Credit Cards Do They Affect Your Credit Score

Madcaine9

Hi, I have gor 6 credit cards all from different companies, they all have nil balance in fact 4 have never been used. I was just wondering if just having all these cards has a negative effect on your credit rating if say I wanted to get a bank loan or add to my assisting mortgage. Would it be best to cancel the 4 I have never used as I am unlikely to ever use them.
Thanks in advance

mwarby

They will an effect, as any new lender may look to see how affordable your new loan is if you used your other facilites to the full. There is also a risk for new card applications that a lender will decide not to take you, not due to default risk, but becuase of the costs of running an account which may never earn them anything.

The risk of unused facilites will depend on the limits, the balance history and your own circumstances(income, employment stability)

The risk will also be accessed differently by different lenders for different products

Madcaine9

Thanks so would I be best to close down some of my cards.