Too much credit but still being accepted?

Tixy

Naf wrote: »

That's likely to be substantially outweighed by the actual cash savings from overdraft charges. Even authorised ones.

Probably not on the OPs interest free overdraft. Obviously assuming it remains interest free for as long as it takes him to pay the debt off.

Naf

Tixy wrote: »

Probably not on the OPs interest free overdraft. Obviously assuming it remains interest free for as long as it takes him to pay the debt off.

True, fair point.

learningaboutinsurance

jon142 wrote: »

Hi everyone!

Looking for some advise. currently I have the following credit cards / overdrafts.

COOP - £2000 intrest free student overdraft - £1,800 used bought my first car
Barclays - £1500 intrest free student overdraft - never used
M&S CC - £6000 limit - pay for friends / family large purchases(points
BA Amex - £3000 limit ( approved yesterday avios points )
Santader - £2000 limit (123 for petrol, cashback)
Lloyds Amex - £2000 limit ( avios points )
First Direct - £1000 limit. ( 20 months interest free )

I feels although I have too much available credit but I use all the cards for various things. Listed above.

No idea what to do really. credit report is clean as a whistle only debt I have is the COOP overdraft for paying back my car it was £6000 and I paid £4000 of my own money and used £2000 interest free.

This is paid back at £140 a month!

Should I close some of the cards or keep them for my credit rating

My M&S card has shot up from £750 to £6000 in just over a year. companies seem to throwing credit around these days!

7 CC cards, :eek:

i know some that can beat that. the lady i saw at the checkout yesterday :rotfl: see my thread for more info but she has 12 CCs:p

Tixy

learningaboutinsurance wrote: »

7 CC cards, :eek:

i know some that can beat that. the lady i saw at the checkout yesterday :rotfl: see my thread for more info but she has 12 CCs:p

Perhaps they were all skimmed cards in different names? Although 12 wouldn't be many for a serious fraudster.

BugsyBrowne

The OP will keep carrying on applying until the declining stage will finally catch him up and by this time all of these cards will be maxed out.

jon142

Sorry to say it bugsy but I won't be! I know what each card is for and it gets paid back immediately. Since this post I have decided I will be closing the Lloyds Amex and keeping the new BA.

After speaking to my mother who has a balance on her credit card we have decided she is going to give me the cash and I will be transferring £800 onto my FD 20 months. ( to pay off COOP OD )

I will then lower the COOP OD to £1000 and it will be paid back within 6 months @ £140 a month.

The barclays OD can remain untouched for emergency use.

So I should look like this financially:

COMPANY - LIMIT - APR - OWED
M&S - £6000 - 9.9% - £0
FD. - £1000 - 0% - £800
AMEX. - £3000 - 15.9% - £0
COOP. - £2000 - 0% - £1000
BARCLAYS. - £1500 - 0% - £0
Santander. - 2000. - 18.9% - £0

I believe it much more favourable to have a balance on a credit card than to have a balance on an OD.

Also having previously been reckless with money 3-4 years ago I know the importance of a good credit rating and I have been working towards one for years. so it's nice to finally enjoy one and I will NEVER be reckless again.