2.5K) | Restoration Hardware ($8.8K) | Crate & Barrel ($8.3K)
Homeowner since 05/29/13
Message 4 of 8
Established Contributor

Re: Too Many Credit Cards

I cut up 7 a few months ago , so I am down to 9.
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Message 5 of 8
Mega Contributor

Re: Too Many Credit Cards

I agree with the BT options if you have any that are low / 0%.

EQ FICO 548 3/3/16
Message 6 of 8
Frequent Contributor

Re: Too Many Credit Cards

If you don't have any BT offers apply for Chase Slate they have no fee BT and after you transfer few cards close the ones you don't want anymore.

Lots of cards and counting !!
FICO 800ish Shooting for 800+
BCE 20K,ED 10K,Sky 2K, DCVR $6800, Slate 8K, Freedom 5k, Care Credit 10K, Lowes 10K, Cap1 QS $11500, Venture 15K, Paypal 5k Hidden, US Bank Edge Cash Business 20K and NFL $1500 soon to DIE.
Message 7 of 8
Valued Contributor

Re: Too Many Credit Cards

+1 on the BT.


I recently axe'd first premier after 4 years. CreditOne is next on my list. Even know CB is 0, i still have to pay them $9 per month fee.


I have nothing against them, they helped me get started.

2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
Message 8 of 8