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  • FIRST POST
    • Jhunter1983
    • By Jhunter1983 12th Sep 17, 4:05 PM
    • 3Posts
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    Jhunter1983
    Help with various credit cards
    • #1
    • 12th Sep 17, 4:05 PM
    Help with various credit cards 12th Sep 17 at 4:05 PM
    Hope this makes sense....

    Hello,

    I hope you can help. I am confused at what to do.

    I currently have 5 credit cards, a Santander card that we use for our monthly shopping and clear each month when paid, a Virgin Credit Card with a balance of £0, a MBNA card with £6710 (Kitchen), a Tesco CC with £1350 and a Barclaycard with £2200. These are all 0% cards so I don’t get charged and I pay at least the minimum balance. I have budgeted by April 2018 they will all be clear with the exception of the MBNA.

    Would you suggest that I cancel the cards once the balances are cleared or would you keep them? How would this affect my credit rating/history?

    I have heard people saying having available credit it good for your credit rating but surely it may affect me getting credit in the future as I could use all the available credit after applying for further credit/balance transfer card?

    Help…
Page 1
    • zx81
    • By zx81 12th Sep 17, 4:16 PM
    • 13,208 Posts
    • 13,518 Thanks
    zx81
    • #2
    • 12th Sep 17, 4:16 PM
    • #2
    • 12th Sep 17, 4:16 PM
    It very much depends on the limits and your income.

    5 cards isn't many, but if the limits are three times your income, you may want to close one or two.

    If you're still carrying a balance, you also want to maintain psome unused credit.
    • Jhunter1983
    • By Jhunter1983 12th Sep 17, 4:31 PM
    • 3 Posts
    • 0 Thanks
    Jhunter1983
    • #3
    • 12th Sep 17, 4:31 PM
    • #3
    • 12th Sep 17, 4:31 PM
    Thanks for your prompt response, The total credit for all 5 cards add up to £19150, £500 Santander, £5000 Virgin, £7300 MBNa, £2050 tesco and £3800 on barclaycard.

    Which would you suggest getting rid of? Virgin and then either tesco or Barclaycard which ever clears first?
    • SuperHan
    • By SuperHan 12th Sep 17, 4:52 PM
    • 1,968 Posts
    • 1,136 Thanks
    SuperHan
    • #4
    • 12th Sep 17, 4:52 PM
    • #4
    • 12th Sep 17, 4:52 PM
    I assume Santander is some kind of cash back card, or I'd be getting rid of that.


    I'd keep Virgin and MBNA and probably get rid of Tesco and Barclaycard based on limits, but I would also keep the card I've had the longest.
    • Jhunter1983
    • By Jhunter1983 12th Sep 17, 5:51 PM
    • 3 Posts
    • 0 Thanks
    Jhunter1983
    • #5
    • 12th Sep 17, 5:51 PM
    • #5
    • 12th Sep 17, 5:51 PM
    Santander is a cash back card although I don't get much from it, and I've had virgin the longest. So it looks like I'll keep those two and the MBNA card.

    Thank you
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