What's a good number of cards to keep?

Stevev99

So have struggled over the years with credit card debt spread out over 6 different cards, at one time totalled a whopping £48000!!

I have finally paid these all off and thankfully never missed a payment on any of them however my credit rating is terrible, since I was max'd out on cards and at times withdrew cash on them when I was desperate!

So what should I do now that'll help rebuild my rating?

I was thinking close off all the cards and keep one open but clear but then I was thinking would 2 be better since it shows higher level of available but unused credit?

The next definite finance thing I'll have to do is not until next April when I'll have to refinance my car so I have a few months.

[Deleted User]

The answer is the right number for your needs. That could be 1, it could be a dozen.

Personally, I would keep a minimum of 3, more if any have particular features such as no forex, but you also need to consider the limits and your self discipline.

[Deleted User]

3 as a minimum.

Use them each month and pay in full after getting the statements.

Ignore your credit rating/score as it’s not a thing

Ben8282

If you have credit limits totalling £48000 over 6 cards, an average credit limit of £8000 per-card, your credit can't be as bad as you think!
If these cards are now all repaid and you have no history of missed payments then WHY is your credit rating terrible? £48K available credit, no missed payments, no defaults, no balances .... you have nothing to rebuild. In addition you have demonstrated to lenders the ability to repay £48000.

[Deleted User]

Probably from looking at the made up CRA scores and ratings.

Paying only the minimum and the cash advances have probably had a knock on affect on the mythical numbers

PixelPound

Will having the cards there prove to be too much temptation and debt run up again

enthusiasticsaver

I don't think you need three. Close all but the oldest and use it monthly and pay it off in full.

vacheron

For me it is eleven.

It means that alarms will ring and red lights will flash if I ever applied for another one, and at this moment in time my "credit rating" will be shot to hell, but that was the price I paid for enjoying a facility which is currently saving me £3,500 per year.

I'm going to be a bit controversial here, but some people have been brainwashed into keeping their "credit report" squeaky clean. A bit like those who leave plastic covers on their sofas use carpet protectors.

If you are buying a house or need credit for another large purchase then yes, this is very important, but if you aren't, what use is your credit worthiness for other than to be exploited?

If you keep it pristine but never reap the benefits then what is the point of having a good one in the first place!

PixelPound

Keeping them all would show highest amount of unused credit.

Close what you are not and will not use. Keeping the oldest preserves history, but it depends on the ages of these. If they are relatively old two then it doesn't matter which. Keeping 2 open that you use means that if you have a back up if one declines for any reason.