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Is there a such thing as to many credit cards ?


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Is there such a thing as to many credit cards ? I ask this because I just got a hooters card in the mail with a $500 balance and don't know if I should activate it or not .

This is what I have for cards with limits and in order received

Card Limit Date received

Tribute $750 may 2006

First Premier $375 May 2006

First Premier $450 Oct 2006

Target red $200 July 2007

Capital one $500 Feb 2008

DSFCU $300 Feb 2008

Credit one $300 Feb 2008

Chase $2000 April 2008

Should I just cut and forget about the hooters card or should I keep it ? I would like to fire my first premier cards because there limits, and annual fees suck but I'm worried if I do that I will lose history since those 2 are my longest history cards ?

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Aren't you paying an arm and a leg for the First Premier cards? I'd rather kill off any cards that i'm paying monthly/yearly fees on. Hooters doesn't have a membership fee (at least mine doesn't). The only thing is, wait until the account is open at least a year before closing it.

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Yes I'm paying a arm and a leg for first premier cards..

In 3-6 months from now I will be taking out a 50k loan to buy a new boat and I don't want to hurt my score with more new credit or hurt it from firing cards with history on them. Should I just sit tight and do nothing ? Or should I accept or fire some cards ?

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You've got a good number of low limit, subprime cards on your CC roster that you listed...If I were in your shoes, I would definitely fire your two lowest limit subprimes - the First Premier cards. With a CC from Chase with $2,000, why do you need those cards? Why are you paying those fees?

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Sit tight with the FR cards until you close the deal on the boat. Then immediately fire.

More cards are better imo. Just don't use 'em and you don't have to worry about keeping track of this and that payment. Use one card per month and then PIF when the bill comes. Makes it easy.

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You've got a good number of low limit, subprime cards on your CC roster that you listed...If I were in your shoes, I would definitely fire your two lowest limit subprimes - the First Premier cards. With a CC from Chase with $2,000, why do you need those cards? Why are you paying those fees?

I Was keeping the cards because I have a longer history on them compared to the other cards. I want to have close to a 700 score in 3 or so months when I buy the boat and I was afraid if I fired those 2 cards might score might drop.

Thanks for the help every one

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I Was keeping the cards because I have a longer history on them compared to the other cards. I want to have close to a 700 score in 3 or so months when I buy the boat and I was afraid if I fired those 2 cards might score might drop.

Thanks for the help every one

Ehh - by firing they might (your scores) end up with a little ding...But since you're only waiting 3 months, if you can stomach FP's fees, you might as well keep 'em. Just make sure that you're not paying their obnoxious annual!

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Yeah I just had to pay a $40 annual fee on one of those cards. I tried to threaten to close my accounts if they did not wave the fee but it did not work. They said its company policy and there is no way out of getting out of paying the fee.

As soon as my boat loan goes threw i'm going to shred both cards and mail them to first premier and tell them to take there cards and shove it.

When i fire the first premier cards would it be a good idea to fire my tribute card with the $750 credit limit and my lousy target red card with only a $200 limit ?

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Yeah I just had to pay a $40 annual fee on one of those cards. I tried to threaten to close my accounts if they did not wave the fee but it did not work. They said its company policy and there is no way out of getting out of paying the fee.

As soon as my boat loan goes threw i'm going to shred both cards and mail them to first premier and tell them to take there cards and shove it.

When i fire the first premier cards would it be a good idea to fire my tribute card with the $750 credit limit and my lousy target red card with only a $200 limit ?

I kind of like Tribute because it has my lowest interest rate (9.89%), even though it has a crappy $750 limit. I wonder if they ever increase to $1000?

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Low credit limits hurt your score and they effect how other lenders see you. Keep working on geting better cards with better limits, then let the crappy cards go. I'd keep Target though, as they often upgrade to a Visa if you have a good history with them. Consider Juniper/Carnival Seamiles...

For now, I'd accept the Hooters card and go on an application spree... after I bought the boat.

-r

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  • 4 weeks later...

Actually we just fired hubby's Tribute tonight... he's had it for a couple years and always paid it off but I didn't like the fees on it, so we got rid. We each had 4 cards so we decided to drop it down to 2 each and that was one of his that's going to do. Next is First Premier.... that's gone as well.

I gotta admit, it felt so darn good cutting that damn card up, LOL.

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OP it appears as if Chase is going to give you a chance. I would close any cards you couldn't negotiate the fees on after they aged one year. Use and PIF the Chase card to death. After a year go after a CLI with Chase. You don't need any more subprime cards so don't do any more apps. The new accounts hits will hurt your score just sit tight and let what you have age. After a year go after a prime credit union like Navy Federal Pentagon or Patelco. At this point odds are you'll get limits you're not happy with anyway.

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OP it appears as if Chase is going to give you a chance. I would close any cards you couldn't negotiate the fees on after they aged one year. Use and PIF the Chase card to death. After a year go after a CLI with Chase. You don't need any more subprime cards so don't do any more apps. The new accounts hits will hurt your score just sit tight and let what you have age. After a year go after a prime credit union like Navy Federal Pentagon or Patelco. At this point odds are you'll get limits you're not happy with anyway.

i 2nd that

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Actually we just fired hubby's Tribute tonight... he's had it for a couple years and always paid it off but I didn't like the fees on it, so we got rid. We each had 4 cards so we decided to drop it down to 2 each and that was one of his that's going to do. Next is First Premier.... that's gone as well.

