Advice on what to do

themorganator4

Hi all,

I have 5 credit cards currently, all which will be paid off in the next year or so. I am currently after advice on whether I should cancel some or not, info is below:

card 1, £0 balance, had for about 3-4 years, seldom used, limit of £3500

Card 2 £2850 balance, had for a year, last used about 2 months ago, making regular payments, limit of £3100 interest free.

Card 3 £190 balance, had for 3 months, will be paid off on payday, used almost daily (cashback card) limit of £8000

Card 4 £2200 balance, had for a month, making min payment (interest free), limit of £4000

Card 5, balance of £20, had for 4 months, used almost daily up until a month ago now rarely used, limit of £1500 (will terminate in april 2020, tandem card)

[Deleted User]

It depends on your income, your credit objectives, the benefits each offers, your debt, whether you plan to use them, whether you have trouble controlling your spending and so on.

Generally there's no need to cancel them unless they're dwarfing your income.

themorganator4

Well I plan to apply for a mortgage in 5 years or so. The total avaliable credit is about 1/3 of my income give or take. I have no other debt (apart from a small loan which will be paid off by next year)

[Deleted User]

I'd keep them. Most of your limits are fairly low and don't appear to be causing any problem.

Maybe try for a more premium card that might give you a higher limit or better benefits.