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What to do with all my cc's?
I have 4 cc's: A JcPenney card that I never use but like to have cause they send me good coupons for having one. Then, I have a wells fargo student credit card I got as an undergraduate. I never use this card anyone either. Then I have a visa from my credit union that I use for emergencies, it has a balance of 500 on it right now. Then, I have my rewards mastercard that I use for everthing. Is this too many cards? Do you think it would really hurt my credit score to cancel the wells fargo account? My DH and I are looking to buy a house in the next 2 years. Should I wait until after we do that?
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Re: What to do with all my cc's?
The thing is - the thing! They will look at your credit limits on these accounts. Having too large of a one can be 'bothersome'. Having too small of ones can also be a problem.
I don't think it's necessary to close them.
If your limits are generally on the low side there shouldn't be too much of a problem! -
Re: What to do with all my cc's?
If 4 credit cards is a problem, then I am in big trouble. I have well over 40 open CCs with over $400,000 in open credit. 20+ are basically dead, but kept open since they all have a good payment history.
I would keep all 4 open and not lose any sleep.Comment
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Re: What to do with all my cc's?
1) Cancelling an older card will hurt your credit because your length of credit history is now shortened.
2) Cancelling higher limit cards lowers your credit/debt ratio
ie) 2 cards, $1000 limit each. $500 balance = 25%
Whereas 4 cards, $1000 limit each with the same $500 balance = 12.5%
I keep all my unused cards in a sock drawer and accept higher limits whenever they offer it. Just make sure to keep track of them and make sure any exta charges that magically appear do not go unnoticed (I forgot I had left one of my old cards attached to my paypal account.)Comment
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Re: What to do with all my cc's?
I wouldn't cancel them. There is no benefit to canceling them. But I would cut them up, if I didn't plan on using them.
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