Does too many credit cards affect your credit rating.

in Credit Cards
4 replies 1K views
payepaye Forumite
434 Posts
Part of the Furniture 100 Posts Combo Breaker
Just wondering if you have many credit cards with large limits, does this affect your credit rating?

Currently I have the following cards:

Barclay Platinum credit card with £11k limit with £0 balance,

Tesco Credit card with £8,000 limit with £5k balance ( currently paying £500 p/m toward it with 0% interest.

I also applied for a Halifax Clarity card yesterday just because I am going away on holiday in a couple weeks and didn't want to take too much cash with me. I got approved straight away with £11k limit even though I only wanted £3k.

Is 3-4 credit cards to many to have?
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SPC 593 paye:o


  • T-G-CT-G-C Forumite
    591 Posts
    The answer is quite dynamic, as it depends on a few things such as how old the accounts are and previous records of usage etc.

    Generally, 3-4 shouldn't have a massive negative impact, but I would let them age for now before continuing to open any new credit card accounts.

    Your limits and low total credit usage is a positive factor, therefore this could counterbalance some negative impact from having multiple accounts, especially if they are not matured.
    Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.
  • sparkey1sparkey1 Forumite
    444 Posts
    No. I have 8.

    Its how you use them. Across all card, 2 thresholds to bear in mind. 50% utilisation, and 30% utilisation.

    Always pay on time, never close unless they start imposing fees.

    Obviously dont go out and open multiple ones too quickly. Always accept a credit increase but dont spend it!
  • [Deleted User][Deleted User] Forumite
    0 Posts
    MoneySaving Newbie
    No since you don!!!8217;t have a credit score/rating to be affected.

    Your credit affordability may be affected though in the eyes of lenders
  • pochisoldipochisoldi Forumite
    189 Posts
    Part of the Furniture 100 Posts
    paye wrote: »
    Tesco Credit card with £8,000 limit with £5k balance ( currently paying £500 p/m toward it with 0% interest.

    Why aren't you paying the minimum balance, and sticking the £500 in a savings account (or if you have it, an offset mortgage)?

    The only exception to this rule is with a 0% on purchases card with cashback, which offers a better cashback rate than any other card you hold, is maxed out and cashback on spending offers a better rate of return.

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