Is too much available credit a bad thing?

Tiptoppex

phona wrote: »

You don't like using cards so it seems strange that you have 4 of the things!

I still don't get why you keep online transactions separate... Have you some security concerns? Since you say you want to get rid of some of your available credit, closing one of the Santander or MBNA cards is the most obvious solution.

Get rid of the Very and Argos accounts if you don't use them. No reason to close New Look though, if you do use it (although I've noticed they do have shops!)

Since you like to pay cash there is really no need to have so many cards. I'd close the Santander one and the personal Halifax one (once the BT ends), keep the MBNA one and maybe reduce the limit on the business Halifax one.

When I was younger, and less moneywise I did use them more, and built up a little bit of debt. I've been working hard to clear them - the Halifax BT is the last one, I've got the money to clear it, but as it's on 0% I'm waiting till that period is up.

I think that's where they've come from, switching between them when 0% offers come up, but now as I've got it all down and now stick to my income I think I'm going to do away with both the personal Halifax and Santander ones. Whilst also reducing the limit on the MBNA and Business Halifax

Yes in a way it is security concerns, though now I think it's just pure habit. I'm the same with Bank Accounts, separate ones for different things, ie Paypal linked separate to main. Even MSE's had a part to play in that one - have my own Virtual Savings Pot that I use to save for Christmas :A

I am going to shut the Argos and Very when I figure out how to, I'm guessing I just ring up.

I only use the New Look card in store, I guess it can be used online as well but I've never tried it!