Will having a few credit cards (no debt) affect FTB mortgage?

kiwigirl

Ok so this might be a daft question, but has got to be asked for me to try and get other people's opinions.

I have around 10 credit cards, 2 of which I use on a regular basis and 1 I have a 0% interest been paid on it, I have no other debts on these cards and pay my regular ones monthly in full. One is a cashback card too. I hope to buy my own within the next 12 months.

I will have to relocate to get a job soon and I will be looking to get my own place after the necessary probation time. (Currently living with parents). Or if I get another job locally will probably have to get out of the industry and loss in pay, so I'd rather spread my wings.

I've been thinking of cancelling the cards I don't use, I don't see the need to have as many I'm trying to save not spend so rather keep my money in a safe place than buying items just necessities and a few treats every now and then which I buy on my 2 other cards. I'd keep 1 - 2 extra for things such as household items if I did move, as an emergency.

I've been with the two I mainly use for a while now and have a good record with them and I could increase my limit if needs be.

Would it be better if I kept the cards (not used) or cancel the cards, I think the last one I had was the 0% one approx 5 months ago.

As far as I'm aware I have a good credit scoring, (never checked) but I've never had trouble getting a card except 1 place (whilst a student) which is now asking me to join them - which I won't on principle and use the cashback card in that place all the time!

Would my credit scoring be better or worse if I cancelled these cards before I went for a mortgage or wouldn't it affect it? I would have approx £15k for a deposit. I have 1 student loan which I could pay outright now but have been adviced to leave it - will be paid off within 2006.

Any advice please?

stanmoresaver

to be honest- from the point of getting a mortgage- i can't really see any difference in your situation either way- basically you have a good track record of managing your credit.

What sort of purchase price are you looking at?

SS

herbiesjp

Have you had a look at your credit files from Equifax or experian? Although I dont really see any problems on the basis fo what you have just posted

kiwigirl

Thanks Stan,

My mother works in a bank so was taught to save as much as possible!

Hoping a property about just under the stamp duty but depends on location, will probably have to relocate and find a decent job, was thinking of trying to get 2 bed min (depending on availability etc) and rent the second room out, looked at getting a mortgage last year but things happened and I didn't and I'm kicked myself since as I should've bought a property and rented it out, so just got more of a deposit gathered up.

KG

kiwigirl

Thanks Herbie,

No haven't looked through credit file, I should really. Just as I haven't been in posistion to buy - nearly did but things happened and I decided against buying at that time.

Someone committed fraud on house a couple of years ago so we made a point to some places that we weren't at fault and definately to the shop who gave the card to the one committing fraud. Since then had no trouble and haven't had cards refused so think we consulted the right people.

I haven't got another card since last year as I don't want to be with loads of cards and then credit scoring badly due to that. Just in process of changing accounts to putting things in higher rates rather than measly interest rates ready to collect deposit when I need it.

KG

suniil

I always maintain my credit card balances to nil, no overdrafts and no other borrowings, but good bank balances (between £5k to £10k).

But i've

6 Credit cards
overdraft facility of £5000
Personal loan facility of £10000 (Unused)

When i check my Equifax credit report, it shown that my credit arrangement is in *Risk*