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is it a bad idea to have too many credit cards?

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A

andylawcc

Lifer
Mar 9, 2000
18,183
3
81
I had quite a bit of debt about a year ago and applied for "0% APR" credit card one after another. Now I am almost out of debt, so what should I do with those credit cards? Does it hurt to keep them? They all do not have annual fees and I rarely use them at all.
 
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Tu13erhead

Diamond Member
Mar 28, 2005
3,238
0
76
It'll help your credit score if your accounts have been kept open for a long period of time, IIRC.
 
FoBoT

FoBoT

No Lifer
Apr 30, 2001
63,084
15
81
fobot.com
Originally posted by: andylawcc
They all do not have annual fees and I rarely use them at all.
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then don't worry about it for now. if you go to get a mortgage, then see if you mortgage lender recommends you close some of them
 
Z

Zugzwang152

Lifer
Oct 30, 2001
12,134
1
0
Originally posted by: andylawcc
I had quite a bit of debt about a year ago and applied for "0% APR" credit card one after another. Now I am almost out of debt, so what should I do with those credit cards? Does it hurt to keep them? They all do not have annual fees and I rarely use them at all.
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It's good to keep a relatively high limit card for emergencies. I'd close all but the one with the highest limit (visa or MC), and tuck it away somewhere.

If you've got no debt, you may consider getting a good rewards card like the Citi Dividend Platinum Select, and use it for everyday purchases, if you can maintain discipline in paying it off.
 
P

Pantoot

Golden Member
Jun 6, 2002
1,764
30
91
Originally posted by: andylawcc
I had quite a bit of debt about a year ago and applied for "0% APR" credit card one after another. Now I am almost out of debt, so what should I do with those credit cards? Does it hurt to keep them? They all do not have annual fees and I rarely use them at all.
Click to expand...

If they cost you nothing to keep then keep them. This will increase your pool of credit and will decrease your utilization.
 
A

andylawcc

Lifer
Mar 9, 2000
18,183
3
81
Originally posted by: Zugzwang152
It's good to keep a relatively high limit card for emergencies. I'd close all but the one with the highest limit (visa or MC), and tuck it away somewhere.
Click to expand...

at this moment, I have 7 ccs. 3 of them are acquired for "debt purpose."
I now only use one of the other 4 because it has 1% cash back. I plan to keep the other 3, American Express Blue, Chase MC (highest limit), and a Citi card.

If you've got no debt, you may consider getting a good rewards card like the Citi Dividend Platinum Select, and use it for everyday purchases, if you can maintain discipline in paying it off.
Click to expand...

actually, the reason why I ask this question is because Chase just sent me one of those "invitation" letter to a 3% cash back card. I applied for the Citi's 5% dividend card before but was denied. So I am wondering should I go ahead with this 3% card or reapply for the Citi Dividend and then cancel all those "debt" cards.
 
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compuwiz1

Admin Emeritus Elite Member
Oct 9, 1999
27,112
930
126
Who decided what is too many credit cards? Too many credit cards are a bad idea, only if you use them. Having lots of established credit, without actually abusing it, looks good over time on your credit.
 
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