Jump to content

Sign in to follow this  
gjs

too many cards

Recommended Posts

I have 16 open revolving cards with a few gas and store cards mixed in. Have a large amount of available credit. I dont know if I should close any down or what. Have about 150k available while using 3k from a balance transfer. How do I use the cards to keep them active? I dont know which ones to use and Id like to close a couple down, but want my scores to remain stable. Any advise?

Share this post


Link to post
Share on other sites

If you have any annual fees on the cards and they are from sub-prime lenders, then you should definitely close them.. but be sure to close them one by one giving some gap between each closure to prevent sudden drop in scores...

 

But if you have good cards, then dont close any.. just use them once in a year or so to avoid non-activity closures....

Share this post


Link to post
Share on other sites
If you have any annual fees on the cards and they are from sub-prime lenders, then you should definitely close them.. but be sure to close them one by one giving some gap between each closure to prevent sudden drop in scores...

 

But if you have good cards, then dont close any.. just use them once in a year or so to avoid non-activity closures....

 

Hey. The only annual fee I have is from US air from juniper/barclays

Share this post


Link to post
Share on other sites

You won't find many recommendations to close your cards here. Unless there is a fee of some sort, it's better to just keep them. Are any with the same creditor? You could probably consolidate them if they are.

Share this post


Link to post
Share on other sites

If you have any annual fees on the cards and they are from sub-prime lenders, then you should definitely close them.. but be sure to close them one by one giving some gap between each closure to prevent sudden drop in scores...

 

But if you have good cards, then dont close any.. just use them once in a year or so to avoid non-activity closures....

 

Hey. The only annual fee I have is from US air from juniper/barclays

 

Well then who suggested you to close some of them in the first place?????

Edited by Krish

Share this post


Link to post
Share on other sites
I have 16 open revolving cards with a few gas and store cards mixed in. Have a large amount of available credit. I dont know if I should close any down or what. Have about 150k available while using 3k from a balance transfer. How do I use the cards to keep them active? I dont know which ones to use and Id like to close a couple down, but want my scores to remain stable. Any advise?

 

if they are store or gas cards and you never or rarely shop there, just let them go dormat - don't close them, just don't worry about using them. They might be closed after a year or two... so be it. The only exception is your oldest couple of cards- use them at least occassionally to kept them active.

 

If V/MC, you can either let them go dormat or close the cards that don't turn you on... but again, don't close the oldest unless it has a fee.

 

the biggest problem with keeping unused cards active is forgetting to pay them - and you need to wait for the statement to cut so it cuts with FICO.

Edited by toopooor

Share this post


Link to post
Share on other sites
You won't find many recommendations to close your cards here. Unless there is a fee of some sort, it's better to just keep them. Are any with the same creditor? You could probably consolidate them if they are.

 

I have Two HSBC cards though one is through Direct Merchants which is the only card that never gave me an increase of anything. No annual fee though :D The Direct is kind of seperate, and they wont combine

Edited by gjs

Share this post


Link to post
Share on other sites

I have 16 open revolving cards with a few gas and store cards mixed in. Have a large amount of available credit. I dont know if I should close any down or what. Have about 150k available while using 3k from a balance transfer. How do I use the cards to keep them active? I dont know which ones to use and Id like to close a couple down, but want my scores to remain stable. Any advise?

 

if they are store or gas cards and you never or rarely shop there, just let them go dormat - don't close them, just don't worry about using them. They might be closed after a year or two... so be it. The only exception is your oldest couple of cards- use them at least occassionally to kept them active.

 

If V/MC, you can either let them go dormat or close the cards that don't turn you on... but again, don't close the oldest unless it has a fee.

 

the biggest problem with keeping unused cards active is not forgetting to pay them - and you need to wait for the statement to cut so it cuts with FICO.

 

Hey Thanks. My problem is sometimes I pay before the statement cuts. And that just recently brought my Experian score down. Said You have no revolving account history. So I will let the statement go through the cycle. Man I got to not let fico freak me out..

Edited by gjs

Share this post


Link to post
Share on other sites
You won't find many recommendations to close your cards here. Unless there is a fee of some sort, it's better to just keep them. Are any with the same creditor? You could probably consolidate them if they are.

 

From the signature:

 

penfed cash rewards,30000,

usaa amex29000,

patelco visa 20000

bmw plat, 9250,

providian pay pal, 10000,

providian visa, 3000. <-- this card is one of my few regrets

Hooters 10,000

cap 1 3400, <-- this is a good close candidate

walmart discover, 6500.

hsbc plat, 7000,

us airways 5500,

direct merchant, 3900, <-- is this a subprime lender?

 

i'd let these go dormat or not worry about using them more than once per yr.

gemb gap. 1050,

lowes, 5000,

macys,1750,

circuit city, 4800,

sunoco gas 1250,

Share this post


Link to post
Share on other sites

Have you tried converting the usair card? There's no A/F for the first two years, but after that I think it's $79.

 

Someone on this board was successful at converting a juny card. Can't remember who though...

Share this post


Link to post
Share on other sites

You won't find many recommendations to close your cards here. Unless there is a fee of some sort, it's better to just keep them. Are any with the same creditor? You could probably consolidate them if they are.

 

From the signature:

 

penfed cash rewards,30000,

usaa amex29000,

patelco visa 20000

bmw plat, 9250,

providian pay pal, 10000,

providian visa, 3000. <-- this card is one of my few regrets

Hooters 10,000

cap 1 3400, <-- this is a good close candidate

walmart discover, 6500.

hsbc plat, 7000,

us airways 5500,

direct merchant, 3900, <-- is this a subprime lender?

