Open credit accounts

Blondetotty

I've finally been able to pay off all my credit card and loan debts and am now looking for a larger mortgage.  I have 31k worth of available credit spread across 5 credit cards so would it be best to leave these as they are, reduce some of the available credit (lower limit) or close some of the card accounts.  The loan account has obviously been closed.  All of the cards I've had for a long time so they're not new or anything, they're all 10+ years old but I'm not sure of the available credit/number of cards/movement on my credit report ideal sweet spot would be.  Any ideas?

[Deleted User]

No need to close any of them unless you'll have issues in controlling your spending.

Blondetotty

No, they're all cut up (apart from 1) so I don't physically use them anymore anyway.  I guess I'd only use the one remaining non destroyed one if I was buying something large for the financial protection but I don't foresee that happening as I'm concentrating on the larger mortgage and not going on a spending spree.   

[Deleted User]

Is your over spending more of an issue than wanting a solid credit history?  If so, then you've probably done the right thing in cutting up the cards.

But If you're looking to maintain or build your credit reports, you've going to want to use at least one card regularly (not just for large purchases) and ideally get cards for the others so you can keep them from going dormant.

But it's all about the bigger picture.

Blondetotty

No, I don't have any issues with overspending, I cut them up just because I don't want to use them.  It's more of an issue with the affordability calculators that the mortgage company use.  Zero debt allowed me to get a better rate and increase my mortgage to cover the 50% staircasing that I need.  I was just curious as to whether the available credit I've got would count against me and whether it would be better to reduce it down.  My credit report itself is excellent.  

cymruchris

I would say your current limits are reasonable and wouldn't close any of the accounts. Based on your ability to keep control - I'd get the cards replaced - and keep the accounts active by putting through an item or two on each every month and paying in full. If you don't there's a chance that the card provider may come to the conclusion that you're not using the card at all, and start reducing your credit limit. That is something that 'could' be viewed negatively depending on how the facts and figures are churned by the algorithms.