8 new active accounts!

yazzypower

Need some advice, trying to build credit from scratch. I have 8 active accounts, 2 bank accounts, vanquis card, mobile contract, cash plus credit builder, bt home line.
They all report to the 3 main CRA. My question is should I let them all run for about a year or close some. All accounts are 5 months old.

jamesd

You don't seem to have an excessive number of credit accounts so you can just leave them alone or add more if you have a use for more. Main concern at the moment is them all being five months old and that'll probably limit how much credit you can get at the moment since it's not a long history.

Once one is at least a year old you might consider a small personal loan that has no application fee. Then pay off most of it soon after taking it out and leave the rest to run for say a three year term. Paying most of will eliminate most of the interest while the loan payments will create a record of payments for a different type of credit from those you have at the moment.