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What is too many credit cards?

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Jackrabbits
Member

What is too many credit cards?

I am relatively new to this forum and thought I'd jump in head first. The question is what is too many credit cards? I have spent the past 11 years rebuilding my credit and have started to accumulate quite a number. I would like to close some based on their low credit limit amounts. The dilemma is the older ones are the ones with the lower credit limits. They were the first ones opened when I begin my credit rebuilding path. Yes, I have called to get increases but they are pretty much at their limit. Do I continue to just simply hold on to them or wait till the newer ones get older? Thanks to everyone who responds in advance.

 

 

Message 1 of 35
34 REPLIES 34
OmarGB9
Community Leader
Super Contributor

Re: What is too many credit cards?

There is no one answer to that question. It's been asked many times here, and the answer is always: it depends. It depends on you, if you feel overwhelmed by having so many cards, or if you simply want to cut down.

 

By the way, closing your oldest cards wouldn't hurt your AAoA. They'd still remain on your reports for up to 10 years if they're closed in good standing.


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 2 of 35
FalconSteve
Valued Contributor

Re: What is too many credit cards?

Based on this forum, I'd question if there is such a thing as "too many cards" if you are paying them all, applied over a long enough time (they are old enough), and you are applying at the right FIs (some are more sensitive to multiple accounts than others).

1/8/17 Discover $18300 CL- $1k SL- AU, wife
1/26/20 AmEx Cash Magnet $35k CL, wife
2/19/20 BB&T/Truist Rewards $11k SL- impulse application
2/22/20 Citi Double Cash WEMC $2.9k-->$4.4k-->$8.4k-->$13.4k-->$17.4k-->$19.4k-->$22.4k AU, wife
3/8/20 Wells Fargo Propel AmEx/Autograph VISA $2900-->$3200-->$5000-->$8800 CL- AU, wife
3/9/20 Truist Rewards $11k SL- AU, wife- impulse app
3/21/20 REDcard MasterCard (TD Bank) $2500-->$6000-->$6500 CL
11/24/20 AmEx Cash Magnet $10k SL-->36hr-->$20k-->$35k CL
6/10/21 SoFi World Elite MC (TBOM) $7000 SL
1/19/22 AppleCard/GS $6k-->$10k-->$11k AU, wife
8/15/22 Chase freedom flex $10.3k SL-->$12.5k-->$15k AU, wife
7/5/23 Lowes/Synchrony $4k-->$10k-->same day-->$35k CL
8/2/23 Chase freedom flex $19k --> $22.8 CL
8/2/23 Discover $8k SL
Message 3 of 35
KJinNC
Valued Contributor

Re: What is too many credit cards?

tldr answer, I'd close them.

 

Long answer, I am not aware of a number of cards that is "too much" in FICO scoring. The FICO considerations I am aware of are: 1) will closing the card cause your overall utilization to increase significantly; 2) will closing the card take you below three open bank cards. Two other factors, not FICO but meaningful in the world of credit, are 3) will closing cards annoy the lenders of those cards for some reason, for example, by making you look like a churner if you recently cashed in on SUBs; and 4) would leaving that card open be useful in the future, for example, could it be product-changed to a card you'd rather have.

 

It sounds like the cards you are asking about are "no" in all four of these questions, so, I would close them.

 

As Aim High pointed out in another thread when I gave similar advice Smiley Happy Closing them will affect your account ages one day, roughly the year 2031 in this case, about ten years in the future, when the closed accounts fall off your credit reports. That COULD matter in some situations. But in this situation (and in most situations I see on this board), I don't think it's worth keeping cards like this around for this. You will still have plenty of cards left to maintain age of oldest account and average age of accounts. JMO.



FICO Resilience Index: 64. Cards: 5/24, 2/12, 2/6. Accounts including loans: 8/24, 4/12, 3/6. Card CLs total $213,900, or $240,400 including the AU card. Cards (oldest to newest)

Authorized user / Corporate / Auto loans / Personal loan
Message 4 of 35
Shooting-For-800
Senior Contributor

Re: What is too many credit cards?

I would make two piles, ones IknowI want and ones I would close if there was no penalty.

Then close one out at time every few months or so and watch my scores.GL!

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $500k unsecured credit in 2024.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!



Message 5 of 35
Stugotsv10
Frequent Contributor

Re: What is too many credit cards?

Thats ALOT od cards lol

 

I dont think too many cards is a thing, but balances will of course matter

Message 6 of 35
digitek
Established Contributor

Re: What is too many credit cards?

I've closed 12 cards in my life and looking back on it I don't regret closing a single one of them.

 

I think it is a personal preference really. I know for me I like things slim and trim, if anything in my life stops serving a purpose I will likely try to get rid of it. I just don't like a lot of stuff around in my life that I'm not using.

 

I think it feels good to drop cards you no longer use, almost as good as getting a new card, but not quite.

Message 7 of 35
Red1Blue
Super Contributor

Re: What is too many credit cards?

If cards are in good standing and no AF then I would leave them alone and let them continue age.

Message 8 of 35
Horseshoez
Senior Contributor

Re: What is too many credit cards?


@digitek wrote:

I've closed 12 cards in my life and looking back on it I don't regret closing a single one of them.

 

I think it is a personal preference really. I know for me I like things slim and trim, if anything in my life stops serving a purpose I will likely try to get rid of it. I just don't like a lot of stuff around in my life that I'm not using.

 

I think it feels good to drop cards you no longer use, almost as good as getting a new card, but not quite.


Agreed, for my part, three is starting to get annoying, I'm thinking anything more than five would qualify as "too many".

I categorically refuse to do AZEO!
Message 9 of 35
tcbofade
Super Contributor

Re: What is too many credit cards?


@Jackrabbits wrote:

I am relatively new to this forum and thought I'd jump in head first. The question is what is too many credit cards?

 

 


As already mentioned, that answer will be different for everyone.

 

I'm up to 46, DW is up to 36, and I imagine those numbers will continue to climb.

 

 

04/01/24 Fico 8: EX 763, EQ 799, TU 783.
Fico 9: EX 756 03/13/24, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 10 of 35
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