Are more credit accounts better than less

Mooster82

For credit building is it best to have say two credit cards over five?

I have five, I do use all five so I can use less on each card and have loads of green dots showing up on my credit report.

I did read more cards can sometimes have a negative effect or is that only if you don't use them?

I also have for online shopping accounts with high limits which again i use all and buy things between them to keep the green dots coming.

I should add the credit cards are not mainstream, I'll be applying for a mainstream card middle of 2016 after another 18 months of good payments.

[Deleted User]

It all depends on your income, limits, balances and the ratios.

But I wouldn't go collecting any more.

Mooster82

I'm not collecting, just have all the basic sub prime ones

I used to have have serious debt which is all gone from when I was a teenager.

Self employed now, director of my own company doing fairly well for myself.

Only in the last year I've been able to get a normal bank account, tsb cash plus with contactless which I believe only people with some good credit history are given the contactless card.

Ultimately bin the sub primes when I can get one good low rate credit cards, hoping 9 on time payments each month for almost three years will do the trick

HappyMJ

Mooster82 wrote: »

I'm not collecting, just have all the basic sub prime ones

I used to have have serious debt which is all gone from when I was a teenager.

Self employed now, director of my own company doing fairly well for myself.

Only in the last year I've been able to get a normal bank account, tsb cash plus with contactless which I believe only people with some good credit history are given the contactless card.

Ultimately bin the sub primes when I can get one good low rate credit cards, hoping 9 on time payments each month for almost three years will do the trick

Do you have any defaults showing on your credit report?

3 years is quite a long time to hold a sub prime credit card. Me personally I would apply for a new credit account every 3 months and consider closing an old one off. I currently have 6 active credit cards. I'll apply for the next one in February next year when the 0% offer on that card finishes then I'll close it off a few months later.

Mooster82

Yes two defaults, one settled with virgin media for a pathetic £102 they told me my account was up to date so I moved house they had my new address never sent me any bills

Checked credit file a couple of years later, virgin media refused to remove it so that's that.

Other one was with provident, again moved house the agent said she couldn't drive out such a distance so I said I'd drive to her so that went on for a few weeks till I thought I've had enough of the £7 fuel bill each week just to pay this

So my account got passed about to one office to another, well in the end I told them I'd pay the full amount I borrowed and that's it and they refused and I was hit with extra interest due to them.

I'll pay provident but I'll partially settle the default by paying the full amount I had borrowed not double.

So yeah another 18/24 months till I'll apply for a mainstream card, I'll hold off till all current searches are gone off my credit file and I've more good reports up and I've been at this address for longer.

I inherited 120k I just wont pay provident what their asking out of principal, no that bothered if it only shows as part settled as long as it's settled.


Likely I'll apply for a tsb card since I bank with them and I pay in £3800 a month, so I should have a high internal score with them.