Too many credit cards? aka "The Credit Card thread"

jaybee said:
I once heard/read that the very action of closing down a credit card can have a slightly (minor) negative impact on your credit history, and that it was better to just leave them open and running. I feel like I heard that on money saving expert but not sure. It seems madness that this could be the case?
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Probably minor unless you're habitually doing it. I don't like the idea of having lots of extra accounts running for no reason at all.
 
i have put all my wedding costs on a credit card, currently at just over 3k in total so far, will be about 8k in full.

Although i am getting a gift of 6k from parents towards it. Hopefully soon as i'm starting to pay interest on the balance.
 
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Bassmansam said:
i have put all my wedding costs on a credit card, currently at just over 3k in total so far, will be about 8k in full.

Although i am getting a gift of 6k from parents towards it. Hopefully soon as i'm starting to pay interest on the balance.
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In this scenario I would have been looking at an interest free one if you had a decent credit score.
 
robfosters said:
So if you get unlimited access to lounges, it’s pretty much equivalent to the £419 prestige level membership
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There is probably a limit, but I don't go THAT often to hit the limit.

Weirdly....my Priority membership is valid until 2027...So I could downgrade my Amex and still have that, in theory.

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Another weird thing, I got 2 of my friends into a lounge in Ireland on the way back...as it was Shannon Airport with nothing to do, and I don't recall seeing like a fee on my balance. If it was, it wasn't like £30 per person.

But when the lounge is good, at a busy airport, is very nice to have (not need obviously). Especially if you drink as often there is usually alcohol and self service. Since airport food isn't cheap, and along with a quiet corner to relax in, glass of beer, some hot food, or with coffee. Some with a shower too. Most have a limit of 3hrs though, as in you can only go in 3hrs from your departure time.
 
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Bassmansam said:
i have put all my wedding costs on a credit card, currently at just over 3k in total so far, will be about 8k in full.

Although i am getting a gift of 6k from parents towards it. Hopefully soon as i'm starting to pay interest on the balance.
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Do a BT if they're going to take any longer.
 
jaybee said:
I once heard/read that the very action of closing down a credit card can have a slightly (minor) negative impact on your credit history, and that it was better to just leave them open and running. I feel like I heard that on money saving expert but not sure. It seems madness that this could be the case?
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To a point.

I like to keep 40k of credit open.
I generally shift a perpetual 4-5k of debt around and then I have me general CC spending.
So that takes my debt to 5-7k (ie I buy a new TV).

7/40 is under 25pc credit utilisation, which is a good thing.


Like amny things in life extremes are bad. No credit... Or loads, are both not great. But some shows lenders you are responsible.
 
Back in the 90's I remember seeing a news story about a guy that had so many credit cards that he was a credit millionaire. A bit extreme!
I have 4 credit cards (HSBC, Tesco, Sainsburys, Amex,). Nearly everything I buy is on my Tesco card to get the triple points but might change this since they've change the rules.
 
dLockers said:
Do a BT if they're going to take any longer.
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2-3 months before my 0pc is going to expire I'll apply for new one.
Gives it time to arrive, if I don't pass the check gives me time to pay off old CC.

I always go for a 0pc fee, 0pc Apr offer too. I don't want to be paying 3pc of 5k each change!
 
panthro said:
Back in the 90's I remember seeing a news story about a guy that had so many credit cards that he was a credit millionaire. A bit extreme!
I have 4 credit cards (HSBC, Tesco, Sainsburys, Amex,). Nearly everything I buy is on my Tesco card to get the triple points but might change this since they've change the rules.
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Also need to look at my tesco cc. The points value has been diluted so far a new cc may be needed.
 
panthro said:
Back in the 90's I remember seeing a news story about a guy that had so many credit cards that he was a credit millionaire. A bit extreme!
I have 4 credit cards (HSBC, Tesco, Sainsburys, Amex,). Nearly everything I buy is on my Tesco card to get the triple points but might change this since they've change the rules.
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I deffo have a million of debt if you count actual debt + potential debt lol.

There was a lad that exploited a Clubcard trick with a Tesco Credit Card. Think he bought a grands worth of beans and with points stack/swaps/loyalty offers he managed to get like 4 biz class flights to Aus.
 
dLockers said:
I deffo have a million of debt if you count actual debt + potential debt lol.

There was a lad that exploited a Clubcard trick with a Tesco Credit Card. Think he bought a grands worth of beans and with points stack/swaps/loyalty offers he managed to get like 4 biz class flights to Aus.
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After a grands worth of beans he should have been able to propel himself anywhere anyway!
 
dLockers said:
I deffo have a million of debt if you count actual debt + potential debt lol.

There was a lad that exploited a Clubcard trick with a Tesco Credit Card. Think he bought a grands worth of beans and with points stack/swaps/loyalty offers he managed to get like 4 biz class flights to Aus.
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One of the well known ones was this guy in the US who went round buying really cheap deserts because each batch of barcodes gave him airmiles.

www.huffpost.com/entry/david-philipps-pudding-guy-travel-deals_n_577c9397e4b0a629c1ab35a7/amp
 
kieran_read said:
I don't even understand how credit ratings work, mine is over 950 and i've used 1 credit card once when I was 18 for like £10 never used one since.
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I'm going for 1000 on this. Stuff like phone contracts and other finance does count towards your credit score as well as car loans, anything that can prove you responsibly borrow money and pay it back works in your favour.

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