Too many credit cards?

miss_miggins

I have managed to pay off 14K of debts in the past 4 years :j using a bank loan and stoozing.

However I am now left with 5 credit cards- all zero balance, but they keep writing to me putting up my credit limit. I only use one of them now and always pay it off in full every month but I am a little concerned that each of my limits is now up to about 9K on each card- giving me a potential total credit limit of £45K. Will this affect my credit rating negatively for a mortgage for instance? Would it be wise to close some accounts? Old habits die hard and part of me feels it may be useful if I ever need credit for a large emergency, but I'm not sure what to do.

planteria

why keep them?

if i were you i would be using one for all spending, choosing a card that generates cashback or points. i use Amex for this, so also have a non-Amex card as a spending back-up for places that don't accept Amex.

also, i always have a Balance Transfer balance in my current/savings accounts.

who are your 5 cards with?

Thrugelmir

Only retain the facilities that you actually need.

In general red flags appear when an individual exceeds 4 lines of credit in total.

NPHammer

Thrugelmir wrote: »

Only retain the facilities that you actually need.

In general red flags appear when an individual exceeds 4 lines of credit in total.

This is the second thread I have seen you post this in, it's still rubbish you have made up in your own head as it was on the previous occasion.

OP - Having access to funds in case of emergency is wise, but £45k seems a tad excessive to me!

If that is high in comparison to your income (it is double the UKs average salary!), it may well negatively effect applications for deals you really want.

Thrugelmir

NPHammer wrote: »

This is the second thread I have seen you post this in, it's still rubbish you have made up in your own head as it was on the previous occasion.

If you want to troll me. At least make it a factual debate. Getting personal merely shows your inadequacies to the full. Don't hide behind a new user ID in an attempt to disguise yourself either. As little more than primary playground behaviour.

NPHammer

Thrugelmir wrote: »

If you want to troll me. At least make it a factual debate. Getting personal merely shows your inadequacies to the full. Don't hide behind a new user ID in an attempt to disguise yourself either. As little more than primary playground behaviour.

I don't wish to troll you. I wish for you to stop dishing out your incorrect opinions to people as facts.

There isn't much risk I know, but there is the small chance that someone might believe what you are saying is correct and make poor choices in the management of their finances.

guesswho2000

Thrugelmir wrote: »

Only retain the facilities that you actually need.

Agreed.

Thrugelmir wrote: »

In general red flags appear when an individual exceeds 4 lines of credit in total.

I doubt this, if they're well managed. There's many people on here with up to 10 credit cards (myself included) - so it doesn't seem to be that unusual.

nottoolate

guesswho2000 wrote: »

Agreed.
I doubt this, if they're well managed. There's many people on here with up to 10 credit cards (myself included) - so it doesn't seem to be that unusual.

definitely usage is the important factor rather than number. in general anyway

izools

Thrugelmir wrote: »

In general red flags appear when an individual exceeds 4 lines of credit in total.

That would explain why Barclaycard just gave me a £10,000 limit on a £17,250 income despite having multiple lines of credit elsewhere already then wouldn't it...

There is one lender this does apply to though - AIB - a few people have posted on here after being declined for a Saga card and reported that when they spoke to Saga / Allied Irish Bank they were told it's because they already have more than four credit cards.

This rule seems only to apply to AIB, however, no-one else.

miss_miggins

Thanks everyone. As I say all my card have a zero balnce, but it does seem excessive to have so many . I will perhaps keep two and get rid of the rest.

danthemoneysavingman

You can always request they don't increase your limit in future. And reduce the limits you have if you want. (But seem to say you will get no limit increase ever again if you reduce, I have found).
Good luck anyway