Disadvantages of multiple credit cards?

Yuzo

there are quite a few offers on quidco for signing up for credit cards, and was wondering if there was any disadvantages of doing this?

would it affect anything if a company can see you have loads of credit cards?

i dont intend to use any of them, will probably just cut them up and carry on using my main credit card.

Moggles_2

Applying for a couple of credit cards via Quidco will not affect your credit status, as long as you don't attract too many other credit checks in a short space of time.

Credit checks, which leave footprints on your credit files, are viewed as negative only if you attract too many. Even then the searches drop off your file after 12 months, so the effect is short-lived.

I don't intend to use any of them. 'Will probably just cut them up and carry on using my main credit card.

Pretty pointless, IMO. Everyone should have at least one back-up credit card (especially if you travel away from home frequently.) No credit card is 100% reliable and sadly there's always the possibility of fraud which means your one and only credit card card could be blocked.

More importantly, cutting up credit cards makes no difference to your credit rating. Other lenders would still see these accounts as available credit.

Yuzo

thanks for your help, when you say too many credit checks in a short period of time,.. would this include applying for 3 on the same day? ... or should i space them out over a week?

Other lenders would still see these accounts as available credit.

would other lenders see me having this many credit cards be a bad thing?

withnell

Yuzo wrote: »

thanks for your help, when you say too many credit checks in a short period of time,.. would this include applying for 3 on the same day? ... or should i space them out over a week?

Other lenders would still see these accounts as available credit.

would other lenders see me having this many credit cards be a bad thing?

On one day or week wouldn't make much difference. Best to maybe do one each month? Quidco offer amounts are very low at the moment, they used to have some for £50, so might be worth waiting a while for them to increase? Also no cashback if you aren't a new customer for many offers

Yuzo

ahh ok thanks.

one of them are offering £50 for opening a new "current account" at the moment.

... will start with this.

i take it the same credit checks are carried out with a current account aswell?

thriftymomma

Yes they generally are.