Is it ok to have more than 3 Credit cards ?

DJMK4 said:
Whilst on subject, I think its appauling that if it is true that your credit score goes down if you cancel a card. This should be scrapped. There are many people out there that are trying to reduce their debt, once done, cancel. A service you no longer require. Some people may have multiple cards and want to reduce them down, will they get stung because they cancelled?
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I think it goes up actually! That's what I've always been told :confused:
 
PeterNem said:
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.
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This. :cool:
 
One of my credit cards has a high limit on it, but i haven't used in a while (6 months ago). I rarely use it really, just for big purchases.

Does keeping a credit card and rarely/not using it affect your credit rating?
 
I'd imagine a lot of credit cards (assuming they're not all maxed out) will look good on your credit history. Will show you're sensible.

Swings and roundabouts though, as it may make someone who is checking your credit wonder why you needed so many of them.
 
jasonsony735 said:
I take it that as long as you always make payments on time and never miss any it will boost your credit rating right ?
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its fine just do not go above 60% use for all combined credit cards.

So if the situation occurs, that you need to max out a credit card, apply for another just to have more credit so your % is lower.

Once you begin reaching the limit, credit card companies become nervous. This man has a limit of £10,000 across 3 cards and he is @ 90%. You will at that point be declined for the 4th card.
 
Monkeynut said:
If you've not had much credit before (In my case just a mobile contract) is it likely the bank will still give me one?
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You'd be more likely to get one from your own bank, It would probably have a fairly low limit and wont be very competitive interest rate, but would do well for the purpose of building more credit history.
 
platinum87 said:
its fine just do not go above 60% use for all combined credit cards.

So if the situation occurs, that you need to max out a credit card, apply for another just to have more credit so your % is lower.

Once you begin reaching the limit, credit card companies become nervous. This man has a limit of £10,000 across 3 cards and he is @ 90%. You will at that point be declined for the 4th card.
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In the unlikely event we have any posters with less intelligence than the man who posted the above, this is nonsense, words imagined from a broken brain.
 
[FnG]magnolia;25673885 said:
In the unlikely event we have any posters with less intelligence than the man who posted the above, this is nonsense, words imagined from a broken brain.
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60% is a rough guess not an exact figure if that is your problem. Otherwise you should go and **** yourself.

Rossi~ said:
One of my credit cards has a high limit on it, but i haven't used in a while (6 months ago). I rarely use it really, just for big purchases.

Does keeping a credit card and rarely/not using it affect your credit rating?
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Generally what they would do is give you better APR/Higher limit to encourage spending, as long as you have a good history and do not miss payments.

I get calls asking if i want to "re-do my kitchen" or buy a car. Last time virgin did this i managed to get 1.5% fee for 18 months balance transfer directly into my current account so i paid off my other cards.

They technically loose money on that, but the idea is people are lazy and keep using the card after the offer has expired in which case the APR is 25% or so.

So i call another company to cancel my other card and get a new offer.

My dad did massive stoozing back when balance transfers had no fee's. He pretty much ran out of companies that give credit cards!
 
I find its good to have a 2 as you will always get 0% balance transfer offers from both of them and you can always make sure that you never pay any interest on them(excluding the transfer fee)
 
I have 2, I can't honestly think of a situation requiring more than that unless you're spending outside your means. In which case - no, don't do that, get a better job.
 
[FnG]magnolia;25673885 said:
In the unlikely event we have any posters with less intelligence than the man who posted the above, this is nonsense, words imagined from a broken brain.
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They do monitor your accounts though, my Barclaycard had the limit reduced from 5k to 3k as the balance was at about 2k for a year and I was only paying the minimum payment during that time.
 
Sorry to divert slightly,
But I was wondering recently if it was worth me getting a Credit card to improve my rating?
I got send stuff from the bank about getting one and was brought up to not get credit, but I'm saving for a deposit and heard it could help with getting a mortgage.
Would it be worth getting one and just using it for say travel to work & bills? The regular stuff I pay off anyway.
 
mattyfez said:
They do monitor your accounts though, my Barclaycard had the limit reduced from 5k to 3k as the balance was at about 2k for a year and I was only paying the minimum payment during that time.
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Strange they would do that. Usually they want people to get themselves in more debt (which I'm assuming since you were paying minimums you were struggling?)
 
'They'? Are you talking about the Banks offering the cards, the Schemes who back the cards, or something else?

If you're suggesting that your Barclaycard is monitored then I'm not going to disagree with you. If you're suggesting a limit was lowered because you hit some pan-card saturation point then I am probably going to disagree with you.
 
Why would people need more than one? I've got a Barclaycard with a £12,000 limit, why get another? I do keep a balance on it as I use it for large purchases and pay off using my bonuses throughout the year, not stopped me getting a mortgage or car finance though.
 
danielanthony said:
Why would people need more than one? I've got a Barclaycard with a £12,000 limit, why get another? I do keep a balance on it as I use it for large purchases and pay off using my bonuses throughout the year, not stopped me getting a mortgage or car finance though.
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Rate changes and perceived flexibility are the two common reasons.
 
I got a MBNA Credit Card when I moved and put a mail redirect for 6 months on my previous address in my name. Seemed my junkie cousin and her boyfriend, reason I left, signed up for it in my name. He went to Jail a year or so later for stabbing a taxi driver and I have not seen her since.

I Cut up her card and have been using my card for years never missing a payment.
They pumped my credit limit to 10k over that time and I use it for all things over £100.

Got a Halifax one now too but only used it for the 0% for so long on a big purchase at the time.

Two cards im happy with and MBNA have phoned a few times with fraud prevention when I have purchased quickly from two locations like USA then UK.

I Always keep balances in the black and make purchases on the days after the statement to help with repayment. Big purchases I'll preload the card with most of the cost and top up in the month before next statment. Two cards seem fine for all my spending.
 
How do you go about increasing the limit on your card? (assuming you're not at the limit?)

It'd be nice to be able to put bigger purchases on there.
 
GiraffePencils said:
Sorry to divert slightly,
But I was wondering recently if it was worth me getting a Credit card to improve my rating?
I got send stuff from the bank about getting one and was brought up to not get credit, but I'm saving for a deposit and heard it could help with getting a mortgage.
Would it be worth getting one and just using it for say travel to work & bills? The regular stuff I pay off anyway.
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I would, just make small purchases and pay it off in full every month. If you never get any credit then a bank is going to tell you politely to go away if you ask them for £250,000 for a house. By getting a card and being sensible with it you'll be proving to potential lenders that you can afford the credit, you're not reckless and you'll keep up with the payments on time. That'll help your score.

If you're only going to use it for things you pay for anyway as you stated, then it can only benefit you! Just be sensible and have discipline.
 
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