Cashback Creditcards

I currently have 5 credit cards, including 2 that I use regularly because of cashback rebates. The other 3 have no discount, but I've had for over 5 years. Is 5 credit cards too?

I think if you remember to make the payments, there is no meaning to their closure. You are contributing positively to your credfit with age of accounts. Use the card once every 3-6 months for a tank of gas just to show usage.

I currently have more than 20 lines of credit open, with scores of over 700. The number of lines of credit that I open has not affected my score. It actually helped, because my use of lower credit. FICO likes it! :)

If you close you hurt your credit score. Not only will you close the 5-year history, but you reduce your overall credit limit.

Personally, I'd be ready to hire a couple of them, especially if they are store or gas cards for payment. I think it's stupid to have a bunch of credit cards for the simple pleasure of having. You must monitor and protect them. They are just aksing problems.

As long as you do not plan to buy a house in the near future, go ahead and close at least two of them. Your score will be resumed in a few months.

No. 5 is not too much. What you do not want to do is close them. This does not diminish your score Cereda but will not help you in the long term. Put $ 5.00 on each month and pay each month for them to go. You build your credit, and soon you will excellent credit and will be able to buy almost anything.

depend on your annual salary and the percentage of flow
you.

Most financial advisors will tell you 2-3 credit cards is enough, and nor is it a sign of trouble.

In your case however, it is probably not. Your only using 2 cards from the "regular" and you had 3 other forever. The closure of these accounts now "probably" have a negative effect on your credit rating. If two or more of these cards from the same place, maybe you could call your issuer and combined them into one account, that way you want to reduce your total number of cards, while keeping the same credit available. The disadvantages of this are: it would be reported as "news" on your credit report and you will lose the points you won by keeping an account (s) in good standing for over 3 years.

Cancel any you do not. There are too many scams out there that involve credit card fraud. The less you have the better. Do not use one will lower your credit score too.

3 is considered a good number to have. Enough lines of credit without too many.