How many Credit cards are too many??

[Anonymous]

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@MarineVietVet wrote:

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@Anonymous wrote:

@Anonymous:  I think it would hurt more to close accounts, especially if they have been open for a long time.

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Short term it doesn't hurt your score at all if the CC accounts have a zero balance when closed. Here is an excellent thread discussing Closing Credit Cards.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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What if my credit card account was closed by the bank because i never use it since day one. But i used it during the time they are closing and have some balance on it. Can i just pay it off? or does it consider as balanced with closed account?

[MarineVietVet]

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@Anonymous wrote:

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@MarineVietVet wrote:

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What if my credit card account was closed by the bank because i never use it since day one. But i used it during the time they are closing and have some balance on it. Can i just pay it off? or does it consider as balanced with closed account?

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It doesn't matter who closed it. And I would always advise paying any CC balance in full as soon as possible.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Thank you. I'll pay if off ASAP.

[Anonymous]

To me, 2 is already too much. If one feels the need to get more credit, then one should reconsider his way of living for instance to avoid some expenses (although I totally agree that you need a credit to buy a house or a car). I've always stopped myself from getting new CC because I don't want to end up with a wallet full of credit cards!

[haulingthescoreup]

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@Anonymous wrote:

To me, 2 is already too much. If one feels the need to get more credit, then one should reconsider his way of living for instance to avoid some expenses (although I totally agree that you need a credit to buy a house or a car). I've always stopped myself from getting new CC because I don't want to end up with a wallet full of green credit cards!

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Getting additional credit tradelines (like CC's) doesn't automatically mean that someone needs to charge things because they're hurting for cash. It's often part of a strategy to maximize credit profiles.

For instance, we often get posts on the Mortgages board that someone only has one card, and their mortgage lender advises them to get one or two more. But getting new credit right before signing for a new home can be tough on scores. Showing the ability to manage --not mis-manage --revolving credit can be important for such high-stakes areas as getting a mortgage.

I use my cards for literally everything other than the laundromat and the collection plate at church, but I pay them off every month. For many of us here on the forums, as well for the public in general, they're there for rewards and convenience and record-keeping and buyer protection, not to maintain an unsustainable lifestyle.

[MarineVietVet]

I will only add to what HTSU wrote by saying that credit does not automatically equal debt. But it takes self discipline and education to avoid available credit from becoming a possible problem.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[mross1080]

I have about 20 cards between bank and store cards. Its a fun challange but I think the key is it doesnt matter how many cards you have its how many balances you have. I cant have more than 5 at one time have a balance otherwise it gets to tough. If I hit 5 cards with balances I wont use another card till I PIF one. Then I just rotate them. Its actually kind of fun. Christmas should be interesting with all the stores im going to go into ill probably hit about 10 cards with balances and then PIF mostly all right after christmas.

[creditchild]

hi mross,did you ever receive your barclays card,and if so did you request

the cli like we talked about? i just received mine today and i'm going to

call on monday and see would they increase mine, i just pulled myfico tu

today and my score increase to 671! i'm trying to find a card with a decent

limit. i have 4 cards, all with $500cl. so i'm hoping they raise it.

[vanillabean]

DW and I have a total of seven credit card accounts. We use the three cashback whenever we can get at least 3%, while the four travel cards take the rest, aimed at the upcoming summer vacation.

Seven accounts are for us about the right balance between the benefits they provide and my management of them. They are all set up for automatic payment in full; I'd rather starve than pay interest on them.

Although my favorite motto is "money saved is money earned", I'm neither a saver nor a spender. More like a minimalist, although I also value not having all my eggs in one basket.

The weakest side of our score profiles is new credit. It's also one of the most temporary. Next year should look comfortable all around.

[mross1080]

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@creditchild wrote:

hi mross,did you ever receive your barclays card,and if so did you request

the cli like we talked about? i just received mine today and i'm going to

call on monday and see would they increase mine, i just pulled myfico tu

today and my score increase to 671! i'm trying to find a card with a decent

limit. i have 4 cards, all with $500cl. so i'm hoping they raise it.

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Yes I actually got it today. When I called to activate it I asked but it was a call center and they told me I would have to wait 6 months. Im going to call the backdoor number on monday. I think ill have better luck. I do think it helps if you have cards with higher limits.