Too many credit cards, okay to cancel?

HomerJay · 04-28-2003, 10:19 PM

I've got too many credit cards, I have excellent credit, would it be detrimental to my credit to cancel some of them? I don't carry a balance on any of them.

lucien2 · 04-28-2003, 10:22 PM

erm..........

No.

It will make your credit look really good. Plus it lowers the potential amount of trouble you can get into (i.e. your debt ceiling) so you'll have a better looking report for things like mortgage applications and such.

obyone · 04-28-2003, 10:22 PM

It's detrimental to have them all active. There is a such thing as too much credit. It works against your score.

Eric SS · 04-28-2003, 10:24 PM

Don't close them all at once. I have heard that this is a red flag that you might be having financial troubles and it can make your credit go down. Cancel one per month maybe

HomerJay · 04-28-2003, 10:25 PM

Coolio! That's all I wanted to hear. Time to make some phone calls.

hthrly2002 · 04-29-2003, 12:53 AM

yes there is such thing as too much open credit and that could look negative. having a zero balance and having the accounts open is kind of pointless.

my suggestion, compare your cards. which ever offer the lowest interest rates,low or no annual fees, grace periods and decide from that which u should keep. the pros and cons of each.

i work for a credit card company. some cards will close the account anyway if it is inactive for too long. that looks even worse.

4x4GGG · 04-29-2003, 01:02 AM

Quote:

Originally posted by hthrly2002
yes there is such thing as too much open credit and that could look negative. having a zero balance and having the accounts open is kind of pointless.

my suggestion, compare your cards. which ever offer the lowest interest rates,low or no annual fees, grace periods and decide from that which u should keep. the pros and cons of each.

i work for a credit card company. some cards will close the account anyway if it is inactive for too long. that looks even worse.

What she said.

Keep it simple. 1 or 2 cards, and close the rest. Closing them all at once doesn't hurt anything if you have $0 balances. Mortgage companies would like to see that to show that you potential debt ratio has gone down.

WagonMonster · 04-29-2003, 01:37 AM

Quote:

Originally posted by 4x4GGG

What she said.

Keep it simple. 1 or 2 cards, and close the rest. Closing them all at once doesn't hurt anything if you have $0 balances. Mortgage companies would like to see that to show that you potential debt ratio has gone down.

Yeah, what he said.

Just make sure you cancel your Discover Card first.

zing!

obyone · 04-29-2003, 01:53 AM

Quote:

Originally posted by Planet Telex
Just make sure you cancel your Discover Card first.
zing!

Why? I love my Discover. It's my primary card.

WagonMonster · 04-29-2003, 01:57 AM

Quote:

Originally posted by obyone

Why? I love my Discover. It's my primary card.

BECAUSE I SAID SO!@

Brady · 04-29-2003, 01:58 AM

yeah, but we hate rick, so close the Discover, and put that bastage out of a job. and poop on his front lawn!

hthrly2002 · 04-29-2003, 02:16 AM

rick doesn't have much of a yard to even poop in. lol.

and discover is not a bad card to have.

4x4GGG · 04-29-2003, 02:46 AM

Quote:

Originally posted by bjlee
yeah, but we hate rick, so close the Discover, and put that bastage out of a job. and poop on his front lawn!

Not everyone hates me thank you. Bitch. Just those people who have met me.

WagonMonster · 04-29-2003, 03:20 PM

Quote:

Originally posted by 4x4GGG

Not everyone hates me thank you. Bitch. Just those people who have met me.

Those of us who met you don't hate you, we just laugh at you

HalfBaked · 04-29-2003, 04:30 PM

I'm trained to hate other types of credit cards...

Stupid telemarketing has jaded me.

Atleast I'm good at it. W00t w00t for incentive from MBNA.

WHTWRX · 04-29-2003, 04:56 PM

Suggest you pull your credit reports from the big 3, cancel those stupid charge cards you probably forgot about.

Angel · 04-29-2003, 05:15 PM

Quote:

Originally posted by Planet Telex

Those of us who met you don't hate you, we just laugh at you

ahhh and back it comes...damn I'm glad I pointed that photo op out

4x4GGG · 04-29-2003, 05:28 PM

I was sleeping... not passed out. That was so not fair.

Boxologist · 04-29-2003, 05:32 PM

above 5 CCs is detrimental. its a good rule of thumb. allows u a Via, MC,Discover, AMEX, plus another that u got on a good offer or a store charge that u frequent.

I'm close to 86ing my aol visa, since i'm leaving the bastages, but i'll never drop my Discover or Amex. I can get tons of other replacement VISA or MCs.

C-daleRidr · 04-29-2003, 05:35 PM

OK, here's one for you credit folks: My wife and I have actually cancelled most of our credit cards, but the ones we keep we use so rarely that they try to entice us by raising our limits. So, we have three cards and probably a combined $30000 limit. Should we try to get our limits lowered to keep creditors from thinking that we'll go nuts once we get a house in a couple of years?

4x4GGG · 04-29-2003, 05:47 PM

with 30K in open credit, I doubt you'll even get a mortgage. assuming a compbined income of >100K, they will want you to close those off.

Id recommend keeping the highest line, and have them put it on hold. No more auto increases. Then, lower the others to like 3K.

