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byronlorrier

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i have a lot of credit cards, which i've paid off-- should i activate them?
I have a lot of open credit cards, which I paid off and do not plan to use. I'm only using AMX & 1 M/C, which I pay off both at the end of each month.

But when all of the other credit cards mail me new card, which I have to activate, is it better just to ignore them or to activate them? I just activated one, which I do not plan to use, and I'm not sure what is best to do for my credit score.

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Better to have 1, 5, 10 or 20 CC's?

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I have 12 Credit Cards,  All have been activated when it arrives.   All of the Credit Cards, but one are tucked away in a safe place never to see the light of day.   

Is it better to have 1, 5, 10 or 20 Credit Cards?

It Depends, but looks look at some basic math.

Is it better to have

 1 CC with 1000 Credit limit?
5 CC's with 1000 CL each for 5000 CL

10 CC's with 1000 CL each for 10,000 CL

20 CC's with 1000 CL each for 20,000 CL

lets say you charge 500 a month

with 1 Credit card you are  utilizing 50% of your total Credit Limit.

if you hold 5 Cards, then you are using 10% of your total Credit Limit

if you hold 10 Cards, then you are using 5% of your total Credit Limit

if you hold 20 cards, then it's 2.5% of your CL.

Is it better to have a Credit Score that uses an average of 1 Card information, or 5 or 10 or 20?  There is a upper limit as to what one can handle, but when start to average and all you have is one credit Card 1 does not look so good and 5 is just a bit better and 10 is looking much better.

Does having more Credit Cards mean you have to manage the cards, only if you use them , otherwise you just need to be aware that you have the card and check on it from time to time.  For the cards I don't use (11 of them ) every few months I send 1.25 to the account as payment,  not much but enough to trigger the statement to be sent.  And that 1.25 payment seems to count for something as here on CK it shows up as a Payment.

Again just need to be aware of the cards and what activity that might happen on them.  Also having a Credit card does not mean you have to carry it on yourself.

Hope that helps out.

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