Refused Student Account due to having TOO MUCH credit?

mgdavid

Maybe you're over-thinking this; why change anything when apparently you do not have a problem. Just crack on with your studies....

Flobberchops

I suppose it does seem paradoxical ("But I have seven credit cards! Evidently my credit score must be amazing! Why would they decline me?"), but having that much available credit can be a liability from the bank's perspective. It means you have the ability to readily land yourself in a lot of debt, meaning any overdraft or loan they agreed with you would be that much more difficult to recover. From the point of view of cultivating your credit report, it's probably best to cancel any credit cards you're not using. Keep one as an emergency card, though.

Socajam

I don't see why it's Nationwide's concern that I would be unable to pay off the Amex either, as surely that is Amex's concern (not that I'd ever spend too much on it anyway).

It's their concern if money is given and you are unable to repay.
Nothing in life is FREE, consider yourself lucky to have so much credit, with hardly any money to repay a loan if something serious were to happen to your parents.
My advice to you would be to start a life happens fund and an emergency fund just in case of emergencies.
Live life as if you are broke and before you know it, you would be amazed as how much you have saved.