How many credit cards do I really need Q & A

Q:
Hi Mike,
I have a dilemma; I am curious how many credit cards we actually need to keep our credit healthy. I have excellent credit currently, my credit scores are all above 720. I have read you need more than one card; I currently have 4 credit cards. I am having to pay fees on some of these cards and would like to stop those fees. I don’t even use those credit cards. What are your recommendations?

Thanks,
Roberta Johnson

A:
Hi Roberta,
Credit cards are one of those necessary evils. “DANG if you do and DANG if you don’t.” Sounds like you already have excellent credit and that is great to hear. You only need a couple of credit cards. If you are getting ready to make a purchase I would not close out the other credit cards that are charging you all the fees. You might call them and see if they will stop the fees. If you are not getting ready to make a purchase I would close them out, just remember you will see a drop in your credit score. Eventually your scores will go back up. If you can deal with the fees, then I would not close them out. Cloisng out credit card accounts is like getting rid of good credit. Since you have other credit cards, the drop in your credit score should be only temporary but your scores will drop. So its really depends on what you are trying to do currently.

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