Multiple credit cards bad for credit rating?

cab322003

I have got 4 credit cards recently as I can't get one that offers me a decent credit limit due to my poor credit history.

My question is can having multiple cards affect your credit rating negatively? I mean mine couldn't be much worse but I want to repair it so I wouldn't want multiple cards to stop me doing that.

I know missing payments or going over my limit on any of the cards would have a bad effect but assuming that doesn't happen can merely owning a lot of cards have a bad impact on your credit rating?

CLAPTON

no it doesn't

exel1966

cab322003 wrote: »

I have got 4 credit cards recently as I can't get one that offers me a decent credit limit due to my poor credit history.

My question is can having multiple cards affect your credit rating negatively? I mean mine couldn't be much worse but I want to repair it so I wouldn't want multiple cards to stop me doing that.

I know missing payments or going over my limit on any of the cards would have a bad effect but assuming that doesn't happen can merely owning a lot of cards have a bad impact on your credit rating?

Poor credit history yet you've recently got 4 cards. Hmmm, that doesn't add up !

Yes !

StuC75

The number of cards doesnt, suppose the conduct of the account and reflection of how the facilities are used would..

exel1966

........and the amount of credit available and the debt ratio, so it has an impact if other lenders consider them too high.

sleeps

Not all CC companies register monthly details of your accounts with the credit agencies. However some will only register details if you make a late payment or defaulted.

BugsyBrowne

sleeps wrote: »

Not all CC companies register monthly details of your accounts with the credit agencies. However some will only register details if you make a late payment or defaulted.

You are slowly losing the plot.

sleeps

Bugs I have a few credit cards and not all of them are on my file. Why am I loosing the plot?

cab322003

exel1966 wrote: »

Poor credit history yet you've recently got 4 cards. Hmmm, that doesn't add up !

Yes !

Yeah they're the types of cards for people with bad credit - aqua, vanquis etc

I suppose my credit rating isn't as bad as some people's

[Deleted User]

Having a few of those kind of cards should in fact help your credit rating so long as you use them correctly. Use them all each month (even just to buy a sandwich for lunch or something) and pay off in full. Six months to a year of this should put you in a position to get a better deal from the high street and you can then think about ditching the sub-primes (I'd keep the Aqua for the cash back though).

thenudeone

4 cards isn't excessive and wouldn't be a problem provided everything else was good (payment history, electoral roll, home-owner, used and available credit okay as proportion of income, etc.)