Closing Cards

uncreative

I have 5 credit cards that have a combined limit of £55,000. There is currently no debt and the limits vary from £4,400 to £22,000. I intend to apply for a mortgage in 6 months time so should I keep these open or shut them down. I could leave the 2 lowest limits open and that would still give me £10,000 across the 2. My mortgage will probably be with RBS or Barclays.

Thanks

enthusiasticsaver

There is certainly no need for £55k of credit card limits so yes you should close most of them down. Why would you need even £10k of credit card limit when this is the most expensive form of borrowing unless on 0%?

jonesMUFCforever

When you apply for a mortgage you will be credit scored and they will check for unsecured loans such as cards and loans.
If you have no outstanding debt on the card it will make no difference to your application.
However whether you need all these cards is a different matter.
Sometimes I get offers of balance transfers on cards I haven't used for a while - so it might be a good idea to keep some of those if you do as well.
Others you might as well close down - in 6-12 months you could reapply as a new customer and benefit from new deals etc.