Originally Posted by
Dr_wanderlust
I think you're right about not closing too many too fact, but I have about 25 open credit cards, not including AU accounts, and my scores have not been affected nor have I found it to be "just too many."
I think the OP should avoid closing cards until they are at least 25 months old and if the annual fee cards have higher rewards than the fee there is no need to close them.
I didn't mean to imply having more than 5-6 cards affects credit in any way, cause I don't really know how that affects credit score. Only that its a hassle, at least for me to have more than that many. And the reasoning is this:
When you have that many cards you probably have to keep records or a log to make sure you use every card once every few months so that they are still active and count towards your credit score. Also the more cards you have the more accounts you have to check every month, for fraudulent activity even if you are using just 1 card on regular basis.
Just too much work for me, so I'd rather close the extra accounts after I secure the sign up bonus. You still have 5 cards to maintain good/excellent credit, and for your daily use.