4 credit cards

existence92 · Feb 10, 2018

I feel that i have 4 credit cards and don't actually use so many.

what are the things that i need to watch out if i cancel 1?

JuniorLion · Feb 10, 2018

existence92 said:
I feel that i have 4 credit cards and don't actually use so many.

what are the things that i need to watch out if i cancel 1?

This question is too vague.

Keep the ones which you can get cashback on. And if possible, synergize the card with the account.

E.g.
- UOB One Card + UOB One Account
- OCBC365 Card/Any OCBC Card + OCBC360 Account
- BOC Family Card + BOC Account.

Or you could also try to spend $888 per month and use the Citi Cashback card.

So it really depends on what you want?

Perisher · Feb 10, 2018

Does having more credit card affect credit score though?

TabascoSauce · Feb 10, 2018

watch out for wat?

jus clear any outstanding amount and then call to cancel.

i applied for 5 cards in the past 2+ years and alr cancelled 3, going to cancel my forth one soon.

applied 2 cards for sign up bonus, and cancel after 6 months.
1 I used frequently but had to cancel cos they going to charge me annual fee
the other one is the bank staff dupe me into signing a cc when opening a citi maxigain acc.

Savage1 · Feb 10, 2018

Perisher said:
Does having more credit card affect credit score though?

Not negatively. I have 12 cards and still have a perfect credit score of 2000.

maumu · Feb 10, 2018

is it better to cancel before they charge the annual fee or after?

ceecookie · Feb 10, 2018

maumu said:
is it better to cancel before they charge the annual fee or after?

Card annual fee is charged for the following month, so no risk waiting for it to appear on the bill. Suggest u call in for annual fee waiver before asking to cancel straight away

TabascoSauce · Feb 10, 2018

maumu said:
is it better to cancel before they charge the annual fee or after?

some banks are quite lax in their annual fee waiver.

citibank for example offer to waive my annual fee and offer me a $20 cashback, even tho i didnt use it much.

ocbc on the other hand is very strict. 10k spending means 10k spending. that one jus cancel when it is about time they charge u annual fee.

maumu · Feb 10, 2018

lol.

I tried to cancel my 10+ years Citibank credit card and they persuaded me to stay and promised to waive my annual fees. also offered me to join the welcome programme to rebate $20 for min. $200 spend per month.

at least they are quite sincere.

ocbc yeah I cancelled it because they refused to waive.

amex is the next one i'm intending to cancel - just hope they don't coax me to stay on... it's hard to monitor so many cards anyway.

addict951 · Feb 11, 2018

Savage1 said:
Not negatively. I have 12 cards and still have a perfect credit score of 2000.

I got 20+ cards, my score also AA.

arigatoast · Feb 11, 2018

existence92 said:
I feel that i have 4 credit cards and don't actually use so many.

what are the things that i need to watch out if i cancel 1?

u have to watch out that u have 1 less card now...........

addict951 · Feb 11, 2018

Also, it's not wise to purposely go cancel your underused/underutilised ccs. Here's why.

Over the past 3 months, the banks all either gave me free money or invited me to apply for ccs with cash rebates.

Maybank invited me to apply for their new new cc and gave me $30.
OCBC smsed me to swipe any 3 transactions of any amount on my nv-used-b4 titanium cc and gave me can'tremember $20 or $30.
DBS reminded me to activate my replaced formerly-ANZ card and gave me can'tremember $30 or $50.
SCB gave me $30 or $50 if I applied for the Unlimited cc.
AMEX gave me $80 NTUC vouchers if I applied a card.

Still got HSBC $140 if you get their Advance card, but then this one you need to swipe $600 first.
Not bad right?

ORELLE · Feb 12, 2018

addict951 said:
Also, it's not wise to purposely go cancel your underused/underutilised ccs. Here's why.

Over the past 3 months, the banks all either gave me free money or invited me to apply for ccs with cash rebates.

Maybank invited me to apply for their new new cc and gave me $30.
OCBC smsed me to swipe any 3 transactions of any amount on my nv-used-b4 titanium cc and gave me can'tremember $20 or $30.
DBS reminded me to activate my replaced formerly-ANZ card and gave me can'tremember $30 or $50.
SCB gave me $30 or $50 if I applied for the Unlimited cc.
AMEX gave me $80 NTUC vouchers if I applied a card.

Still got HSBC $140 if you get their Advance card, but then this one you need to swipe $600 first.
Not bad right?

looks like the banks eagerly wants u to sign up their cards.

Soul77 · Feb 12, 2018

Perisher said:
Does having more credit card affect credit score though?

It does affect mine. I have 0 outstanding and pay 100% every time. but my score keep dropping.

Perisher · Feb 13, 2018

addict951 said:
I got 20+ cards, my score also AA.

Savage1 said:
Not negatively. I have 12 cards and still have a perfect credit score of 2000.

Soul77 said:
It does affect mine. I have 0 outstanding and pay 100% every time. but my score keep dropping.

Cannot be different people have different things that affect credit score...
Wonder if there is any channel to ask?

Trazora · Feb 13, 2018

Soul77 said:
It does affect mine. I have 0 outstanding and pay 100% every time. but my score keep dropping.

Suggest you ask ABS to find out the real reason that cause the score to drop

fr33d0m · Feb 13, 2018

Soul77 said:
It does affect mine. I have 0 outstanding and pay 100% every time. but my score keep dropping.

of course.

More credit cards from different banks = higher credit limit, which decreases your credit score.

Too Many Enquiries Marginally Increases Risk
Credit Exposure Moderately Increases Risk

You should be able to find the above in your credit score document.

addict951 · Feb 13, 2018

Soul77 said:
It does affect mine. I have 0 outstanding and pay 100% every time. but my score keep dropping.

You got huat other borrowings??
Dun have any?

addict951 · Feb 13, 2018

Hokay, I just checked my credit score.

My score moved down from AA to BB, but just down by a few points from AA range only .

I think the primary reason ish cos I'm halfway thru repaying those 1.88% pa loan wif UOB.

Got outstanding loan can affect credit score right?

Soul77 · Feb 13, 2018

Trazora said:
Suggest you ask ABS to find out the real reason that cause the score to drop

fr33d0m said:
of course.

More credit cards from different banks = higher credit limit, which decreases your credit score.

You should be able to find the above in your credit score document.

Yes, the reason is stated: "Credit Exposure Moderately Increases Risk"

addict951 said:
You got huat other borrowings??
Dun have any?

Nope. no other borrowing. Only CC & Cashline

So I have a socre of BB, 1888 dropped from AA last year.

I have active Credit Cards from 6 Banks and Cashline from 2 Banks. Account history showing 35 products, 16 closed. I've closed many more since I receive the credit score..
Total unsecured credit limit of 28 my gross monthly salary.

So yes, having too many credit cards and cashlines, and keep doing credit limit review (to get those free gift/vouchers offered by banks) does hurt your credit rating to a certain degree.

4 credit cards

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