Credit card limits

RBYHS

Upon checking my Credit Karma app, I have found that apparently having 4K+ credit limits between all you cards help your history/score (I know the score is meaningless) and shows that you are capable of managing all of the limits. Is this true?

thank you 😊

[Deleted User]

No.

It all depends on your circumstances.

What limits, debts and income do you have?

RBYHS

Aqua 1: Credit Limit £600 balance £200
Aqua 2: Credit Limit £600 balance £11
Marbles: Credit Limit £600 balance 0
Capital One 1: Credit Limit £200 balance £34
Capital One 2: Credit Limit £1200 balance £300
Zopa: Credit Limit £300 balance 0
Vanquis: Credit Limit £250 balance £16

I am thinking of closing some accounts down as I really don’t have the room in the wallet for all of them. 

I always pay my credit card in full every month so the balance is always cleaned up. Never paid any interest. 

Salary 35k but with bonuses and overtime 38k and I am about to turn 20. 

[Deleted User]

Don't judge your credit by the size of your wallet.

Accept any limit increases you get offered but don't close anything down.  Buy a bigger wallet if you need to carry them all simultaneously.

RBYHS

I was joking. I wouldn’t dream of carrying them all with me. 

I am also worried that I might have too many credit cards? It wouldn’t bother me leaving them open as I can simply stop applying for any of them as I have enough and the brand doesn’t bother me and neither does the APR. So in your opinion I should leave them all open, accept any credit limit increases and run them all regularly?

[Deleted User]

Correct.    

RBYHS

Thank you. That’s what I will do for sure 😊

funkycredit

Your cards are all sub-prime; presumably as a result of your age / not having credit in the past. You should ultimately try and get a card from your primary bank - where your wages are paid into. If that's Barclays I'd move to a bank with internal offerings, all barring Barclays, then apply to them as your internal scoring should help. 

My credit cards with my banks (nationwide / Santander / Lloyds / Halifax) all have decent 5 figure limits with ok rates. So your main bank is always ideal to start getting prime cards. 

Maybe try an eligibility for a prime card so you can close the subprime ones down? Keep your oldest card - as that'll help show stability, regardless of limit. Test MBNA / Virgin eligibility and see if you're eligible.... I would, no harm as it's only a soft search. 

Thrugelmir

RBYHS said:

Upon checking my Credit Karma app, I have found that apparently having 4K+ credit limits between all you cards help your history/score (I know the score is meaningless) and shows that you are capable of managing all of the limits. Is this true?

If you lose your job/income for any reason. Then management of limits is totally irrelevant. How you will be perceived is the likelihood of you repaying the borrowed money back.  From a variety of factors lenders are able to classify people into distinct groups. 

RBYHS

I am currently not eligible for any other credit cards. I’ll just wait until I can get a prime card and then closing some off. But I won’t close my oldest one which is Vanquis. Thank you for your advices! 

RBYHS

And I bank with Barclays