How many is too many?

It would seem that from my sisters and my partners experience that Nationwide after a good few months of banking with them seem to throw everything at you, overdrafts, credit cards and loans.

Makes me wonder why I haven’t put my main bank account with them.

eskbanker wrote: »

Do you have any meaningful evidence to support these? Before you ask, I don't have anything concrete that contradicts them, but I'm not the one making the counter-intuitive generalised assertions about lender behaviour and would expect them to use reasonably well-structured decision-making processes that take into account all relevant factors for an individual, based on their circumstances....

Common knowledge amongst those of us who have bothered to investigate it. For example take a look at a Clearscore report: You will find almost exactly the same conclusions on longevity and credit limits that I posted.

eskbanker wrote: »

Aren't you mixing up correlation and causation here - you adopted a certain approach to populating a credit history and your situation improved, but that doesn't necessarily imply that one actually caused the other.

As I said it's debatable and I outlined my own personal experience which I do rather a lot in my posts on MSE Forums. However I have done a lot better in rebuilding my credit history than those I know who concentrated on credit cards alone. However it pretty much goes without saying that dependence of credit card accounts to build or rebuild a credit history is pretty much a fallacy.

eskbanker wrote: »

I wasn't challenging your statement about longevity, which, as you say, is common knowledge, but I still haven't seen or heard anything that endorses your view about how lenders "judge low credit limits on existing credit accounts as suspicious" and can't see anything to that effect on Clearscore. You might be right that OP would be looked on more favourably if they keep their highest limit CC and close the rest on the basis that they have low limits, but it would surprise me if it was that simple, hence asking if there was anything that endorsed your suggestion.

Oh dear, can you hear me sighing from there?

On my clearscore report the first page I see after clicking on "Report" states:

Things you're doing well

You don't have any court judgements, bankruptcies or Individual Voluntary Arrangements
You have no accounts in default or repossession
You have held at least one of your accounts for several years
Very few/none of your accounts have overdue payments
Your largest credit card limit is relatively high
You have stayed within your credit card limit in the past year
You're using a small amount of your total credit card limit (below 50%)
Your current Telecoms balance is relatively low

eskbanker wrote: »

Sounds like a strawman argument to me, I don't see anyone claiming that re/building a credit history is dependent on credit cards, although some posters have rightly taken issue with one poster's dismissal of credit card use as 'nonsense'

i.e. in this thread? Also you can see it in numerous other posts: People tend to equate "Credit History" with "Credit cards" as if that is the only form of credit which will build a credit history. As I said, that is a fallacy.

Are you criticising my post just for the sake of criticism or do you have a point to make? If so what is your point?

If you wish to disagree with what I have posted then you will need to post qualifying links.

eskbanker wrote: »

You obviously feel that this supports your view on low limits in some way, but, again in the context of you recommending to OP that they shut down lower limit cards, the Clearscore quote refers to size of 'largest credit card limit', as well as the benefit of a low total utilisation percentage (which obviously increases if closing cards). Worth bearing in mind too that this is just Clearscore's perspective, which obviously isn't necessarily indicative of how lenders see things.

I don't disagree that it's a fallacy, but still don't see anyone in this thread claiming that credit cards are the only way to build credit history! I can't say I've gone looking for such claims elsewhere but if you disagree with what 'people' are posting on other threads then why not take it up with them over on those?

My point is that, not for the first time, your opinions on credit management are at odds with many others' and so, in the context of an OP looking for guidance, I was wondering if you actually had anything meaningful to back them up. I now have my answer, thanks, and hopefully so does OP and anyone else still reading....

Kind of you to invent some new posting rules, I look forward to you following them!

The whole of your post is just banter. It doesn't say very much at all and certainly is not qualified and equally doesn't contribute anything but banter to the discussion. If you disagree there must be an alternative so what is that alternative and where is the qualification? If you don't disagree what is the point of your post?

On my own account I have qualified my post with a quote from Clearscore. If what I say is a figment of my imagination and at odds with others where did Clearscore get it from?

If played correctly credit cards can save you 1000's in the right circumstances. I have a Flybe credit card that, for me anyway, has done just this in the last few years. Used to get 4 of us flown up to my mums for approx quarter of the normal cost (maybe less) but sadly they've stopped the route now!! Still need to try and get rid of 6 UK and 3 EU vouchers (pay taxes only) in the next 6 months or so.....but hey, they cost me nothing!!

Only got back into Amex again in the summer because of this and since then i've saved 100's . Their opening account and ongoing offers are a goldmine and December past was brilliant!! Off the top of my head highlights were linking MR points to Amazon for very decent reductions, 10% off Morrisons for whole month and £10 off £30 for fuel at BP. That last one was used 6 times between me and my wife. Even put a couple of small donations towards charities That's not even bringing Avios into it which i haven't used yet but hope to do in future!!

Here's a quick example...time it right, which admittedly i didn't this year, and you easily end up with £200 worth of Sainsburys vouchers from Nectar Amex when Sainsburys ran their double points offer. Have a partner????....then double it!!!

Until a week ago i was running 6 Amex cards alone.....cut that back to 3 now!! If their offers are still running in 6 months from now i'll rinse and repeat!!

Don't know of any debit cards or bank accounts that offer you this kind of stuff for nothing!!

2 rules only-

DON'T change normal spend

and set up D-D to clear every month!!

ps- i'm not even a big player and haven't got into Avios yet!!