To cancel cards or not to cancel the cards?

Emmia

Ok - I think I responded to your last post, however before we applied for our first mortgage I had:

Barclaycard - £2,500 limit (I keep rejecting offered increases) which I've had for 15+ years
Mint Card - £5,000 limit - 6+ years
Next Account - £3,000 limit (I think) 10+ years

I shut the Mint and Next Accounts, both of which had a zero balance as I didn't use them and saw no point in keeping them. I use my Barclaycard, but pay it off in full each month. 

Doing this made no difference to my "score" on the credit file which was at the maximum anyway, but the HSBC mortgage advisor seemed happier they'd been shut.

Personally I'd close all accounts you're not using - having so many to keep an eye on must increase the risk of fraud...

jazzyja

Emmia said:

Ok - I think I responded to your last post, however before we applied for our first mortgage I had:

Barclaycard - £2,500 limit (I keep rejecting offered increases) which I've had for 15+ years
Mint Card - £5,000 limit - 6+ years
Next Account - £3,000 limit (I think) 10+ years

I shut the Mint and Next Accounts, both of which had a zero balance as I didn't use them and saw no point in keeping them. I use my Barclaycard, but pay it off in full each month. 

Doing this made no difference to my "score" on the credit file which was at the maximum anyway, but the HSBC mortgage advisor seemed happier they'd been shut.

Personally I'd close all accounts you're not using - having so many to keep an eye on must increase the risk of fraud...

OK thanks for that I know i am just being overly cautious and repeating myself but this mortgage malarkey is taking over my mind completely, and I fretting about pretty much everything 

D3xt3r5L4b

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.

MSE are not lenders and neither are Experian.
Experian will also advise you that you should open more accounts to “boost your score”. 

Go figure. 

D3xt3r5L4b

jazzyja said:

Emmia said:

Ok - I think I responded to your last post, however before we applied for our first mortgage I had:

Barclaycard - £2,500 limit (I keep rejecting offered increases) which I've had for 15+ years
Mint Card - £5,000 limit - 6+ years
Next Account - £3,000 limit (I think) 10+ years

I shut the Mint and Next Accounts, both of which had a zero balance as I didn't use them and saw no point in keeping them. I use my Barclaycard, but pay it off in full each month. 

Doing this made no difference to my "score" on the credit file which was at the maximum anyway, but the HSBC mortgage advisor seemed happier they'd been shut.

Personally I'd close all accounts you're not using - having so many to keep an eye on must increase the risk of fraud...

OK thanks for that I know i am just being overly cautious and repeating myself but this mortgage malarkey is taking over my mind completely, and I fretting about pretty much everything 

Make sure you use a decent broker then and you’ll be able to get a mortgage regardless. 

Emmia

MSE are not lenders and neither are Experian.

Experian will also advise you that you should open more accounts to “boost your score”. 

Go figure. 

Experian tell me I should increase my credit limit on my 1 credit card to maintain my score.

I'm not doing this as I have no need for more credit, and I'm averse to having access to credit for the sake of it.

Emmia

jazzyja said:

OK thanks for that I know i am just being overly cautious and repeating myself but this mortgage malarkey is taking over my mind completely, and I fretting about pretty much everything 

Applying for a first mortgage is stressful -  step back, look at your financials objectively, and then honestly answer the question.

"would you lend a large sum of your money to a stranger with your financial history/record?"

because that's what you're asking a bank to do, whether you go direct or via a broker. 

jazzyja

Emmia said:

jazzyja said:

OK thanks for that I know i am just being overly cautious and repeating myself but this mortgage malarkey is taking over my mind completely, and I fretting about pretty much everything 

Applying for a first mortgage is stressful -  step back, look at your financials objectively, and then honestly answer the question.

"would you lend a large sum of your money to a stranger with your financial history/record?"

because that's what you're asking a bank to do, whether you go direct or via a broker. 

Yes I would 😂 (crying inside). I've rented for 13 years. Never once missed my rent or been late with it. Thats what frustrates me. I know its different, I know mortgages can change % etc. But i just wish it counted for something. I will get this debt shifted and make myself look the best I possibly can. Currently making a detailed incoming and outgoing spreadsheet now. Thanks for your help 

D3xt3r5L4b

Emmia said:

MSE are not lenders and neither are Experian.

Experian will also advise you that you should open more accounts to “boost your score”. 

Go figure. 

Experian tell me I should increase my credit limit on my 1 credit card to maintain my score.

I'm not doing this as I have no need for more credit, and I'm averse to having access to credit for the sake of it.

My point exactly.
Credit Karma is telling it’s users they need a credit card with at least a £15k limit to raise their “score” to the next level. 

It’s blooming’ ridiculous.