Getting credit file in good order

magpies79

So as title states I’m trying to sort out my file for when we plan to sell our house and hopefully buy a bigger house.

so over the years I’ve managed to collect well a stupid amount of credit cards so I’m now in the process of wanting to close stuff down and just wanted some advice to make sure I’m doing the right thing so here’s my list yes I’ve gone overboard!!!! lol.

marbles card 0 balance limit £4,500 39% apr
4 years open 

fluid card 0 balance limit £3,450 apr 41% 5 years open 

Vanquis 0 balance limit £3,000 apr 59.9%!!
9 years open 

capital one 0 balance limit £2,200 apr 31% 3 years open 

118 balance 0 Limit £3000 apr 43% open 5 years 

captial one £100 balance limit £500 apr 27% 4 years open 

zopa £500 balance limit £220 apr 28% 5 years open 

Zable £1,200 balance limit £2000 apr 27% 4 years open 

Halifax balance £200 limit £1000 apr 21% this one I use for my monthly spend and clear every month 

so have 2 cards one which was opened recently that are 0% 

 Halifax with a balance of £3000 limit is £4000 27 months 0% just opened 

and a HSBC balance of £4000 limit is £5000 27 months 0% 7 months 

store cards 
 

Very balance £0 limit £4500 apr 39% open 2 years 

Argos balance £300 limit £3000 open 4 years on 0% 

next balance £0 limit £200 open 7 years 

so i can was planning on closing 
marbles 
Vanquis 
fluid 
118 
next
very 
both capital one cards when the last £100 is cleared.
so that will be 8 accounts to close.

currently have o2 contract £81 left to pay from a balance of £680 been with o2 for 10 years but will be moving to sim only once payed so will also close.

All the 0% have direct debits set up and have worked out to clear balance before 0% runs out, also doing 2 overtimes a month at work to make overpayments on the zopa and Zable 

should I close them all in one go or one a month does it make a difference credit file wise?

I currently owe £22k on house it’s worth around £180k hoping to buy a house next year for around £250-270k earn around 36k 
credit file shows no missed payments or negative markers for 6 years wife just started new job will hopefully be on £29k by then to.

Sorry for the long post but as always appreciate the advice on here.

maxximus75

Be careful when closing down too many card at once, as it can make your other creditors nervous and they start reducing credit limits or canceling accounts.

Concentrate on paying down your existing balances.  Close accounts gradually and ones that are no longer useful to you.  I'm hoping your figures for Zopa are incorrect otherwise you owe more than your credit limit?

Creditors like to see accounts that have been open longer so, take that into consideration to leave oldest accounts active.

If you are paying interest on any of your accounts, attack the hights APR first to clear it and work your way down.  Then I would tackle the 0% ones as you are using a high proportion of the available credit which is a red flag.

magpies79

Sorry yeah zopa is £2200 limit missed a 0 ok I have payments set up to tackle the 0% so they are cleared in time before they end the red flag for being close to there limits that will be a temporary red flag won’t it while I start to clear the 0%? 

I’m making over payments on zopa and Zable so will keep doing that.

gonna close very Monday then and wait a month or 2 and start to close another that are of no use 
thanks for the reply 

steven141

maxximus75 said:

Be careful when closing down too many card at once, as it can make your other creditors nervous and they start reducing credit limits or canceling accounts.

Concentrate on paying down your existing balances.  Close accounts gradually and ones that are no longer useful to you.  I'm hoping your figures for Zopa are incorrect otherwise you owe more than your credit limit?

Creditors like to see accounts that have been open longer so, take that into consideration to leave oldest accounts active.

If you are paying interest on any of your accounts, attack the hights APR first to clear it and work your way down.  Then I would tackle the 0% ones as you are using a high proportion of the available credit which is a red flag.

Will existing creditors be notified if you close down your other accounts?

Nasqueron

steven141 said:

maxximus75 said:

Be careful when closing down too many card at once, as it can make your other creditors nervous and they start reducing credit limits or canceling accounts.

Concentrate on paying down your existing balances.  Close accounts gradually and ones that are no longer useful to you.  I'm hoping your figures for Zopa are incorrect otherwise you owe more than your credit limit?

Creditors like to see accounts that have been open longer so, take that into consideration to leave oldest accounts active.

If you are paying interest on any of your accounts, attack the hights APR first to clear it and work your way down.  Then I would tackle the 0% ones as you are using a high proportion of the available credit which is a red flag.

Will existing creditors be notified if you close down your other accounts?

They will see it as a closed account on your report. I closed a Santander CC that was empty and it's showing on my file and settled/closed