Too many credit cards:

[michael18]

Hi:

This is my first post on this board and I'm hoping someone can really help me.

I'm 67 years old, myfico score is over 800, I have approx $200,000.00 in available credit, with about 2% to 5% credit utilization. I have a long credit history. But my problem is that I have over 35 credit cards, some with 15-20K credit limits. I cannot manage these cards anymore, it's just too much work. I have 4 & 5 different cards from the same issurer. How do I condense these cards without hurting my credit score. Can I ask the bank that issued 4 or 5 cards to take the credit lines from 2 or 3 cards and put it into 1 or 2 cards. It seems as though these cards actually have me locked in as a prisoner now. Anyone with any suggestions would be gladly appreciated.

[longtimelurker]

With low utilization, closing a credit card doesn't hurt your score in the short/medium term.  Closed accounts continue to report for about 10 years.   Depending on the issuer, you may be able to move the credit line from one card to another and close the first card.  Or, if you don't need all your existing CL, you can just close some of the cards.

What are you doing that is now too much to manage?  Are you rotating them or something, making sure they stay active? 

If so, you could simply stop using some, and they may get closed on their own

[simi_go]

At 67 years old you have to ask yourself do you need all of that credit?  If you own your own business then I can understand, or if you have a very large monthly spend then it makes sense as well, personally with 35 cards I would call the issuers and see if the can combine the limits of some of the cards and close them after the extras after they are consilidated, and if you have cards that you do not need, then just close them.  I can't see any reason at all to have 35 credit cards.  Just my 2 cents.

[myjourney]

Welcome to the forum

Yes, you can ask that the credit lines be put on different cards in some cases yes others no 

Also SD any that aren't being used 

[Johnnyblaze1986]

I'll have to cossign simi, "I can't see any reason at all to have 35 credit cards." Best thing you can do is  to see if you can combine some of your credit lines. If not, chop them up and close them down. 

[too-much-time]

The suggestion to consolidate multiple cards with the same lender into one has much going for it, although FICO might then disregard it in its utilization calculations due to too high of a credit limit, above $40,000 or something like that I think it said somewhere. It's quite the dilemma!

[Creditaddict]

Want to list the cards and limits?
Consolidate many probably would be great and not hurt at all

[Networth]

Honestly, I would combine what I could and close the rest. They will remain on your CR for 10 years which puts you at 77. Isn't there a sticky at the top of the boards about closing cards?

[takeshi74]

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@michael18 wrote:

Can I ask the bank that issued 4 or 5 cards to take the credit lines from 2 or 3 cards and put it into 1 or 2 cards.

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You can always ask.  Whether they will or not is a different matter.  However, it doesn't hurt to ask before closing cards.

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@simi_go wrote:

I can't see any reason at all to have 35 credit cards.

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Subjective matter but the OP has already established that 35 is too many for the OP.

[Iorek]

Make a list (whether you share it with us is up to you, I'm sure the brilliant members of this board will have lots of opinions on what to keep/toss) of each of your cards and their limits, APR, etc. Go through each card and write down what you like about it, what you use it for, etc. Also write down negatives like annual fees or bad customer experiences. From here, you can get a feel for which cards you want to survive the Cardpocalypse, and which cards will go first in the shredder. Closing cards in and of itself will not hurt your credit score. The way that it can be a problem is that it reduces your total utilization, but that doesn't seem like a big issue for you. Just make sure to pay the cards down to 0 before clozing.

For example:

Walmart Store Card, Limit: $20K, APR 99999%

What I like: Easy limit increases, 0% APR deals

What I don't like: My APR the rest of the time, no rewards

Organize the list by lender, so you have an easy picture of which cards are from which lender. Now, you will be prepared to make phone calls and know which cards you want to keep and which you don't. Call each lender, and say I have A B C cards with X Y Z limits. I want to keep cards A and B but not C. Can I take the limit from C and put it on A and B (or whichever card you want it on). If they don't cooperate, give them the axe. With that score and history, you can be as choosy as you like.

Also, if there are any higher end cards with annual fees and the like, ask if they have any retention bonuses before closing. Make them work to survive the Cardpocalypse