otherwhitemeat wrote:Why do some of you have so many cards? My credit score is around 715-720, and I have two cards with a 2k limit on each card. I see some of you have 6+ cards, and loads of credit availability.
Is this really necessary?
I mean i know the benefit of having the large unused credit available, but is that the only reason to have so many cards?
Does having multiple cards help your credit by having more positive reports to your credit?
How often should you use the cards so the bank doesn't close them on you?
If you aren't chasing points then what you are doing is fine. I have cards that are taliored to my traveling or spending habits. If I'm going to do it, I might as well get extra points right?
With all that said, I hope to close down two of my cards over the next few months.
My overall utilization never exceeds 5% in a given month. I also try never to report a balance on more than 25% of my accounts in any given month.
Each grantor is different about usage and closing. If there is an AF they will probably not close your account due to inactivity. My Sears card had no AF and was closed due to inactivity a few years ago.
Bottom line is you need to do what is best or works for you.