Too many credit searches.....

sunnyday123_2

yes I was surprised too. My credit accounts are showing as follows:

1. credit card: closed account (although still showing £34 o/s and £2000 credit limit, a/w for it to be updated)
2. credit card: closed account (although just shows as "settled" but green all the way)
3. A mail order account which should not have been opened because i told them to cancel it. £100 credit limit, never used. They have confirmed today that they will close it.
4. mail order, £44 o/s, credit limit £2200
5. personal loan, £213 o/s, 4 payments remaining
6. mail order, £117 o/s, £400 credit limit
7. current account with o draft, £0 balance
8. credit card £2600 o/s, £3000 credit limit
9. Personal loan, £3000, opened in Feb
10. credit card £200 limit, £176 o/s

Maybe I have too many accounts. I am clearing off all the small amount ones over the next 4 months (ones in green) which will leave balances on just 1 credit card and 1 personal loan (ones in red). However, all those credit accounts will still show even if closed because they stay there for 6 years apparently.

I am on the electoral roll
I have been in my job over 3 years
I have no missed/late payments or defaults

I couldnt believe the score was in the 200s.

ANY IDEAS ANYONE? TY X

Moggles_2

All those credit accounts will still show even if closed, because they stay there for 6 years, apparently.

True, but once marked settled, they no longer count as available credit.;)

sunnyday123_2

the thing that concerns me is that once you reduce your available credit you put the percentage of usage of available credit up; it is now 35% but once I reduce the credit limit from my Next Directory from £2200 to £300 it will show as my usage of available credit at more than 60%. How can you win?

Moggles_2

The thing that concerns me is that once you reduce your available credit you put the percentage of usage of available credit up ... How can you win?

There's always a play-off between available credit and percentage used.

Once I reduce the credit limit from my Next Directory from £2200 to £300 ...

I would think carefully before you reduce a limit like this, which is already modest.

Other things being equal, it's better (credit score-wise) to have fewer cards with higher limits, than a clutch of cards with lowish limits. So, if you want to reduce your available credit, it's better to pay off the balance and cancel a card completely, as Martin advises. Cards that are closed down and marked "settled" stay on your file for six years and indicate that you can handle a decent-sized credit limit well.;)