I gotta admit, it felt so darn good cutting that damn card up, LOL.

I'll probably get rid of Tribute eventually, but right now it's by far my oldest card at 1 year and 9 months. Maybe when all my newer cards hit a year (right now they're at 4-5 months).

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OP, i am glad u posted this because I kinda had the same question, I have two hsbc low limit cards and i don't even use them anymore, WHY right.... lol..... Besides my best buy mc, is almost 1 year old and I am getting the next year free of AF, I was thinkin about keeping it open till the 2 year marks, do you all think that would be a good thing to do? I know when i fired well they fired me GEMB, it showed 500, PIF no lates, and my score went UP way more than expected, atleast my fako's did, but that could have been because i owe 371 of a 500 limit owed lol!!!! good luck op, TRY citi!!! keep the chase, after u get your boat,fire all the other cards with fees, you won't need them once that boat has posted for a while!

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OP, i am glad u posted this because I kinda had the same question, I have two hsbc low limit cards and i don't even use them anymore, WHY right.... lol..... Besides my best buy mc, is almost 1 year old and I am getting the next year free of AF, I was thinkin about keeping it open till the 2 year marks, do you all think that would be a good thing to do? I know when i fired well they fired me GEMB, it showed 500, PIF no lates, and my score went UP way more than expected, atleast my fako's did, but that could have been because i owe 371 of a 500 limit owed lol!!!! good luck op, TRY citi!!! keep the chase, after u get your boat,fire all the other cards with fees, you won't need them once that boat has posted for a while!

i think it's wise to fire low limit cards you don't use any longer. i just pulled my reports and at the end, it specifically said something to the effect of 'you have several low limit ccs...which may hurt your score...lenders may think you dont' have enough experience managing high CLs

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Ok reformer, i have to ask this now, does a closed acct still count as debt history? Like can i still have debt acct age from a closed acct?

from my understanding, there's really no difference between an open acct and closed acct- assuming of course there's a 0 balance, no lates, overlimits, etc. the closed acct remains on your report for 10 yrs and while you may get a small fico dip soon after closing b/c you'll have a < CL available, you'll bounce right back assuming you keep all 'open' credit in good standing. if you have no AFs, it may be good to keep an acct open for aging purposes (ex., my junky $300 CL orchards are my next oldest cc TLs after my even junkier first premiers LOL). however, if you're paying AFs (or worse- monthly fees like first premier) or your credit report's loaded w/3 digit cls, i think there comes a point where dumping them is in your best interest. @ this pt, w/6 3 digit CLs and a score in the mid 600s AND no baddies since 2005, i still CAN'T get a decent cc (though i'm hoping now that i have a BA 99/500 that will lead to better/4 digit prime ccs...just have to let it age), so i definitely think all these subprimes are hurting my ficos/offers from lenders.

my current plan- fire 2 first premiers in early 09 and lose 1 of the orchards via comboing it. if orchard won't eliminate my AF and up my cl (seriously, 2 300 CLs for 1.5 yrs of perfect history? annoying), they'll probably be canned in 09 also. by the time i fire first premiers, my BA 99/500 should graduate. in a week or 2, i'll be getting a secured CC through citibank or US bank w/a 4 digit TL, so i'm hoping that having that 4 digit CL from a prime bank will make lenders start to love me again. ultimate goal- just a handful of ccs w/PRIME banks and PRIME credit lines.

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from my understanding, there's really no difference between an open acct and closed acct- assuming of course there's a 0 balance, no lates, overlimits, etc. the closed acct remains on your report for 10 yrs and while you may get a small fico dip soon after closing b/c you'll have a < CL available, you'll bounce right back assuming you keep all 'open' credit in good standing. if you have no AFs, it may be good to keep an acct open for aging purposes (ex., my junky $300 CL orchards are my next oldest cc TLs after my even junkier first premiers LOL). however, if you're paying AFs (or worse- monthly fees like first premier) or your credit report's loaded w/3 digit cls, i think there comes a point where dumping them is in your best interest. @ this pt, w/6 3 digit CLs and a score in the mid 600s AND no baddies since 2005, i still CAN'T get a decent cc (though i'm hoping now that i have a BA 99/500 that will lead to better/4 digit prime ccs...just have to let it age), so i definitely think all these subprimes are hurting my ficos/offers from lenders.

my current plan- fire 2 first premiers in early 09 and lose 1 of the orchards via comboing it. if orchard won't eliminate my AF and up my cl (seriously, 2 300 CLs for 1.5 yrs of perfect history? annoying), they'll probably be canned in 09 also. by the time i fire first premiers, my BA 99/500 should graduate. in a week or 2, i'll be getting a secured CC through citibank or US bank w/a 4 digit TL, so i'm hoping that having that 4 digit CL from a prime bank will make lenders start to love me again. ultimate goal- just a handful of ccs w/PRIME banks and PRIME credit lines.

Sounds like a plan!!!!! I have a couple 4 digit cl's now, i used to not have nothing lol!!!!

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