– How Many Credit Cards is Too Many?

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Question: I have good credit and have opened another credit card recently to get the travel rewards. I now have 5 credit cards open, but all with zero balances. How manycards is too many? And will my credit score be impacted if I close one or two of them?

My Advice:
- Five credit cards is too many
- Closing credit cards may impact your credit score
- Keep the credit cards open
- Continue paying them off on time
- If you choose to close one of the cards, close the one with the smallest credit limit

Live Rich,

David Bach


5 thoughts on “ – How Many Credit Cards is Too Many?

  1. Hey David,
    Thanks for the video! I have a similar question about a medical credit card. I am paying it off in one year, and therefore getting a 0% interest rate. My final payment is in a few months, and this is my highest credit card limit ($10k). I don’t carry a balance on any of my cards. Do you suggest I close the medical card after paying off the bill, or keep it open? I plan on buying a home in 2+ years, and I wasn’t sure if it would impact me worse if the company closed the card themselves after a few months of non-use. Is it better that my credit takes a hit now while I don’t plan to make any big purchases for a few years?

    I haven’t been able to find an answer on your website/facebook/twitter.


  2. What about the ratio of store cards to major cards? I have one major card and three store cards- two of which i just opened. I know it looks bad to be asking for more credit repeatedly, so if I close one of those cards will I fix my mistake? Or will my credit file still report that I opened two cards in November ’11?

    Also, do closed cards count towards your average age of accounts? i.e. if I close one of those cards, will 2 months now be averaged in to my history?

  3. Will it hurt your credit score if you ask your credit card company to lower your credit limit instead of closing the card?

  4. Hi there! This is my 1st comment here so I just wanted to give a quick shout out and say I really enjoy reading through your blog posts. Can you suggest any other blogs/websites/forums that cover the same subjects? Thank you so much!