Got my CC why is it same limit as old CC?

mstar

Hi guys

i applied for a MBNA CC and i got approved however its credit limit 13K is similar to my exisiting CC of 15K. I am confused? as i balance transfered 3K to my MBNA now i am stuck shall i cancel my exisiting CC (15K) as i want to move my morgage to another lender soon (better interest rate) and possible buy a new house later this year, will it hurt my credit score/chances if i have credit cards totally 28k?

I was thinking cancel my old CC which is 15K? (reduce my available credit load) what you guys think?



(p.s how long after i cancel (if thats the best option) my CC should i re-apply for better morgage deal?)

BONJOEY

Hi You Can Cancel The 15k Card But It Wont Show For Rob 30 Days On Your Credit File , Also Some Lenders It Makes No Difference If You Have Closed To Show You Have Less Avalible Credit....xx

mstar

thats what i thought, maybe only reason i should keep it is due to the fact it shows morgage lenders people trust me and i have nice credit limits so i must be trustworthy, is my logic correct people??? :-(

mstar

anyone :-) is my logic flawed or correct?

LittleVoice

Unless the old CC is costing anything (eg annual fee), I wouldn't bother to close it. You might even be glad to have the credit later!

Without knowing the views of the specific potential mortgage lender regarding the number of CCs you have, it is difficult to say. If you had 20 cards they might wonder what you were up to but I wouldn't think that having two cards would be considered worse than one and your logic that it shows you are trusted with credit by other lenders seems fine to me.

Phoenix79_2

mstar wrote:

anyone :-) is my logic flawed or correct?

No one can second guess what the lenders think! Some may see it as good and others not. Its not a perfect science therefore difficult to predict.

mstar

is having combined credit limit of 28K a bit excessive??? but i suppose your right lenders might think 1. your trustworthy to have big limits or 2. this guy is to risky as he already have a lot of credit available to him IF he uses his CC

hmm... i wish i had a crystal ball