Too Many Credit Cards?

[Anonymous]

I currently have 7 credit cards with 0 balances. I got them in order to improve my credit score. Does anyone know if I close the majority of them with 0 balances will this improve my credit credit score or hurt it? Any help or advice is appreciated. Thanks!

[Anonymous]

It will mostly depend on the age of the accounts.  If you credit is fairly young it may take up to a year for them to really positively affect your score. NEver take on new cards just to improve your score. 3 long term cards with low utilization will stand you in better stead than 7 cards short-term with 0 utilization.

[Anonymous]

So...do you think it's best to eliminate all of them except for the 3 that are long term, because the rest are 3-6 mths. old.? Do you think removing those 4 would help the score? Thanks so much for your info! :-) Kim

[Anonymous]

Are you paying yearly fees on these cards?  If not... why close them?  Just don't use them, or use them every couple of months just to keep activity on them - but pay them off right away.  If they are all the same age, then closing some of them won't help at all.

[Cory]

I have about 9 credit cards now, two which I am going to close because of the annual fee. Three of the credit cards I have are old cards which is all the credit history I have.

I openned these cards in 1999. The other four cards I recently opened. It probaly wouldn't hurt to close them now.

But, it is strange how I am getting all of these credit card offers in the mail now, not cards like AMEX, DISCOVER or CHASE. All of the high interest rates and annual fee cards.

Cory

Message Edited by Cory on 03-15-2007 02:40 PM

Message Edited by Cory on 03-15-2007 02:41 PM

[Anonymous]

Cory,

Run do not walk away from these offers with fees.  The only thing you need do is keep your current cards current and your utilization low, barring anything else negative on your report and near-prime offers will start pouring in as well.  Shortly thereafter, in credit terms, primes will follow.

If you accept these offers and later get better offers you will have a choice to keep paying fees for nothing or closing the accounts and continuosly reaging your report. Trust me I threw away more First Premies and merricks than we take garbae out ofthe house opn a weekly basis, patience, as they say, is a virtue.

Message Edited by Brammy on 03-15-2007 05:46 PM

[Anonymous]

I personally believe that anytime you open/close/apply or do anything else you affect your score (but Barry would know better). 

I agree with the other posts - keep 3 or 4 of the best (oldest?) and ditch the rest.  I try to keep only 4 major cards (with different banks if possible - although BofA just bought MBNA, so good luck with that one as often as banks gobble each other).

[Cory]

Thanks Brammy,

I am not really concerned about these offer much, however I do get excited to see them come. I guess it's because I was so desperate after the mess with my family that happen in 2002.

I never thought I would have to deal with a hard hit like this in my life, but I'm glad that this happen to me because I have learned the hard way not to lend out money or use my credit for other people who can not manage their own credit.

Brammy, I have a question for you? Right now I have 4 credit cards, One is First Premier, Credit One Bank, HSBC/ORCHARD BANK, Applied Card Bank. Which ones or one would you recommend that I close and I will geniunely take your advice.

All the Credit Cards have that six dollar a month fee except for ACB. ACB's account maintanance fee is $10.95 a month, which to me is ridiculous.

My own recommendations are to close First Premier, Credit One Bank and Applied Card Bank, after I pay them all off. HSBC is a good card, with only 8.90% variable interest rate and six dollars a month. COB is 23.99%, ACB is 23.99%.

And the Credit limits are not over $500.00, sounds crazy to you?

Thanks,

Cory

Message Edited by Cory on 03-16-2007 07:52 AM

[Anonymous]

THEY SAY NEVER CLOSE THE ACCOUNT JUST DONT USED THEM PUT THEM IN SAFE DEPOST BOX FOR EMERGENCY OR JUST CUT THEM UP

[Anonymous]

I have 23 open credit card accounts, and I know people with many more than that. The number of accounts isn't what hurts, it's how many there's balances on, the balances as a percentage of your total limit, and, of course, age.

I wouldn't keep open an account you're not using if there were an annual fee. However, if there is no fee, I don't see a reason to close it. Just use it every 2-3 months to keep it active and reporting (and pay it in full).