Managing Available Credit

hufc2002

Hi all

Looking for a bit of advice.

We are planning to move in 4 years time once our youngest starts school therefore want to get our finances up to scratch ready to apply for mortgages.

I earn just over £22k yet I have £17,700 available credit split between 3 lenders:

£5000 Next - £300 balance paid in full each month
£6400 Barclaycard - £493 balance (0% BT and will be paid off July 2016)
£6300 Virgin - £759 balance (0% BT and will be paid off May 2016).

In addition to the above I am 2 months into a 48 month PCP which I pay £389 per month.

Wife is due to go back to work following mat leave in 3 weeks so from the New Year it will be save save save for a decent deposit. Wife earns £38k.

I honestly think I have too much available credit and don't want this to have a detrimental affect on us once we come to apply for mortgages.

Is there a best way to manage this?

Thanks

Ben8282

Wait 4 years and worry about it then.

Thrugelmir

Only maintain credit lines you actually need and use.

hufc2002

I do use all 3 but at no where near the limits.

Is it worthwhile therefore reducing the limits?

Cheers

bamgbost

You could probably cut it down to 2 or even 1 card left.
You don't seem to use a lot of it. But always handy in case of emergency!