How many is too many Credit Cards

AndyPoll

Hello,

I'm looking for some advice from the knowledgeable people on here about the limits of stoozing and how credit agencies view having multiple cards.

I need to apply for remortgage at the end of 2018 and I need to keep my rating high for this.

I have 5 cards currently with a debt of £13k. Two of these have a zero balance. The next card to come to the end of the 0% period is in June.

There is a great card with Santander at the moment which I know I would get as I bank with them and they have pre approved it, so I could swap the balance easily enough.

However surely six cards is pushing it with credit agencies and I don't want to administer them all! So I want to close down two of the cards with a zero balance. I read that closing accounts can be even worse for the rating though.

In order to keep the best credit score.....
1) Should I close the dormant accounts?
2) Should I pay off the debt on the card where the 0% interest finishes in June and forget about the new card?

Many thanks for your consideration!

pantaiema

Not many is too many. As long as you could take the benefit of it, and there is still good chance you could get it.
1. Y (see above)
2. Y as if you do not you will be stunk be by the interest rate.


[/B]QUOTE=AndyPoll;discussion/5800600]Hello,

I'm looking for some advice from the knowledgeable people on here about the limits of stoozing and how credit agencies view having multiple cards.

I need to apply for remortgage at the end of 2018 and I need to keep my rating high for this.

I have 5 cards currently with a debt of £13k. Two of these have a zero balance. The next card to come to the end of the 0% period is in June.

There is a great card with Santander at the moment which I know I would get as I bank with them and they have pre approved it, so I could swap the balance easily enough.

However surely six cards is pushing it with credit agencies and I don't want to administer them all! So I want to close down two of the cards with a zero balance. I read that closing accounts can be even worse for the rating though.

In order to keep the best credit score.....
1) Should I close the dormant accounts?
2) Should I pay off the debt on the card where the 0% interest finishes in June and forget about the new card?

Many thanks for your consideration![/QUOTE]

[Deleted User]

It's not about the number of cards, it's about the limits and debts. 6 is not a large number.

Howeve, close them if you genuinely don't want them, but I would keep at least 3 and ensure your limits are at least three or more times your debts

And of course, ignore your credit score. It's not a measurement of anything but gullibility.

msallen

I'd pretty much go along with zx81 above. However I would add that I would not be carrying a debt on them when I wanted to remortgage unless I had no option - i.e. I certainly wouldn't just for the sake of earning a couple of hundred quid from stoozing. You can always recommence stoozing when your mortgage is sorted.

AndyPoll

Thanks all.

Maybe paying off all the debt and keeping 3/4 of the cards is the way forward then. The stoozing income is quite hard to measure as it's in a S&S ISA which is up and down, but I can say that it's not worth the amount of time I spend thinking about it!
ZX81, Interesting that you think the credit score isn't so important. What is important to banks if not the score?

[Deleted User]

The data on your credit files is important to lenders because it shows how you manage your accounts.

The made up scores would tell them nothing, which is why they don't see or use them.

chattychappy

I have 12 cards.

2 have 0% balances - I pay £1 more than the minimum.
2 I use for UK purchases - pay off in full each month.
4 I use for foreign purchases/cash. I pay off in full each month, in the case of cash, usually a few days after the transaction.
4 are dormant.

My combined limit is c. £110K. My monthly balance is £10K to £25K.

I never have problems getting credit. My score (for those that believe in such things) is 999 on Experian.

knightstyle

I used to have 7 credit and 2 debit cards but as I now have no need to go stoozing I just have 3 credit, still have 2 debit and manage well with those.

Lith

I have around 6 Credit Cards.

Only use 1 though.