Is it ok to have more than 3 Credit cards ?

It's certainly okay. Whether or not it's good or bad for your credit rating will very much depend on your circumstances. Too much unsecured credit, or too high use of what unsecured credit you do have, might make a lender more reluctant to offer other lines of credit in the future.
 
No no, no no no no, no no no no, no no there's no limit!

I had 4 at one point and it never seemed to be an issue. Always paid them off on time and one was only a reserve for emergencies. Just use 2 now.
 
As long as they're not maxed out all the time then its fine :)

I have 4 if I'm honest I don't really know why. I do like how they keep upping the credit limits kinda of daring me to max it out :D
 
I have 2 credit cards, and one is in credit of £10. Is this a good or bad thing? Experian says that my credit rating is being affected because I don't have any settled credit accounts. Would I be better withdrawing that £10 and/or closing the card? It's unlikely I'll ever use it.
 
0 credit cards.

I'll use credit for a big purchase (car etc) if I cannot get the large amount of money together but apart from that if I can't afford it I don't buy it.

Whilst some can run credit cards very well and responsibly for every one of those there are 9 others debted up to the eyeballs and now living month to month on credit only.
 
if I can't afford it I don't buy it.
Click to expand...

That ethos and having a credit card (or several) are not mutually exclusive. But yes - you do need to be disciplined. The easy way is to just set up direct debits to clear them in full every month and only spend what you would have otherwise spent on a debit card, but then reap the rewards in terms of cashback/Avios/Clubcard points/etc
 
Hmm agreed my sisters racked up around £25k debt on hers. She doesn't understand the difference between having money and the limits on cards. Especially overdrafts.
 
While you might say you're keeping three cards under tight control, we on GD just raise a collective eyebrow and suspect your maxing them out and burning the scary letters from the card companies.

The truth is one thing, appearance is another...

The latter is the one that matters. :D

Personally, I think two seems a more acceptable number.
 
I have 2, one for day to day spending, one for emergencies.

Both set up to clear the balance by Direct Debit at the end of each month.
 
Ahleckz said:
I have 2 credit cards, and one is in credit of £10. Is this a good or bad thing? Experian says that my credit rating is being affected because I don't have any settled credit accounts. Would I be better withdrawing that £10 and/or closing the card? It's unlikely I'll ever use it.
Click to expand...

Non issue, but if you have no other history of credit it could be worth using the card and paying the balance off right after the statement for a couple of months so it registers on the report.

By doing this you effectively are settling the account (though it won't say "settled" until you close.

If you do have other forms of credit, ignore and carry on
 
I treat my credit card as my debit card. Pretty much everything goes on my credit card and then it gets paid off in full every month. I'm grateful for the protection and the very 'minor' boost I get from having that cash sitting in my current account earning 'some' interest.
 
At one point I think I had 13 active credit cards, but never with any more than 2 with anything on them. I just used to take out a new card when 0% was available and just never bothered cancelling the old ones.

Now I just have 3, 2 I use, I for personal online purchases and one for work purchases. The other I do not actually have a card for and I am just waiting for it to be auto-cancelled at card renewal time.

Last I checked I had excellent credit.
 
Kol said:
I treat my credit card as my debit card. Pretty much everything goes on my credit card and then it gets paid off in full every month. I'm grateful for the protection and the very 'minor' boost I get from having that cash sitting in my current account earning 'some' interest.
Click to expand...

This.

Plus the Tesco points are a nice bonus ;)
 
I opened an MBNA card about 10 years ago, do a £50 Tesco spend on it once a month and let it clear automatically by direct debit. This was supposed to be good for my credit rating. 2 years later, bought a house and got a mortgage no probs. I went to France last month, and my old folks said to use the credit card there as opposed to debit card as it was meant to be more secure. Other than that, just for emergencies like when my boiler required a £370 repair back in 2012. Credit limit has soared to nearly £5,000 over the years. Why I would need more than 1 card I don't know.
 
No1newts said:
0 credit cards.

I'll use credit for a big purchase (car etc) if I cannot get the large amount of money together but apart from that if I can't afford it I don't buy it.

Whilst some can run credit cards very well and responsibly for every one of those there are 9 others debted up to the eyeballs and now living month to month on credit only.
Click to expand...

If i buy something the money is in my bank, the credit card is just a medium to pay for it there and then, i normally pay them off early.

Then again i don't use it enough that i always remember to check it, got a minimum payment set up just in case.

If you use it for every day things like food and petrol then i hear it's good for you, most people abuse them though.
 
Yep, have had credit cards since I was 18, havent paid any interest on any of them, always balance transfer well before they are due. I used to just pay the minimum and bank the cash every month, it got to a level I was uncomfortable with, so i've paid the majority off. Still a little way to go but cant wait to close it all down. Ill keep one for emergencies.
 
You must log in or register to reply here.
Back
Top Bottom