Multiple credit cards good or bad?

Legacy_user

Good morning, Everyone

Tried to search forum for similar topics but didn't find anything. My question is: Is it good or bad for credit rating to have a multiple credit cards? I have 5 at the moment and all of them with debts free. Some lenders like Tesco bank, Sainsbury's and etc sending me pre-approved credit card offers. I do not mind to have them especially balance transfers ones but I just do not want to get into troubles with my credit rating score just before remortgage which is in 3 months time.

Have a good day Everyone :beer:

jonesMUFCforever

IMO good as long as you do not abuse the facilities and over reach financially.
In my case I have 1 which is a BT card - one with cashback for day to day spending - Halifax clarity for overseas spending and one spare for emergencies ''just in case''.

binaryuniverse

I've got 6 credit cards for various reasons.

HSBC, that I've had since I was 18, and pretty much keeping open for the account history.
M&S. Again, had it a long time, so mainly for history. Although now and then they offer me 0% offers.
Tesco CC for a 0% fee free balance transfer.
Tesco CC. 0% on purchases for 28 months for stoozing. Plus clubcard points.
Nationwide Select. 0% on purchases for 12 months. Plus 0.5% cashback.
Amazon CC. 1.5 points per every £2 spent on Amazon (1 point elsewhere). Plus it gave me a £20 gift voucher for taking it out. 1000 points = £10 gift voucher.

Haven't paid a penny in interest for a long time now. Only 2 of them have a significant balance on.
I don't seem to be considered an adverse risk any more. In the last 9 months I've open 4 of those credit cards and 9 current accounts. Although, unless I need another 0% purchases deal, or another bank offers a switch deal, that's me done for now.

System

Thank you for answers! I think I will stick with cards I have at the moment!

chattychappy

I have 11. Most are zero balances and I don't use them. Historically it was handy for shifting balances around as generally I got good BT offers on dormant cards.

I don't seem to have problems getting more credit if/when I need it.

Dandytf

DL22 wrote: »

Thank you for answers! I think I will stick with cards I have at the moment!

Well done

I’ve a few cards though reducing balances until 2018

Fireflyaway

I think it depends on how organised you are. For me any more than 2 would be bad news! I know I'd forget to pay one or lose one or something bad.
My understanding is its not just the number of cards. Its how long you have them, the percentage of credit you use and total available credit. If you are are applying for a mortgage they will take into account your available credit, so if you have 10 cards each with a £1000 limit they will assume there is potential for you to owe £10,000 and will lend you less.