Credit limit in total

[Deleted User]

MalMonroe said:

What do Experian, Equifax and Transunion say about your credit limit though? 

It's all very well having high credit availability but it's the paying it back that makes me wince. 

If I have the money I'd rather just pay. If I don't, I'd rather just wait. 

I've been in heavy debt before and I do not want to go down that road again. It took me a long time to recover.

As for 19 credit cards, I'm afraid I simply don't believe it, sorry noh. Call me a cynic. I have three and perhaps that's two too many but they're all paid off in full at the end of every month. If, indeed, they have any balances on them. . .  

Why do you want to accuse someone of lying? Not very MSE is it?

I have 7 - 3 were long term spending cards, my oldest plus a cashback and a Sainsbury's card but all my spend is now on the cashback card due to the drop in points from Sainsbury's on the card so I am half tempted to close it and see if the BT card is available next year for stoozing purposes - though they are giving me offers at the moment and upped my limit so probably going to keep it. I spend on the oldest periodically. Other 4 are BT cards holding 0% balances being paid down 

martinbainbridge1975

previously had 40 grand plus available across 5 cards, my earnings were 22-23k at the time so yes it is possible

noh

MalMonroe said:

What do Experian, Equifax and Transunion say about your credit limit though? 

It's all very well having high credit availability but it's the paying it back that makes me wince. 

If I have the money I'd rather just pay. If I don't, I'd rather just wait. 

I've been in heavy debt before and I do not want to go down that road again. It took me a long time to recover.

As for 19 credit cards, I'm afraid I simply don't believe it, sorry noh. Call me a cynic. I have three and perhaps that's two too many but they're all paid off in full at the end of every month. If, indeed, they have any balances on them. . .  

Seems I have 20 credit cards plus PayPal credit which TransUnion and others treat as a credit card. Here is a screenshot from credit karma (TransUnion). I simply have not bothered to close any cards. Some but not many have been closed by the provider due to non use.
I started stoozing before it was called that. Stopped when it was no longer profitable but recently started again.
I am retired now with income of £30k.

noh

This is ClearScore (Equifax)

phillw

credit karma say my credit limit is double my income, they tell me to "keep it going".

They are only saying I have "more to do" as I've opened 7 accounts since 01 Jun 2022

I assume they don't mean that I should open more ;-)

Dandytf

I'm thinking if Reducing my total limits from 23100 to 15500 approx.
Basically Closing 3 cards.
Total utilisation would increase from 12% up to 17%.
Is this irrelevant with any Score effect.
I plan to reduce more cards later in year when smaller balances are cleared.

Ebe_Scrooge

Dandytf said:

I'm thinking if Reducing my total limits from 23100 to 15500 approx.
Basically Closing 3 cards.
Total utilisation would increase from 12% up to 17%.
Is this irrelevant with any Score effect.
I plan to reduce more cards later in year when smaller balances are cleared.

Your score is irrelevant, it plays no part in lending decisions.  The difference between 12% and 17% utilisation percentage will be negligible (and is totally irrelevant if you're clearing the card in full every month).

However, a lender will look at your total outstanding debt, and the manner in which you're repaying it - only paying the minimum amount on an interest-bearing debt, for instance, is generally viewed very negatively.

Dandytf

Ebe_Scrooge said:

Dandytf said:

I'm thinking if Reducing my total limits from 23100 to 15500 approx.
Basically Closing 3 cards.
Total utilisation would increase from 12% up to 17%.
Is this irrelevant with any Score effect.
I plan to reduce more cards later in year when smaller balances are cleared.

The difference between 12% and 17% utilisation percentage will be negligible (and is totally irrelevant if you're clearing the card in full every month).

 - only paying the minimum amount on an interest-bearing debt, for instance, is generally viewed very negatively.

thanks as I don't have any minimums, though did reduce a few DD repayments whilst snowballing continues.
I'll close 2 immediately, and quite possibly 3 total today, only small what was Amazon to Pulse balance to repay and that's then 3 non used cards to be closed.

Edited.
3 cards closed, simple, only Prime Account to update.

thanks

Dandytf

and what arrives from Vanquis today...3.8% balance transfer offer 6 months.
Since yesterday's closed Chrome card.
What could have been 😂

Ebe_Scrooge

Dandytf said:

and what arrives from Vanquis today...3.8% balance transfer offer 6 months.
Since yesterday's closed Chrome card.
What could have been 😂

Not sure I understand the problem.  3.8% for 6 months is hardly the most generous offer in the world - you'd be better off just paying off the existing debt.  And if you're not in a position to be able to repay within 6 months, what happens when the 3.8% offer expires?