Credit Tips: Can a Person Have Too Many Credit Cards

Posted On: July 31, 2006

Author: timmbukk
Posted: Mon Jul 31, 2006 12:51 pm
Post subject: How many credit cards is too much & does it hurt your sc

I have 13 revolving accounts…5 department with lower limits, 2 amex, 6 visa/mastercard. Now, I have 2 lower limit cards, but have had for 4+ years, and my 4 newer cards(have had for less than 2 months) have nice hefty limits. Should I close my lower limits cards out or will that kill my score because they are my oldest cards?

Author: mouse
Posted: Mon Jul 31, 2006 1:42 pm
Post subject: Re: How many credit cards is too much & does it hurt you

Quote:

“timmbukk”
I have 13 revolving accounts…5 department with lower limits, 2 amex, 6 visa/mastercard. Now, I have 2 lower limit cards, but have had for 4+ years, and my 4 newer cards(have had for less than 2 months) have nice hefty limits. Should I close my lower limits cards out or will that kill my score because they are my oldest cards?

Closing positive accounts will usually HURT more than help

Author: mantras
Posted: Mon Jul 31, 2006 1:55 pm
Post subject:

13 cards isn’t a surplus in my opinion unless keeping track of everything is a problem for you. I would definitely keep the oldest cards for the history length. Even a couple years of history length outweighs the negative points you may receive, if any, for having many cards. I don’t know exactly what is considered too many.. You can ask for CLI if you would like higher limits on them. I would try and combine newer cards without any perks into you older cards to keep the oldest timelime while keeping your available limit the same.

Author: mouse
Posted: Mon Jul 31, 2006 2:01 pm
Post subject:

IT HAS BEEN DECADES SINCE I HAD THAT FEW CREDIT CARDS

Author: tim
Posted: Mon Jul 31, 2006 3:15 pm
Post subject: Can a Person Have Too Many Credit Cards

Thanks for the information. Would it be wise to tranfer my balances to my new 0.00% for one year on transfer balances. If so, would having zero balances on my other cards if I do transfer, while probably not using them, hurt my score by not using them and having one large payment on my 0.00% transfer balance card?