Need some financial advice, people

[StevenYoo]

hey people,

I have the following cards:

-Capital One visa that I got about 6 years ago
-American Express Blue that I got about 4-5 years ago
-Amazon.com visa that I got about a year ago (~$10,000 limit)
-Banana republic card
-Newegg.com preferred card
-National Wholesale Liquidators card
-I just got approved for an Advanta Business MasterCard (i'm self-employed)

I've never missed a payment. I currently have a revolving balance on the amazon and the newegg cards

I know it's useful to keep my oldest card, as it's a good credit reference for future credit checks.

But... do I have too many cards? I feel like I do. Is it useful to have an Amex? Should I dump the amazon card?

thanks

 

[Aquaman]

only keep the ones you use. Having too many CC can be bad for your credit score.

I only have MC & Visa.

Cheers,
Aquaman

 

[Aquaman]

Oh and pm rossman....... he is the credit card guru.

Cheers,
Aquaman

 

[spacejamz]

Originally posted by: Aquaman
only keep the ones you use. Having too many CC can be bad for your credit score.

I only have MC & Visa.

Cheers,
Aquaman

closing credit card accounts lowers your available credit to limit ratio, lowering your credit score.

 

[StevenYoo]

Originally posted by: spacejamz

Originally posted by: Aquaman
only keep the ones you use. Having too many CC can be bad for your credit score.

I only have MC & Visa.

Cheers,
Aquaman

closing credit card accounts lowers your available credit to limit ratio, lowering your credit score.

but given time, it goes back up, no?

 

[kranky]

What the heck is a National Wholesale Liquidators card?

Anyway, don't close anything. Use your older cards once or twice a year just to keep them active so the issuers won't close them for inactivity.

I don't think you'd gain anything by getting an AmEx card.

 

[Pepsi90919]

Originally posted by: Aquaman
only keep the ones you use. Having too many CC can be bad for your credit score.

I only have MC & Visa.

Cheers,
Aquaman

wrong

 

[pinoy]

Originally posted by: kranky
What the heck is a National Wholesale Liquidators card?

Anyway, don't close anything. Use your older cards once or twice a year just to keep them active so the issuers won't close them for inactivity.

I don't think you'd gain anything by getting an AmEx card.

i disagree. My amex blue. so far, has been nice to me. I've earned enough mileage to have $100 discount on rental cars, i got $499 companion ticket to Aussie.

What we do is, every major purchases my wife and I do, we use Amex and pay it full. Also, groceries, staying at hotels, dining, etc.

 

[Jassi]

Doesn't AMEX offer that 1 year added warranty and BVG?

 

[pinoy]

Originally posted by: Jassi
Doesn't AMEX offer that 1 year added warranty and BVG?

I believe AMEX dumped the BVG (only applies to VIP cards now with annual fee, i think). but the warranty is still being offered.

people correct me on this.

 

[kranky]

BVG is gone but the AmEx extended warranty is in effect. But remember many MC/Visa cards offer the same thing.