advice required on credit limits and credit rating please!!

the_quiet_one

Hi,

This is my first post, so please be patient with me. I would like some advice about the credit limits I have on my credit cards. I have 5 credit cards (Barclaycard, Morgan Stanley, EggMoney and 2 bank credit cards). I have never used my 2 bank cards (they just came when I applied for new bank accounts) and I don't use my Braclaycard anymore as I was only using it to collect Nectar points. I currently only use my MS card (only for another 2 months as my cashback anniversay date is approaching) and my EggMoney card (which I only recently applied for). I pay off (and have always paid off) all my balances in full every month so I assume my credit rating would be good (the only loan I have is a student loan). However, I would like to buy a house within the next 2 years, amd I would like to know if I were to increase my credit limits on all my cards (even though I will only be using 1), would this affect my credit rating (i.e. make it worse?). I want to show that I have a lot of credit available to me (even though I dont use it).

Any advice would be gratefully received. I really don't want to do anything now which may affect the amount available to me when I want to buy a house.

Thanks.

[Deleted User]

I would leave things as they are. The fact that you have credit cards with no debt will stand in your favour. Possible negative effects of your proposal are as follows:
- credit search on your record by each company you ask for an increase; this could count against you, though a small number a number of months before should be ok
- too much available credit may make the mortgage company nervous.

These are fairly small negatives but I struggle to see any positives from your proposal so I'd leave be. Good luck.

HGLTsuperstar

Why have cards you dont use. Close the bank cards (it wont affect your accounts with them), close MS once you've got your cashback and close Barclays; keep Egg money for the cashback on your everyday spends. this will help your credit rating, also make sure all mobile contracts, direct debits are paid on time, and be on the electoral roll