Can too many bank accounts/credit cards lower your score?

Jlawson118

At the moment, I have three current accounts, two overdrafts and two credit cards.

I have a £1000 overdraft with First Direct, a £500 one with Lloyds Bank as well as their Avios credit card with a £750 limit, and then just a current account with Halifax. And then I have an Aqua card with a £1050 limit.

The Aqua card was the first credit card I had but since getting the Lloyds one, I haven't used it, but I've kept it active because it stands there on my credit score and I often wonder how cancelling it would look on that score.
Although I'm thinking of ditching both of those credit cards and switching to Barclaycard Reward, and even switching my Lloyds and Halifax account to Barclays, and then keeping my First Direct account too.

But would cancelling these credit cards then decrease or stop my credit score from increasing? Or would keeping them all lower it as well?

DCFC79

What will increase your score is donate a pack of ginger biscuits to me.

Seriously have a read of the first thread in this sub forum, you might find it interesting to read what your score means.

What score are you refering too ? The Chelsea v Liverpool score or your Experian score ?

Lrimas

I currently have 8 current açcounts and 4 credit cards and I have no issues getting cards/loans and I have a good credit rating.

While lenders do not see your credit rating it is still important. It is like a beauty contest - I can't tell if someone will win a contest as it is based on too many factors. But I can tell with one look if they won't win..

Your credit rating is the same. It won't tell you if you will be approved, but a bad rating is a good indication that you won't.

Dobbibill

what score are you aiming for?
did you have a particular figure in mind?

what do you want to do with that score?

yes, opening accs, closing accs, adding overdrafts, moving house will all make your score fluctuate with the CRAs.

their score is not seen by anyone else though, only you and them.

Plutonomics

Doesn't sound like you've got so many that it would affect future applications. I've got three current accounts (two with overdraft limits), 4 credit cards, a store account and a loan. Had no problems a month or so ago in getting the Tesco Balance transfer card (24 months interest free with no transfer fee) with a pretty high limit. I believe as long as you use the limits sensibly, pay on time etc. it's all good.

According to Experian my score before applying for the Tesco card was 991 out of 999, since then it's dropped to 940, though that seems to be because it's listing the balance on my original cards and on the new Tesco card (so doubling the apparent size of that debt), am hoping this will correct itself in the next month or so.

[Deleted User]

Your score doesn't reflect your credit worthiness, so please ignore it if it goes down, up or any other direction.

Plutonomics

Very true, they even say this is just an indication on the Experian site:

"There is no magic score to aim for, because every bank, financial institution and credit reference agency will score you differently. They may even calculate your score for different products differently, e.g. the same bank could give you one score for a credit card application and a different score for a mortgage.

The Experian Credit Score is a reflection of the various scoring systems currently in use by the major banks and financial institutions, and provides a guide to how they will see you. However, it is just a guide and even people with an Experian Credit Score of 999 can be rejected for credit."