To cancel cards or not to cancel the cards?

jazzyja

Ive already written a similar post but not much advice given. Im hoping to apply for a mortgage next year, income approx £2100 a month (average plus or minus overtime). I have 6 credit accounts - 
M&S - £1800 balance, £3000 limit 
Tesco - £1400 balance, £1500 limit
Barclays- £0 balance, £2000 limit 
Next store card - £400 balance, £3000 limit
Argos card - £0 balance, £200 limit (was offered limit increase but i said no) 
M&S, Tesco, argos are 1-2 years old. The barclays and next is about 5 years old. 
All credit cards will be completely cleared by the end of July. Im hoping to be applying for a mortgage this time next year. 

Please advise me on what to cancel cause its such a black and white area?! I was thinking cancel m&s, tesco and keep barclays, argos and next? Thankyou 

Ps also have a car on finance! 🙄 I mean, is this 'sufficient' enough for the banks to think I can manage my financial affairs?? If so il cancel the bloody lot! 

D3xt3r5L4b

The limits aren’t particularly high on any of them so will have little impact in cancelling them. 

You’re only going to get the same answers per your other duplicated post

jazzyja

D3xt3r5L4b said:

The limits aren’t particularly high on any of them so will have little impact in cancelling them. 

You’re only going to get the same answers per your other duplicated post

Theres alot available in terms of accounts though? I think 6 accounts is alot? I really dont know. If they have no impact I might just cancel the lot. My car finance is 10k

jazzyja

D3xt3r5L4b said:

The limits aren’t particularly high on any of them so will have little impact in cancelling them. 

You’re only going to get the same answers per your other duplicated post

Also I didnt get any answers 😂 just literally what you said. Im still no clearer whether to cancel. Regardless of the limits there's still 6 credit accounts available to me 

[Deleted User]

My advice remains the same. Low limits, not many accounts - keep them.

If you're going to get rid of any, then lose Next and Argos.

jazzyja

Deleted_User said:

My advice remains the same. Low limits, not many accounts - keep them.

If you're going to get rid of any, then lose Next and Argos.

OK thankyou. I just don't want to be seen as a risk having them available 

[Deleted User]

If any of them offer limit increases, make sure you accept them.

LordSomebody

The articles are all over the place. MSE’s first time buyer guide regularly references not having access to too much unused credit. Experian also cautions against access to too much credit. The advice is contradictory.

There is logic in keeping accounts open as emergency and to show you can resist temptation and keep utilisation low, but it’s quite legitimate to ask how lenders actually see this issue given there is guidance saying too much unused credit can be a turn off.

jazzyja

LordSomebody said:

The articles are all over the place. MSE’s first time buyer guide regularly references not having access to too much unused credit. Experian also cautions against access to too much credit. The advice is contradictory.

There is logic in keeping accounts open as emergency and to show you can resist temptation and keep utilisation low, but it’s quite legitimate to ask how lenders actually see this issue given there is guidance saying too much unused credit can be a turn off.

Thankyou. This is exactly what I mean. All I was hoping for was some opinions or maybe personal experience with mortgage applications and how they dealt with their cards. I think il keep the 2 open with larger available credit, get shopping on one pay it off in full etc and just close the rest and see how that works. My credit file isn't great so hoping shifting these will help. 

[Deleted User]

It'll make you look a little higher risk so make sure you keep the remaining two in pristine condition, using and clearing both in full each month in the hope they will increase your limits.

jazzyja

Deleted_User said:

It'll make you look a little higher risk so make sure you keep the remaining two in pristine condition, using and clearing both in full each month in the hope they will increase your limits.

I'm going to keep my barclays open, just because of its age. Although its available credit is slightly lower than the m&s. Not sure if age before available credit would work in my favour