What is the limit for too many Credit cards?

[eddymvp]

My Credit score has been int he range of 660 690 for over too year and haven't gone over 700 yet. I've recently open up a new credit card around April and has been opening about one or two credit card every year since 2007. I closed my other cards because I had an AF on them.

These are my cards, Will my score increased if I close some of them?

Credit Card, date opened, Limit, Balance, Last Activity

Lowes 6/2009 $6000, 0, 2/2010

Home Depot, 6/2009,$3600, 0, 9/2010

Care Credit 6/2008, $3000, 0, 4/2010

JBR 4/2008, $2650, 0 , 6/2010

Kay 4/2008 $2650, 0 12/2009

Walmart 4/2008 $500, 0 , 11/2009

DCU 10/2007 $5000, 2600, 11/2010

Chase 7/2009 $1800, 14, 11/2010 -- Just used it. had it used it since January of 2010

Juniper 3/2008 $800, 0 , 2/2010

Amex 4/2010 $3000, $581, 12/2010 - This is my mom's and i'm an authorized user. 

[haulingthescoreup]

Hey, eddy, long time no see! How's the ski mask credit repair working?

Actually, it looks like it worked pretty well, from the list you posted.

No, your score won't increase. If anything, it might decrease if you lose enough of your total CL to make your util go up (balance on Digital CU.)

Check out fused's Closing Credit Cards sticky.

[eddymvp]

Thanks for the reply haulingthescoreup, I had been away from myfico since I bought my house last year and stopped monitoring my score.  My bank gives me my fico score free monthly. I wanted to close my walmart and juniper card since its the lower CL and I've been so frustrated with juniper since they don't give me a higher limit. Walmart has been giving me a credit incease of abou 50 dollars every 4 months.

What's the trick to get your score over 700?

[haulingthescoreup]

Well, it's usually util, but yours doesn't look way out of line. Digital is just a little over 50%, and your total util is right around 10%, which isn't so bad. Do you still have baddies on there somewhere? But I was in the 740's and 750's when I still had a four-year-old 60-day, so I would think you could break 700 anyway. Do you have any accounts less than six months old? It should help if they're all older than that, although my score went down when a new account hit seven months, go figure.

Which score does your bank give you? And do they give you the negative reasons? If you know the negative reasons, the first and second are the main things holding you back. They just raised the price on individual Fico scores to twenty bucks , but maybe if you could Google a good discount, it might be worth it.

Otherwise, I'd say get the total util down a bit more, but I'll bet that's a 0% or something on the DCU card.

Glad you got into your new home!

[Anonymous]

I think under 10 cards is ok. Although its probably really hard to keep track of so many. I only have 4 cards and im having a hard time on whether or not to get the discover or citi forward card.

[eddymvp]

Yes,  They are giving me the fico score from equifax. I just got the score in here and its one point higher than the one I got in the bank and its because I just paid off one of my car loans. 

I have a 60, and 90-day past due in 06  from the same lender  and then I have another 60 days past due from a different lender.

These are the three negative I get from here when I obtained my score.

1. Serious delinquency

2. Short revolving history.

3. Bad payment history.

And then these are my positive, just the opposite from it.

1. Bills paid on time recently

2. Low credit usage

3. Long Account history.

** this is the negative factor I get from my bank.

You have a serious delinquency (60 days past due or greater) or a derogatory description on your credit report.

DCU just increase my credit line to $7,000. They still have not reported to the Credit Bureau. My balance on that card when up in August when I bought half season tickets to the celtics. I think I lost 7 points on my report when the balance when up I had a zero balance on that card.

My score was 695 and it dropped to 688 and it has been there since September.

[haulingthescoreup]

Then your util isn't much of a factor, just the 60's and the short history. What numbers does it give for your AAoA and longest history? Finally hitting 5 years AAoA helped me out (one reason that I'm in no hurry to get any more credit for a while.)

It might be that your AAoA, or at least your oldest reporting CC, need to go up a bit more to do the trick.

I have to admit I'm pretty surprised that you're only in the 690's. But I guess that this is where my scores were after my app spree in spring 2008, and they finally went back up in mid-2009.

The 60's are keeping you in the serious derog score bucket, one of the two negative scoring buckets. But I spent several years there and was still able to get in the 740-ish range.

Looks like you're down to just waiting things out a bit longer.

[eddymvp]

thanks for the input. The 60 happened 4 years ago. My oldest account was opened 8 years and 2 months ago. My first revolving account was opened 5 years, 11 months ago.

My Average ave of accounts is 3 years. That's why I wanted to close a few of my cards to improve the Average age.

[haulingthescoreup]

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@eddymvp wrote:

thanks for the input. The 60 happened 4 years ago. My oldest account was opened 8 years and 2 months ago. My first revolving account was opened 5 years, 11 months ago.

My Average ave of accounts is 3 years. That's why I wanted to close a few of my cards to improve the Average age.

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Yup, that won't work, unfortunately. Closed accounts are included in AAoA as well as open.

[eddymvp]

If that's the case then I have about 20 CC.