How many is too many ?

clairebear2013

Hi just wondering if people could give some advice with reagrds to credit accounts

at the moment I have the following
1 rbs current account
1 Lloyds current account
1 x cap one cc
1 x aqua cc
2x catalogues
1x argos store card
1x mobile phone contract

so 8 active accounts, I previously had 11 I have just closed 2 cc accounts and another catalogue.

I am wondering if the amount of accounts I have would be deemed as far too many by other lenders.

Any advice would be much appreciated thanks:rotfl:

YorkshireBoy

clairebear2013 wrote: »

I am wondering if the amount of accounts I have would be deemed as far too many by other lenders.

Well a lot depends on your individual circumstances, but since I have 19 current accounts and 8 credit cards I'd have to say no, not in my experience!

clairebear2013

YorkshireBoy wrote: »

Well a lot depends on your individual circumstances, but since I have 19 current accounts and 8 credit cards I'd have to say no, not in my experience!

lol how do you keep track :j
thanks for your reply maybe I don't have too many then !

YorkshireBoy

clairebear2013 wrote: »

how do you keep track

Microsoft Money!

FireWyrm

I have two credit cards, three full scale current accounts, a dozen web saver accounts and a couple of basic accounts - so, no, not really as far as I can tell. As long as they are well managed, no one seems to care much.

I have heard however, that you should close unused credit cards to reduce your overall credit to income ratio if you're not using them. Essentially, lenders start getting twitchy if you have more than 50% credit to income, they seem to think you're going to rush out and spend it all at once. Go figure.

JakeGreen

I've got more accounts than the OP too. I'm not quite a YorkshireBoy just yet but I've applied for 4 new credit cards this year and haven't been rejected yet.

I've been using an Excel spreadsheet to keep track of all my finances.

katejo

I don't see why anyone needs
more than 1 main credit card and a back up for emergency use .

The_Boss

katejo wrote: »

I don't see why anyone needs
more than 1 main credit card and a back up for emergency use .

I have two with long term 0% balance transfers, a 3% cashback card, a card that pays me £5/month when spending £300, a Tesco card for when I do my shopping/buy petrol and 3 other cards that I have had for a number of years.

Can you see why I have more than 2?

sharpy2010

katejo wrote: »

I don't see why anyone needs
more than 1 main credit card and a back up for emergency use .

Go abroad, first card gets blocked, then your winging it with one further card... get that one blocked and your knackered.

Have 4 or 5 cards, and you're running a good risk of being able to access money when you need it.

I'd say in a foreign country thats reasonably important, wouldn't you?

jo-bo

I have 14 credit cards, 3 bank accounts, 6 catalogue accounts, 2 kids, 2 dogs and 7 hamsters and rely on my diary!!!

clairebear2013

Thanks everyone