Is there such thing as too much available credit?

I have approximately $25,000 in available credit. In any given month, I only charge $300 - $400 to my credit cards and pay them off in full each month.

I have a car loan, a job ($600 - $800 net/month), and I never carry a balance.

Average age of my accounts is 1.5 years. Last time I checked my credit score (about a year ago), it was 715.

Should I cancel one or more of my cards?

 

[ElFenix]

how many cards do you have?

 

[toant103]

i would only keep about 2-3 credit cards.

 

Originally posted by: ElFenix
how many cards do you have?

I have three cards. A Citi Mastercard (~$5000 limit), a Visa Platinum (~$5000 limit) and an AMEX Blue (~$17,000 limit).

 

[Ketteringo]

Never cancel your old credit cards, it hurts your credit score. Check out the fat wallet finance boards for a lot of good information.

 

[ElFenix]

3 is good.

 

[zainali]

dont cancel any credit cards. periodically keep signing up for CC deals ( chekc out fatwallet) and sign up for more.

you dont seem to have problems with overspending like some people and should be fine.

 

[edro]

The general idea I have heard, is to keep open your oldest one and your lowest APR one.

 

Originally posted by: edro13
The general idea I have heard, is to keep open your oldest one and your lowest APR one.

APR doesn't matter to me. I don't (nor do I plan) to ever keep a balance.

 

[Spike]

3 cards is fine. I keep two cards (only use one) and have never paid any interest (charge $500-1000 a month, love those air miles). My score was at 770 last time I checked. The area it told me I was still lacking on was total time for a particular line of credit. I got my main card 5 years ago, as soon as I was 18 and still have it but that is still not long enough for the full points. It said something like the average person has had a single credit card for over 10 years.

-spike

 

[Golgatha]

I forget the actual term, but you will lower your score slightly by having a higher potential for debt. However, paying off your credit cards every month is a great way to build a good credit rating. I think 3 credit cards isn't too much.

Personally, I only have 2 cards I actually use, but I have a lot of credit cards. I pay my balance every month too. Now that I think about it, I have Visa, Discover, Mastercard, Slumberland, Best Buy, Home Depot, Lowes, and Helzberg cards; so three cards isn't bad. I only use the Discover and Visa.

Discover gives me cash back and the Visa helps our family save money on trips to Disney World! The department store cards are to take advantage of no interest financing and nothing more. I figure it this way. If they're going to give me 1-3years of interest free money, why not keep my money in interest bearing accounts?