Too many cards!

GlasweJen

I've applied for and been given an AmEx card with a £9600 credit limit. This is my 6th credit card!

I need to thin down my credit cards but I'm worried that I'll end up messing with my credit score, is that a thing?

I have:

Barclaycard- limit £800 - 3 years held
MBNA - limit £3000 - 3.5 years held
Aqua - limit £1000 - 7 years held
Capital One - unknown limit - 8 years held
Vanquis - unknown limit - 14 years + held.

None of the cards have a balance. I switch between using the Barclay and the MBNA for a month at a time to keep them active but the others I haven't used in literal years. I know where the cards are but I don't want or need them. If I got rid of the Aqua, Cap One and Vanquis cards all at the same time would that dent my credit rating? 

My only other line of credit is a £400 overdraft and I've not used that ever. My phone and internet appear on my credit checking tool. 

Future plans wise I'd like a new sofa and would take finance if offered but I could afford the ones I'd like outright. 

[Deleted User]

There's no real need to close any down. Your overall limits aren't particularly high.

Lenders will assess you on how you manage your credit, so disregard any of the scores and ratings you're given by the CRAs, as they're not a 'thing'. Aim to show that lenders trust you, you can handle credit but you're not reliant on it.

Well done for staying out of your overdraft, as that's a positive. Avoid finance for things like sofas.

Cisco001

I personally would close card with high APR.
BTW, is any of those fee free for oversea transaction? Those 'travel' credit card is handy if you need to buy from non-UK retailer.

GlasweJen

We use my husbands Santander card when we're abroad.

I'm just going to get rid of the three subprime cards and be done with it. My credit utilisation % shouldn't go up in light of the new £9000 from AmEx and I've been with my bank for nearly 20 years so I have history.

eastcorkram

I must be doing it all wrong 😂.
I'm in my 60s, and I've only ever had one .

GlasweJen

eastcorkram said:

I must be doing it all wrong 😂.
I'm in my 60s, and I've only ever had one .

I think I'm the one doing it wrong, you're supposed to cancel them as you go!

as the new one is Amex I'm going to keep a visa/MasterCard account elsewhere and close the red. 

[Deleted User]

GlasweJen said:

eastcorkram said:

I must be doing it all wrong 😂.
I'm in my 60s, and I've only ever had one .

I think I'm the one doing it wrong, you're supposed to cancel them as you go!

Only if you have issues controlling your spending. If that's the case, stick with one of the lower limit cards. 

[Deleted User]

GlasweJen said:

eastcorkram said:

I must be doing it all wrong 😂.
I'm in my 60s, and I've only ever had one .

I think I'm the one doing it wrong, you're supposed to cancel them as you go!

as the new one is Amex I'm going to keep a visa/MasterCard account elsewhere and close the red. 

What types are your MBNA, Aqua, Barclays, Capital One and Vanquis?

Keeping multiple cards with low (<£1000) limits aren't usually worth keeping if you can get something better.

Having your own forex free card is useful even if partner/hubby has one.

GlasweJen

Deleted User said:

GlasweJen said:

eastcorkram said:

I must be doing it all wrong 😂.
I'm in my 60s, and I've only ever had one .

I think I'm the one doing it wrong, you're supposed to cancel them as you go!

as the new one is Amex I'm going to keep a visa/MasterCard account elsewhere and close the red. 

What types are your MBNA, Aqua, Barclays, Capital One and Vanquis?

Keeping multiple cards with low (<£1000) limits aren't usually worth keeping if you can get something better.

Having your own forex free card is useful even if partner/hubby has one.

The MBNA, Barclaycard and Vanquis are Visa.

The Aqua and Cap One are MasterCard.