Does having too many credit cards affect you credit score?
Ladleboy
Posts: 2 Newbie
Morning all,
First post so be gentle......
Basic background. Full time working couple who use CC,s as a way of earning cash back. Always pay monthly bill off in full.
Have just swapped from a Tesco CC to the Amex platinum cash back card with the £25 annual fee. We spend around £20k a year on it and the £65 vouchers we received this month didn’t seem a fair return hence the swap to Amex.
Looking to use this card to get the full use of the 5% cash back and then maybe move on?
Do you think that’s wise or with our spending we’re best to stay?
If we move on any recommendations?
And finally, with so many active credit cards will this adversely affect our credit scores?
Many thanks for the help.
Shaun.
First post so be gentle......
Basic background. Full time working couple who use CC,s as a way of earning cash back. Always pay monthly bill off in full.
Have just swapped from a Tesco CC to the Amex platinum cash back card with the £25 annual fee. We spend around £20k a year on it and the £65 vouchers we received this month didn’t seem a fair return hence the swap to Amex.
Looking to use this card to get the full use of the 5% cash back and then maybe move on?
Do you think that’s wise or with our spending we’re best to stay?
If we move on any recommendations?
And finally, with so many active credit cards will this adversely affect our credit scores?
Many thanks for the help.
Shaun.
0
Comments
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Ignore your score as they’re made up.
Use the cards and pay them back in full each month and you’ll look favourable to lenders in future0 -
depends on what you want the points/cashback to do and whats best for you
after 3 months it goes to 1.25%, spending 20k a year will give you £200 a year ongoing - not many, if any, will offer more than around 1% ongoing
i assume the £65 on tesco if for the quarter? considering you can triple that on nights out, short stays etc, that is not too bad going.
if you travel frequently, maybe look into air miles like BA or Virgin cards?0 -
I have about 6 cards or more (lost track of it), used for different points or miles programmes. No problem with getting more if needed. Just keep them open and don't go too close to credit limits.0
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I also have 4 credit cards at the moment. My credit score is lower that it used to be, but that might have to do with recent application searches.0
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Deleted_User wrote: »It's more likely to be due to the number of shopping days until Christmas.
Or the amount of times you've made that..ahem joke
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