How many credit cards

Mortrams

Hello, I am going to apply for a mortgage in the next few weeks. I have put myself on the electoral which is the priority to get approved. But I can't get a definite answer on keeping credit cards. I have three credit cards. I use one on regular shopping (which I had it for more than 6 years) and the other one (which I had it for more than three years) I only applied because I wanted to transfer the amount from my old card and I have £100 credit on this. The third one I use it when I go overseas (which I have it for just over a year). I once had personal loan which I have cleared it few weeks ago. So, basically I don't have any sort of debts. Should I not worry about cancelling any of the credit cards. Have you got any more tips to get myself approved. Cheers

anselld

Multiple credit cards is not a problem so long as they are all paid off on time each month.

amnblog

Your situation is what it is and sounds fine.


Altering it on the basis that it improves your chances of getting a mortgage is generally pointless.

Mortrams

Thanks for the replys

King_Slayer

Check your credit report.

Also as you only registered two weeks ago this may not have updated as yet on the credit report. Tthis can take 6-8 to be updated. I believe there is a system to check that Brokers use. However when you register you should receive a confirmation letter from the Electoral office, you can use this as proof of address.

kingstreet

Only Yorkshire Building Society Group has the vaguest interest in how much unused credit you have.

Avoid them (YBS, Chelsea, Accord and Norwich & Peterborough) and you'll be fine.

Mortrams

Hi, just to add. I checked my expreian report and I have gone down by 53points ..reasons


• You no longer have any active non-mortgage credit accounts. As your balances were low, this has had a negative effect on your Experian Credit Score.

• You no longer have any active non-mortgage credit accounts. This has had a negative effect on your Experian Credit Score.



As one could see I have three credit cards. Is there any way I could improve on my rating. Thanks a bunch

libf

Use one of the cards, but make sure you pay it off in full before the deadline to avoid interest.

kingstreet

Your Experian Credit Score is as much use as the proverbial chocolate teapot.

Stop worrying about it. It's meaningless.

Are you sure your chosen lender sources credit data from Experian? What if uses one of the other CRAs?

Mortrams

Thanks but that's what I have been doing for the past few years. Never paid any interest and had direct debit set-up to clear the balance. What else I am doing wrong?!

Teqpro

I had 3 cards and one had a late payment from back in 2009 so i closed it and it gave me a perfect credit rating! Then i decided to just use one and so i called the credit card company and told them and they increased my limit the same as the others.

Best to check if any of your cards has any late payments then just close it down.