Opened and closed accounts on credit report

dazzaofdagenham

Wife checking her credit report on equifax
over the past years several open and closed accounts for phone contracts
3 kids with phone contracts ( sim only ) but obviously in wife’s name....each year we tend to change the kids package and supplier to get the best deal....
so her credit report shows several accounts opened and closed a year later....all up to date with green dots etc
could these be seen as a “unstable”  credit report as said by a mortgage broker....he understand the reason why we chop and change these sim only packages, but the fact that over the years her credit report shows accounts open for just one year could be seen as “unstable” by a mortgage lender.

your thoughts please 

[Deleted User]

Changing utility accounts won't be a problem for lenders.

dazzaofdagenham

How about credit accounts

for me...I’ve had several cards opened and closed over the last 4 years purely to obtain the bonus with them.....Sainsbury’s points and AMex card for flight voucher....always paid them off and account shows as settled with green dots.

My mortgage broker didn’t seem to think these are a issue....but wanted further backup opinions before I apply for my remortgage 

[Deleted User]

Unless you've had bucketloads closed very recently, I wouldn't be concerned.

dazzaofdagenham

Bucketloads ....no.
sainsburys card opened in 2015 and closed 2017
amex card opened 2017 and closed 2019
2 other cards still open but only open for 2 years 

mwarby

If you are only having accounts open for promotional period, this might put lenders off offering you a credit card in future as they fear they’ll not make a profit, it wouldn’t be a huge concern to mortgage lenders though

maxximus75

The only thing really is that you lower your average age of accounts. 

Lenders do tend to favour long standing accounts.  So as long as you have some of those on your reports I doubt it will be an issue?

dazzaofdagenham

In the last couple of years I have tended to change utility...credit cards....phone contracts 
because each year the offer I have is out dated and another supplier will offer better product.....so I would suggest the average age of my accounts is pretty low....the longest card I’ve had is my barclaycard since 2003....not sure why I even keep it....but other than that my credit file “looks clean”....