Credit Overload.

jon142

Evening everyone!

Just looking for some credit advise. I am currently on my last year in Uni and have just finished full time work and now in part time (15H/W . Credit wise I currently have but owe nothing on;

Barclays Student A/C; £1,500 - 0% Student OD
CO-OP Student A/C; £2,000 - 0% Student OD
M&S CC - £4,500 - (9.9%) - very cheap lending.
Halifax CC - £2,500 (12.9%) - free cash withdrawals and foreign free fees.
Lloyds - £2000 (15.9%) - Avios points.
Argos Card - £500 (29.9%)
Next - 300 (25.9%)

EVERYTHING 0 nothing owed to anyone. £0 on everything.

As I am currently a student and only earn a part time wage now. I'm a little worried I have too much outstanding credit in my name.

I know I can keep my mouth shut but do you think I should close anything?

Lloyds have just put my CC limit today ( from £500 to £2000 ). maybe I am worrying about nothing, I can refrain myself from spending. so they won't burn a whole in my pocket!

Any advise appreciated please post!

Ta.

smithers1981

High available credit can make it difficult to obtain more credit but so long as you have enough to meet your needs there is no problem.

I would probably declutter and ditch the Argos and Next cards high aprs and low limits.

Ideally you could do with a cash back card for day to day spending or use your lloyds to collect avios points.

jon142

I get the £5 for cycling £1000 through the halifax AC and another £5 for spending £300+ on my Clarity. So get £10 or £120 a year for that.

So far got 4000 avios points. Saving up for a trip aboard.

I try to pay for large purchases for friends such as accommodation payments. University fees etc. via the M&S card for vouchers. Works out at 0.5% CB

YorkshireBoy

Unless you're going to walk straight into a £20K+ job when you finish university you might want to consider reducing the limits a bit to make yourself look a bit more 'presentable'.

For example, do you really need £2.5K on the Clarity card? £600 will be your normal max balance I'd imagine? Maybe drop it to £1K or £1.5K to allow for normal spend plus holidays/emergencies?

Agree with the "de-cluttering" suggestion above.