How much is too many CC's?

[investingnoob]

I'm wondering if there is such a thing as too many credit cards?
Obviously there is for the irresponsible..But how about the ones that pay off
the total every month like me?
Currently I have a
BECU Visa(I dont use now that I have a discover card)
Discover card (I use for everything I can for cash back)
Costco AMEX (Costco accepts just this card for credit so I needed for cashback)
Macy's card (I don't use unless there is a Macy's sale)
Sears card (I got just so I could finance my washer/dryers for no interest)

So all in all I just use my Discover card and Costco Amex for costco runs.
The rest are just there for nothing.
Should I just keep them and hide them and not use them? or cancel them?
I heard cancelling cards lowers your FICO?

[ditchtheboss]

Well, if you do pay the card every month then there is no real problem with having too many cards. One point to consider is annual fees, you may be paying an annual fee for the BECU card that you don't really need.

I would get rid of the cards, cancelling cards that you don't use can save you money and it is a sign of financial responsibility. If you trying to get a mortgage or borrowing to invest, having too many credit cards increase your risk and may actually prevent you from getting the loan you want. This depends on the global financial situation and how much risk the institutions are willing to have.

All the best.

[JoshuaHeckathorn]

Relax...you don't have too many cards. Don't close any of them either unless you do the math and determine it doesn't make economic sense to pay the annual fees. Closing them will lower your total available credit and potentially hurt the length of your credit history, both of which will negatively impact your FICO score. If you don't have any problem keeping track of them and paying them off each month, there's nothing to worry about. Leave them be.

[littleroc02us]

Did you know that no one ever got wealthy using credit cards for anything.

[Slandgie]

I guess it depends on how much (if any) you are paying in annual fees versus what you are getting back in cashback awards.

[JoshuaHeckathorn]

Did you know that no one ever got wealthy using credit cards for anything.

I don't think anyone uses credit cards with the intention to get wealthy from them. Credit cards are all about convenience, managing cash flow, purchase protection, rewards, and being able to budget/track every penny spent. At least that's why I use them.