How much is too much?

[Brendon]

I am trying to rebuild my credit since bk and have gotten numerous credit card offers since discharge. I started with an Orchard card $350 limit. Next I was approved for a Capital One with a $2000 limit. Next I was approved for a Juniper with a $2750 limit and now I was approved for a WaMu with a $4000 limit. Today I received a pre-approved WaMu offer for a Platinum card $7,500 limit. I obviously don't need all these cards but I am trying to work my way to a couple of decent cards. I will get rid of the Orchard before paying the annual fee again and the Cap One card has issues that we all know about. I have not carried a balance on any of these cards, and don't intend to. Should I accept the Platinum WaMu card, keep the basic WaMu card and get rid of the rest?

Is it true that having available credit that you are not using will help your credit score?

[SinkingFast]

Personally I wouldn't close any of the accts. Not for now any way.

2 things factor into keeping your older accts open and active.

Maturity of your Credit. When you filed BK, you wiped the slate clean and started over. So the age of your credit now rests with that first card. Orchard.

When it comes time for your annual review, try to negotiate with the ones that charge fees. Tell them you have others without fees. If they want to keep you as a customer, then waive the fee. If they don't, you might consider paying the annual fee to keep the "aged" accts a while longer.

Debt to Credit Limit ratio. If you close some of your CC's, you reduce your overall Credit Limit. Let's say you have $10K total in Credit limits. Say you charge a car repair or doctor bill for $1K. That's 10% Credit utilization. But if you close those smaller accts lowering your Credit Limits to a total of $5K, now that $1K charge is 20% utilization.