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Available credit on cards
PP1984
Posts: 64 Forumite
Hello all,
I have worked hard at reducing my credit card balances, from about 15k down to a balance of zero. I'm now just repaying the full amounts each month.
At the moment I have 5 active credit cards, with an available balance of just over £29k.
What is the best way forward, thinking ahead about mortgage applications? Should I close some of the credit cards? Should I reduce the limits? Should I use just 1 and repay fully each month, or should I use all 5 and repay fully each month?
I've read elsewhere that it is seen as risky to have a large amount of available credit, but what is the ideal value to reduce it to?
Thanks in advance for any advice.
(I additionally have a personal loan with about £2500 left to pay off, at £250 per month, if that makes any odds)
I have worked hard at reducing my credit card balances, from about 15k down to a balance of zero. I'm now just repaying the full amounts each month.
At the moment I have 5 active credit cards, with an available balance of just over £29k.
What is the best way forward, thinking ahead about mortgage applications? Should I close some of the credit cards? Should I reduce the limits? Should I use just 1 and repay fully each month, or should I use all 5 and repay fully each month?
I've read elsewhere that it is seen as risky to have a large amount of available credit, but what is the ideal value to reduce it to?
Thanks in advance for any advice.
(I additionally have a personal loan with about £2500 left to pay off, at £250 per month, if that makes any odds)
0
Comments
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I don't think the credit cards will have any effect on your mortgage application as long as you are not carrying a balance. Paying off your loan will definately help.0
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