04-28-2003, 10:19 PM	#1
HomerJay Scooby Specialist Member#: 1135 Join Date: Mar 2000 Chapter/Region: BAIC Location: BAICED Vehicle: 2005 WRX WAGON Silver	Too many credit cards, okay to cancel? I've got too many credit cards, I have excellent credit, would it be detrimental to my credit to cancel some of them? I don't carry a balance on any of them.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

04-28-2003, 10:22 PM	#2
lucien2 Scooby Specialist Member#: 1519 Join Date: May 2000 Chapter/Region: MAIC Location: Baltimore, hon! Vehicle: 2008 Toyota Camry Red	erm.......... No. It will make your credit look really good. Plus it lowers the potential amount of trouble you can get into (i.e. your debt ceiling) so you'll have a better looking report for things like mortgage applications and such.

04-28-2003, 10:22 PM	#3
obyone NASIOC Supporter Member#: 16523 Join Date: Mar 2002 Chapter/Region: MWSOC Location: Back in the States yo!!! Vehicle: Left foot,Right foot	It's detrimental to have them all active. There is a such thing as too much credit. It works against your score.

04-28-2003, 10:24 PM	#4
Eric SS Sooby Guru Member#: 1914 Join Date: Jul 2000 Chapter/Region: SWIC Location: A lost soul in a fish bowl. Vehicle: 99' Camaro SS, 02' Mastercraft X9, 04 Denali	Don't close them all at once. I have heard that this is a red flag that you might be having financial troubles and it can make your credit go down. Cancel one per month maybe

04-28-2003, 10:25 PM	#5
HomerJay Scooby Specialist Member#: 1135 Join Date: Mar 2000 Chapter/Region: BAIC Location: BAICED Vehicle: 2005 WRX WAGON Silver	Coolio! That's all I wanted to hear. Time to make some phone calls.

04-29-2003, 12:53 AM	#6
hthrly2002 * Banned * Member#: 35981 Join Date: Apr 2003 Location: newark, de Vehicle: 2002 coastal blue	yes there is such thing as too much open credit and that could look negative. having a zero balance and having the accounts open is kind of pointless. my suggestion, compare your cards. which ever offer the lowest interest rates,low or no annual fees, grace periods and decide from that which u should keep. the pros and cons of each. i work for a credit card company. some cards will close the account anyway if it is inactive for too long. that looks even worse.

04-29-2003, 01:58 AM	#11
Brady Scooby Specialist Member#: 14838 Join Date: Jan 2002 Chapter/Region: MWSOC Location: T.C., MN -- Impeach SolidForce Vehicle: 2005 LGT--Garnet Red 197 Iggpoints	yeah, but we hate rick, so close the Discover, and put that bastage out of a job. and poop on his front lawn!

04-29-2003, 02:16 AM	#12
hthrly2002 * Banned * Member#: 35981 Join Date: Apr 2003 Location: newark, de Vehicle: 2002 coastal blue	rick doesn't have much of a yard to even poop in. lol. and discover is not a bad card to have.

04-29-2003, 04:30 PM	#15
HalfBaked Scooby Specialist Member#: 24759 Join Date: Sep 2002 Chapter/Region: South East Location: Viva la Creesss 2012!! Vehicle: 1992 Nissan Sentra 13.5@106	I'm trained to hate other types of credit cards... Stupid telemarketing has jaded me. Atleast I'm good at it. W00t w00t for incentive from MBNA.

04-29-2003, 04:56 PM	#16
WHTWRX Scooby Specialist Member#: 18571 Join Date: May 2002 Chapter/Region: SCIC Location: Pissed off in a dark corner. Vehicle: 2002 NRX Prepped WRX Aspen White	Suggest you pull your credit reports from the big 3, cancel those stupid charge cards you probably forgot about.

04-29-2003, 05:28 PM	#18
4x4GGG Captain, Table 5 misfits. Moderator Member#: 12686 Join Date: Nov 2001 Chapter/Region: MAIC Location: Ocean City, MD ish Vehicle: 03 Saturn	I was sleeping... not passed out. That was so not fair.

04-29-2003, 05:32 PM	#19
Boxologist Scooby Guru Member#: 21118 Join Date: Jul 2002 Chapter/Region: Tri-State Location: LI, NY	above 5 CCs is detrimental. its a good rule of thumb. allows u a Via, MC,Discover, AMEX, plus another that u got on a good offer or a store charge that u frequent. I'm close to 86ing my aol visa, since i'm leaving the bastages, but i'll never drop my Discover or Amex. I can get tons of other replacement VISA or MCs.

04-29-2003, 05:35 PM	#20
C-daleRidr Scooby Specialist Member#: 18074 Join Date: Apr 2002 Location: Norman, Oklahoma Vehicle: 2008 Speed3 Black	OK, here's one for you credit folks: My wife and I have actually cancelled most of our credit cards, but the ones we keep we use so rarely that they try to entice us by raising our limits. So, we have three cards and probably a combined $30000 limit. Should we try to get our limits lowered to keep creditors from thinking that we'll go nuts once we get a house in a couple of years?

04-29-2003, 05:47 PM	#21
4x4GGG Captain, Table 5 misfits. Moderator Member#: 12686 Join Date: Nov 2001 Chapter/Region: MAIC Location: Ocean City, MD ish Vehicle: 03 Saturn	with 30K in open credit, I doubt you'll even get a mortgage. assuming a compbined income of >100K, they will want you to close those off. Id recommend keeping the highest line, and have them put it on hold. No more auto increases. Then, lower the others to like 3K.