Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Ladleboy
    • By Ladleboy 10th Nov 18, 11:28 AM
    • 2Posts
    • 0Thanks
    Ladleboy
    Does having too many credit cards affect you credit score?
    • #1
    • 10th Nov 18, 11:28 AM
    Does having too many credit cards affect you credit score? 10th Nov 18 at 11:28 AM
    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 didnít 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 thatís wise or with our spending weíre 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.
    Last edited by Ladleboy; 10-11-2018 at 11:30 AM.
Page 1
    • Gary_Dexter
    • By Gary_Dexter 10th Nov 18, 1:19 PM
    • 2,584 Posts
    • 1,455 Thanks
    Gary_Dexter
    • #2
    • 10th Nov 18, 1:19 PM
    • #2
    • 10th Nov 18, 1:19 PM
    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 future
    • Craig1981
    • By Craig1981 11th Nov 18, 6:31 AM
    • 438 Posts
    • 203 Thanks
    Craig1981
    • #3
    • 11th Nov 18, 6:31 AM
    • #3
    • 11th Nov 18, 6:31 AM
    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?
    • Penelopa.Pitstop
    • By Penelopa.Pitstop 13th Nov 18, 1:57 PM
    • 367 Posts
    • 136 Thanks
    Penelopa.Pitstop
    • #4
    • 13th Nov 18, 1:57 PM
    • #4
    • 13th Nov 18, 1:57 PM
    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.

    • zentachi
    • By zentachi 13th Nov 18, 2:15 PM
    • 3 Posts
    • 0 Thanks
    zentachi
    • #5
    • 13th Nov 18, 2:15 PM
    • #5
    • 13th Nov 18, 2:15 PM
    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.
    {We have removed your signature - If you are not sure why please contact the Forum Team at forumteam@moneysavingexpert.com}
    • zx81
    • By zx81 13th Nov 18, 2:19 PM
    • 19,362 Posts
    • 20,688 Thanks
    zx81
    • #6
    • 13th Nov 18, 2:19 PM
    • #6
    • 13th Nov 18, 2:19 PM
    My credit score is lower that it used to be, but that might have to do with recent application searches.
    Originally posted by zentachi
    It's more likely to be due to the number of shopping days until Christmas.
    • Mr Underwriter
    • By Mr Underwriter 13th Nov 18, 2:44 PM
    • 11 Posts
    • 2 Thanks
    Mr Underwriter
    • #7
    • 13th Nov 18, 2:44 PM
    • #7
    • 13th Nov 18, 2:44 PM
    It's more likely to be due to the number of shopping days until Christmas.
    Originally posted by zx81
    Or the amount of times you've made that..ahem joke
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,469Posts Today

6,335Users online

Martin's Twitter
  • Watching Theresa May... seriously would anyone in their right mind truly want her job right now!

  • RT @thecheekypostie: @MartinSLewis Thanks to this, I have just skim read it. To those in Scotland - on page 548, Dounreay is mentioned by n?

  • Today's twitter poll: The 585 page draft agreement of the withdrawal of the UK from the EU has been published. A? https://t.co/8YLkPyzqYM

  • Follow Martin