How Many is Too Many?

Estateprincess

Hi,

I'm not sure if this is the correct place to ask the question, if not please tell me where would be more appropriate.

How many credit accounts are too many?

Both Equifax and Experian are telling me that the amount of credit accounts I have is high - I didn't think it was too bad so was just wondering how many other people have. (I know the credit scores given aren't important but how useful is their other advice?)

I have the following:


Opened
Halifax Reward a/c
For rental income & £5 reward

Jul-11

NatWest Business

Nov-08

NatWest Current a/c
Originally my student a/c

Mar-04

Sainsbury's CC
Given when I took out my loan

Mar-12

NatWest CC
Originally my student card

May-07

Tesco CC

0%

Apr-12

Sainsbury's Loan
For my car

Mar-12

Nationwide Mortgage

Apr-08

Next

May-06

Very
Opened for Take3 payments

Aug-12

O2 - Partner

Aug-10

O2 - Me

Jan-11

The very account isn't used now and I've only bought 2 items from them so I will probably close it. The business account I will be closing as it is too expensive for the couple of BACS payments I use it for. The NatWest Current a/c is my main a/c.

So do I have too many? Should I close more? I pay off my balances every month and always pay more than the minimum for the Tesco 0% Next is used every couple of months for low amounts (£100 at most)

Ideas welcome!

Thanks

Jaywilz

To be honest that doesn't seem like too many to me. It may be a case that they are saying you are using too much of your available credit or you have too much credit available. Im not expert but the amount of accounts you have open doesn't seem excessive

ceh209

You need 2 current/business accounts as you have a business so need to keep things separate - so yes close the other as it's not giving you any benefits.

Why do you need the next account? Why not stick it on another CC if you spend with them, unless it gives you money off?

I guess 3 credit cards is sensible for now if one has a balance. One for normal spending and one for emergencies, you don't want to have to put emergencies on the Tesco 0% one.

So no I don't think you have too many - although why can't your partner have a phone contract in their own name?

Estateprincess

The Next, Very & NatWest CC have zero balances; the Business a/c and Halifax a/c don't have overdrafts. I don't really 'need' the Next account but thought I should keep it as it has been open for so long with no defaults or late payments at all. I think the Very one will be going though as I can't see me using it again.

The phone contracts are both in my name as I got a better deal on taking a second one with them than they offered my partner as a new customer - unusual I know but it benefitted us!

I use the Sainsbury's CC for day to day purchases then pay off in full every month (about 75% of the available credit), the Tesco card has about 42% of the available balance used as I've spread big payments like car insurance with it - but don't use it for spending.

The loan has 2 more years to run and my NatWest current a/c was in the overdraft but isn't now.

Nothing is said about the level of credit available to me and overall I use about 30% of what I have available at any one time.

The age of the accounts is shown as a positive it just seems to be the actual number of accounts that is seen as negative!

Thanks for the replies

lawstudent

Estateprincess wrote: »

I use the Sainsbury's CC for day to day purchases then pay off in full every month (about 75% of the available credit)

Might be worth asking for a limit increase on this card when you have closed the others if you are planning to continue using it in this way.