Do I have too many bank accounts?

Sami_x

In a bid to get new account opening freebies I now have:
Barclays account opened 1997 ( non freebie account)
Natwest opened 2000 (non freebie got it when I went to uni)
First direct for the freebie £125 opened April 2011
Santander sept 2011 for the freebie £100 and the now stopped interest rate.

Would it improve my credit rating if I closed a couple? If so which ones? Never gone overdrawn with any of them. Or should I just cancel the overdrafts?

The main ones I use are first direct and Santander.

Looking to get a mortgage next year so won't to do anything in my power to help

bossymoo

Closing accounts doesn't improve your credit rating. Not being overdrawn will have helped, and if you are careful, a very well managed credit card will help too, but be sure to pay off any spending on time each month to a) avoid interest and b) not have a balance to declare when you apply for the mortgage.

You will also need a sizeable deposit, and funds for other moving costs (conveyancer, stamp duty if applicable etc).

Good luck, getting on the housing ladder is tough, but if you don't over stretch yourself by over-borrowing, it's better IMO in the long run.

Sami_x

Thanks I read somewhere about having too much available credit is bad for you so I will decrease the ODs on those accounts.

sorcerer

Only 4 accounts :-), i have about 10, and I have a top rating on my credit score. (I admit however that only 3 are current accounts).

TinTin86_2

I'd keep them all open for now as some lenders offer better mortgage rates if you are an existing customer!

BugsyBrowne

sorcerer wrote: »

Only 4 accounts :-), i have about 10, and I have a top rating on my credit score. (I admit however that only 3 are current accounts).

Oh we'll done being the only person in the Uk who knows their credit score.

Pretty sure there isint a single credit score for an individual.

Credit scoring is calculated when making applications.

Chrisblue1962

BugsyBrowne wrote: »

Oh we'll done being the only person in the Uk who knows their credit score.

Pretty sure there isint a single credit score for an individual.

Credit scoring is calculated when making applications.

My credit score is 71645.35 but this`may change, depending on what Equifax decide to make up...:rotfl:

Bugsy Browne is right. It always amuses me no end that people think these so-called credit scores provided by Equifax and alike actually mean anything.