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£47,500 available credit
ashleytroy73
Posts: 16 Forumite
Hello all,
I have £47,500 available as credit on 5 credit cards. I’ve had all 5 between 4-5 years. They all have £0 balance, I applied and used them all one way or another along the way to build my credit, get the initial bonus or use them abroad with no fee. I’m now in the excellent category with all three reference agencies. My question being this, should I reduce the credit limits to something more sensible or leave them as they are?
Thank you!
I have £47,500 available as credit on 5 credit cards. I’ve had all 5 between 4-5 years. They all have £0 balance, I applied and used them all one way or another along the way to build my credit, get the initial bonus or use them abroad with no fee. I’m now in the excellent category with all three reference agencies. My question being this, should I reduce the credit limits to something more sensible or leave them as they are?
Thank you!
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Comments
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ashleytroy73 wrote: »Hello all,
I have £47,500 available as credit on 5 credit cards. I’ve had all 5 between 4-5 years. They all have £0 balance, I applied and used them all one way or another along the way to build my credit, get the initial bonus or use them abroad with no fee. I’m now in the excellent category with all three reference agencies. My question being this, should I reduce the credit limits to something more sensible or leave them as they are?
Thank you!
Cut them up/Get rid of them All !Advice given on Assured and Regulated Tenancy, Further advice should always be sought from a Solicitor....0 -
You'd be better off asking on the credit cards or credit record parts of the forum rather than on house buying.
General advice though is to keep the older ones to show stability and any that regularly have good offers.0 -
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Red-Squirrel wrote: »You'd be better off asking on the credit cards or credit record parts of the forum rather than on house buying.
General advice though is to keep the older ones to show stability and any that regularly have good offers.
I’ve read online that closing cards can have an impact on your score. It’s a mind field! I’ll ask on the section you’ve suggested.
Thank you!0 -
ashleytroy73 wrote: »I’ve read online that closing cards can have an impact on your score. It’s a mind field! I’ll ask on the section you’ve suggested.
Thank you!
Don't worry, the score is meaningless, as they will instantly tell you on the credit related forums!0 -
ashleytroy73 wrote: »Hello all,
I have £47,500 available as credit on 5 credit cards. I’ve had all 5 between 4-5 years. They all have £0 balance, I applied and used them all one way or another along the way to build my credit, get the initial bonus or use them abroad with no fee. I’m now in the excellent category with all three reference agencies. My question being this, should I reduce the credit limits to something more sensible or leave them as they are?
Thank you!
Will you be applying for a mortgage with one of the three reference agencies? No, you won't so the fact they might rate you as excellent is irrelevant. It's how the mortgage lender will score you based on its own assessment of your affordability, credit history, and past dealings with them.
https://www.moneysavingexpert.com/loans/credit-rating-credit-score/0 -
Why not use them to buy a property? If the 0% is for 6 or 12 months that's plenty of time to renovate, and then either get a tenant in or sell.0
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Will you be applying for a mortgage with one of the three reference agencies? No, you won't so the fact they might rate you as excellent is irrelevant. It's how the mortgage lender will score you based on its own assessment of your affordability, credit history, and past dealings with them.
https://www.moneysavingexpert.com/loans/credit-rating-credit-score/
So should I leave my credit cards as they are or lower the limits?0 -
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ashleytroy73 wrote: »I have a LISA maturing soon so I need to buy a house and live in it. I can’t buy to let I believe.
I think that was a joke.
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