How many credit cards do you have?

SavingRookie

I have just the one - Capital One Classic, limit of £500 - only had it for 3 months, it's my first credit card so trying to build a good credit history. Only sign of handling credit I had previously was student overdraft and phone bill.

Wish I had applied for the Capital One Classic Extra for the 0.5% cash back now but wasn't sure if I'd be accepted for that.

[Deleted User]

BobQ wrote: »

Ah so you only do cash in hand?:D

Or, occasionally, cheque.

sivs

:jHi,

Think I have two many cards lol

Virgin -£8000 limit
MBNA -£5600 limit
M&S - £5500 Limit
Amex Nectar - £2800 limit
Amex Express Reward - £2000

What does everyone else think?

unimaginative_user_name

sivs wrote: »

:jHi,

Think I have two many cards lol

Virgin -£8000 limit
M&S - £5500 Limit
Amex Nectar - £2800 limit
Amex Express Reward - £2000

What does everyone else think?

Others may disagree but it's not so much the number of credit cards that you have but the way they are used that could be a problem. It depends on how much of the credit you are using and whether you are at the very least keeping up with the repayments. Ideally the balance should be paid in full each month to avoid interest or if they are interest free cards the money that will one day be needed to repay the debt should be in a savings account somewhere earning interest.

Four credit cards being used wisely must be better than one that is maxed out!

sivs

All payment are up to date and I never missed a payment since I've had a credit card or Mortgage.

Virgin & MBNA used to shuffle and make some money on it.

M&S for the interest free on purchases but will be paid off at the end of the term.

Amex Nectar is to earn nectat points I now have over £300 in points.

Amex Express again is to earn points but no points received only had it a week.

Faith177

Tesco Credit Card £4560
Barclays Platinum Card £11695
Mint £2000
M&S £3380
Egg £3000

Only the first two have a balance on them paid every month on time without fail

exel1966

sivs wrote: »

:jHi,

Think I have two many cards lol

Virgin -£8000 limit
MBNA -£5600 limit
M&S - £5500 Limit
Amex Nectar - £2800 limit
Amex Express Reward - £2000

What does everyone else think?

It doesn't matter how many if your income, debt/income ratio, credit/credit used ratio can sustain it.

Some people can only sustain one with a small limit, others 12 with high end limits. Your risk factor percentage is what matters, nothing else !

jay87

I have 14

Cas i'm a douche and I like credit cards lol

Silver £3500 , £0 bal
Marriot Rewards, £4500, £450 bal
DAYS £1000, £0 bal
Fulham £1000, £0 bal
Flybe, £1000, £0 bal
Barclaycard Green £1000, £0 bal
Barclaycard Blue £3000, £0
Thomas Cook £2000, £0 bal
Capital One Platinum, £500, £0 bal
Lloyds Airmiles Amex £1650, £0 bal
Virgin Money £2590, £2000 bal (0% with car on)
Halifax Clarity £1650, £700 bal (0%, insurance for car)
Natwest Platinum Mastercard £950, £600 bal (regular spend card, varies)
Aqua Cheeky Cashback Card! £500, £0 bal


£32k available, a cheeky £4k being used, not too bad!

Most recently got the 22 month Virgin card, so I must be doing something right :-)

guesswho2000

jay87 wrote: »

Halifax Clarity £1650, £700 bal (0%, insurance for car)

When did Halifax offer 0% on their Clarity card?!

jay87

It was a cancer research mastercard issued by halifax, then they replaced it with a clarity x designed one