 

i'd let these go dormat or not worry about using them more than once per yr.

gemb gap. 1050,

lowes, 5000,

macys,1750,

circuit city, 4800,

sunoco gas 1250,

 

Direct is subprime. I was well into my chap 13 when they issued the card.Though the APR is 10.9 now, I have no reason to carry a balance on this card :swoon:

Share this post


Link to post
Share on other sites
Have you tried converting the usair card? There's no A/F for the first two years, but after that I think it's $79.

 

Someone on this board was successful at converting a juny card. Can't remember who though...

 

Hey I only have one juny card

Share this post


Link to post
Share on other sites

Hate to hijack the thread, but here goes.

 

Anyone know if Direct Merchants Bank (HSBC acquired) can be converted to something else with better terms/rewards?

Share this post


Link to post
Share on other sites
Hate to hijack the thread, but here goes.

 

Anyone know if Direct Merchants Bank (HSBC acquired) can be converted to something else with better terms/rewards?

I asked .. They said no. I receive reward offers now. Im done with direct. Never an increase since MAY,2004

Share this post


Link to post
Share on other sites
From the signature:

 

penfed cash rewards,30000,

usaa amex29000,

patelco visa 20000

bmw plat, 9250,

providian pay pal, 10000,

providian visa, 3000. <-- this card is one of my few regrets

Hooters 10,000

cap 1 3400, <-- this is a good close candidate

walmart discover, 6500.

hsbc plat, 7000,

us airways 5500,

direct merchant, 3900, <-- is this a subprime lender?

 

i'd let these go dormat or not worry about using them more than once per yr.

gemb gap. 1050,

lowes, 5000,

macys,1750,

circuit city, 4800,

sunoco gas 1250,

Will Providian let you combine cards? If so, I might would consolidate those. Other than that, I wouldn't close anything. If you're good at managing your cards, I would use some of those high limit cards (if they have good BT terms) and get that $$ into a high yield savings acct. Lots of 5.5%-6% type accts out there to make $$ off of.

Share this post


Link to post
Share on other sites
From the signature:

 

penfed cash rewards,30000,

usaa amex29000,

patelco visa 20000

bmw plat, 9250,

providian pay pal, 10000,

providian visa, 3000. <-- this card is one of my few regrets

Hooters 10,000

cap 1 3400, <-- this is a good close candidate

walmart discover, 6500.

hsbc plat, 7000,

us airways 5500,

direct merchant, 3900, <-- is this a subprime lender?

 

i'd let these go dormat or not worry about using them more than once per yr.

gemb gap. 1050,

lowes, 5000,

macys,1750,

circuit city, 4800,

sunoco gas 1250,

Will Providian let you combine cards? If so, I might would consolidate those. Other than that, I wouldn't close anything. If you're good at managing your cards, I would use some of those high limit cards (if they have good BT terms) and get that $$ into a high yield savings acct. Lots of 5.5%-6% type accts out there to make $$ off of.

 

 

Man, another company that wont let you combine Tried that to. I think some of the creditors dont like to give line increases when you have (or they think you have enough) credit

Share this post


Link to post
Share on other sites

Another reason to dump DMB:

 

Can I request a credit line increase ?

HSBC is currently not accepting individual requests for credit line increases. Response needs to be rewritten….

The part that says Response needs to be rewritten…. is actually on their site. Yuck!

Share this post


Link to post
Share on other sites
Another reason to dump DMB:

 

Can I request a credit line increase ?

HSBC is currently not accepting individual requests for credit line increases. Response needs to be rewritten….

The part that says Response needs to be rewritten…. is actually on their site. Yuck!

 

And then they start reading, I see that your concerned about your credit etccc.Now lets see what we can sell

 

 

 

NOT FOR ME

Share this post


Link to post
Share on other sites
Man, another company that wont let you combine Tried that to. I think some of the creditors dont like to give line increases when you have (or they think you have enough) credit
That's not always bad either. Under the same presumptions I made last night (using cards for BT offers), I've made it a point to have 2 cards or more from the issuers that I've chosen to do business with (Amex, BofA, Chase, Citi mostly). Each card has its own BT terms and some may be better than others and some may not be and some you can get modified. My prime example was just last night. I have 2 different BofA cards...one had a 3.99% BT rate with 4% of amount transferred and a $90 cap on the BT fee and the other had a 0% apr but no cap. Since I wanted to borrow in excess of $30K, no cap on the 0% obviously makes that card worthless. I also wasn't too thrilled about 3.99% either, even with the cap. I called and asked if they could cap the fee on the 0% card and they said no, but they counter offered on the other card and gave me 1% apr for a year and left the $90 cap alone. Since there are savings accounts around in the 5.5%-6% range, I jumped on it. And the best part - direct deposit right into checking! If you're into playing the BT game, don't close down your cards. Only close the ones with annual fees...or ones that might hurt your report just by being present...like Crap 1.

Share this post


Link to post
Share on other sites

I am not the norm on here. I say close them if you do not use them, or if it is a PITA to remember which ones to use, and when to use them.

 

I closed and combine A LOT of my cards these past few months. I saw NO drop in FICO, even when people told me I could.

 

I also combined , but all in all, I believe I closed over 10 cards. :swoon:

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines