Such a thing as too many?

thriftymr95

Hi all,

Very new to this so sorry if I have created a thread that already exists....

My question is: How will my credit cards affect my credit rating/chances of mortgage approval? I have three credit cards: one with a 0% outstanding balance (Nationwide Flexclusive), one cashback reward Amex Visa combo that I repay in full every month (Barclaycard Cashback), an MBNA 'all rounder' card that I use abroad (no charges for non-sterling transactions) again that I repay in full every month (Everyday Low Interest Amex). Then lastly I have an Amex Gold Charge Card which (obviously) is repayed in full every month.

I have one account that is two years old, the rest are all from this year (2015). So how would a lender view me in say a years time, with no more credit applications with regards to a mortgage? I know this is quite a broad question, and I realise that I have quite a few accounts, but all are in good standing with reasonable credit limits, plus they all work for me with regards to perks, rewards etc...

I understand this a long-winded post, hopefully someone will be able to help me out!

Thanks guys and gals

P.S. I am 20 years young (not sure if that would affect anything)

P.P.S. On the card with an outstanding balance I pay over double the 'minimum repayment' each month and fully intend to clear the balance in full before the introductory offer expires!

grumbler

Unless the (total available credit)/(income) ratio is close to 50% or higher, it's believed you have nothing to worry about. Otherwise get the ratio down by closing some card(s).