Three Cards

chrestomanci

I currently have a Barclaycard Initial (unused) and a Halifax Clarity (used for travelling, currently used once a month and cleared with every statement).

Been thinking of applying for the Tesco CC for full clubcard petrol points. Should I cancel my Barclaycard prior to applying for the Tesco one? I'm aware that having too many cards can damage my credit rating...

YorkshireBoy

qwertymz wrote: »

Should I cancel my Barclaycard prior to applying for the Tesco one?

Depends on the limits, your income, and other financial circumstances.

I'm aware that having too many cards can damage my credit rating...

How many is "too many"? I've had between 6 and 11 cards continuously for over 6 years now.

jalexa

qwertymz wrote: »

I currently have a Barclaycard Initial (unused) and a Halifax Clarity (used for travelling, currently used once a month and cleared with every statement).

Been thinking of applying for the Tesco CC for full clubcard petrol points. Should I cancel my Barclaycard prior to applying for the Tesco one? I'm aware that having too many cards can damage my credit rating...

As the earlier reply suggests, the number of cards you hold (2?) is largely irrlevant.

Card acceptance is not guaranteed. Think this one through, if you cancel first and are declined, how many cards will you have then?

SCO

YorkshireBoy wrote: »

Depends on the limits, your income, and other financial circumstances.How many is "too many"? I've had between 6 and 11 cards continuously for over 6 years now.

Out of interest what is your available credit like to your income? is this more important than the number of cards you have?

YorkshireBoy

SCO wrote: »

Out of interest what is your available credit like to your income?

134%, but a few years ago it was approaching 300%!! That's only one of the ratios lenders use though, the others being...

Used credit to income (mine is currently around 82%)

Used credit to available credit (mine is currently around 62%)

Obviously no new lender is going to grant me further credit with those figures. However, I've recently obtained 'guaranteed' cards from 2 of my current account providers (Halifax and HSBC, and totalling another £10K in limits) based purely on account conduct, meaning no 'formal' CRA search was made.

is this more important than the number of cards you have?

I don't think we'll ever get to 'know' the answer to that question, but I personally think it is.

SCO

Think mine somone said was 150%. How is it you work it out?

Had 10 credit cards but did not use some of them so canceled two today.

They kept offering me 0% deals but wont need that till next year so thought would cancel so get the longer 0% deals.

I think it is how you conduct your accounts that matters. Have got three new cards this year with my available credit over 100%.