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yellowhammer2

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Can you have too many credit cards?
I have an excellent credit score and would like to keep it that way. I have about 8 credit cards or so. Three of which I haven't used for a long time and have absolutely no intention of ever doing so. From what I understand, I should not cancel these cards. My questions are, is it viewed as a bad thing that I have so many credit cards even though only 1 or 2 get used with any real consistency? Can having this many cards (or more) affect my ability to receive future loans or additional credit cards if I wanted one? Also, does having this many cards influence my credit score (even if most aren't being used)?

My assumption is that even if I had 50 credit cards, as long as they had no balance and haven't been used in years, they would not affect my ability to get a loan or another credit card because my actual debt is still low.

Am I even in the ballpark with how all of this crazy credit stuff works?

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Well, if you pay them off every month you will be fine. The problem is if you have STORE credit cards, those will hurt you if you have more then 3. If you do have store credit cards, then do not close them all at once. Close the worst/least useful one first and mark down the date, then in 62 days you can close another.

The reason for this is that the credit bureaus will knock your score down more if you close more than one credit card every 3 months, and for calculating purposes once more than 61 days have passed it is calculated as 3 months.

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