Which cards to close

DCFC79

I shall be looking at a mortgage at some point within a couple of months and I am wondering if I should close 2 of the credit cards I have. The cards are Aqua ( £1950), Sainsburys (£2800), Creation (£8000) and M&S (£2000). I am considering keeping the sainsburys card as it came with 0% for purchases so should I close the other 3.

Does anyone have any thoughts ?

Thanks

adindas

DCFC79 wrote: »

I shall be looking at a mortgage at some point within a couple of months and I am wondering if I should close 2 of the credit cards I have. The cards are Aqua ( £1950), Sainsburys (£2800), Creation (£8000) and M&S (£2000). I am considering keeping the sainsburys card as it came with 0% for purchases so should I close the other 3.

Does anyone have any thoughts ?

Thanks

There is no point to keep the other three CC if you do not need it in the foreseeable future.

In my personal experience the number of CC you have does not really have significant impact, the balance you have on it might be. I get a very good mortgage offer while having more than 10 credit cards.

Same case when I did remortgage a couple of years ago.

But of course it will depend from the lender as well as the underwriter dealing with your case.

DCFC79

adindas wrote: »

There is no point to keep the other three CC if you do not need it in the foreseeable future.

In my personal experience the number you have are not really have significant impact, the balance you have on it might be. I get a very good mortgage while having more than 10 credit cards.

Same case when I did remortgage a couple of years ago.

But of course it will depend from the lender as well as the underwriter dealing with your case.

Ive been meaning to cancel at least 2 of them for a while. Theres only 1 card with a balance which is £380 which will be paid, Ill definitely close the Aqua card and possibly the M&S card.

Candyapple

DCFC79 wrote: »

I shall be looking at a mortgage at some point within a couple of months and I am wondering if I should close 2 of the credit cards I have. The cards are Aqua ( £1950), Sainsburys (£2800), Creation (£8000) and M&S (£2000). I am considering keeping the sainsburys card as it came with 0% for purchases so should I close the other 3.

Does anyone have any thoughts ?

Thanks

Same, best of luck

I would close Aqua and M&S and keep Creation (I'm assuming this is the travel card below?) because it's always good to have a travel card ready for whenever and also keep Sainsbury's because as you said it was 0% purchases and that's always handy.

http://www.creation.co.uk/credit-cards/creation-everyday-credit-card

DCFC79

Candyapple wrote: »

Same, best of luck

I would close Aqua and M&S and keep Creation (I'm assuming this is the travel card below?) because it's always good to have a travel card ready for whenever and also keep Sainsbury's because as you said it was 0% purchases and that's always handy.

http://www.creation.co.uk/credit-cards/creation-everyday-credit-card

Yeh thats the 1, the 0% is until 2019 which could be quite handy.

System

What type is the Aqua one?

The one with 0.5% cashback & no forex is worth keeping IMO

The 0% spending is only worth keeping if you'd have to borrow money, in today's low interest environment.

DCFC79

Heng_Leng wrote: »

What type is the Aqua one?

The one with 0.5% cashback & no forex is worth keeping IMO

The 0% spending is only worth keeping if you'd have to borrow money, in today's low interest environment.

The Aqua is just a bog standard card, no rewards or anything.

Im not sure if I will close the Creation card yet but I know Ill close the M&s card as I can build the points up faster using the Sainsbury's card.