Credit rating query re credit/store cards

[dmo]

I have 4 credit cards, and 3 store cards, with credit limits ranging from
£250-10,000.

My credit history on all cards should be pretty good. The balance on all
cards would usually be paid in full on a monthly basis.

Does having this number of cards affect my credit rating positively or
negatively? Would I better to 'kill off' the cards I don't really use?

There's no particular reason for asking, mostly just curious about how the
'system' works

 

[Jonathan Bryce]

I have 4 credit cards, and 3 store cards, with credit limits ranging from
£250-10,000.

My credit history on all cards should be pretty good. The balance on all
cards would usually be paid in full on a monthly basis.

Does having this number of cards affect my credit rating positively or
negatively? Would I better to 'kill off' the cards I don't really use?

There's no particular reason for asking, mostly just curious about how the
'system' works

Probably positively, as it shows you are able to pay loans off on time. It
will depend on the particular lender though.

 

[Zoe Brown]

I have 4 credit cards, and 3 store cards, with credit limits ranging from
£250-10,000.

My credit history on all cards should be pretty good. The balance on all
cards would usually be paid in full on a monthly basis.

Does having this number of cards affect my credit rating positively or
negatively? Would I better to 'kill off' the cards I don't really use?

There's no particular reason for asking, mostly just curious about how the
'system' works

There is no such thing as a rating. Data about how you deal with credit is
collected and when you apply for credit a company might look at your file.
They will use their own criteria to "score" you and decide if you are worth
the risk. Generally having lots of credit and paying it off on time looks
good but there might be a point when a company will not lend if they
consider you have too much credit.

 

[Tim]

There is no such thing as a rating...

Really?

They will use their own criteria to "score" you ...

Isn't that a "rating"??

 

[Zoe Brown]

Really?

yes, there is no one rating that exists...

 

[Tim]

yes, ...

I don't agree.

... there is no one rating that exists...

Of course, because there are *many*.
But you said before "there is no such thing...", which I contend is *false*.

 

[Zoe Brown]

I don't agree.


Of course, because there are *many*.
But you said before "there is no such thing...", which I contend is
*false*.

I said "there is no such thing as A credit rating". I then went on to
summarise how the scoring system works...

 

[Tim]

I said "there is no such thing as A credit rating".

But there *is* such a thing as "a credit rating".
Bank1 will assess "a credit rating" if you apply there, Bank2 will assess
(possibly a different) "credit rating" if you apply there etc etc.

I then went on to summarise how the scoring system works...

Exactly. You started off by saying that there wasn't such a thing as a
credit rating, then you went on to describe one. How silly!

 

[Zoe Brown]

But there *is* such a thing as "a credit rating".
Bank1 will assess "a credit rating" if you apply there, Bank2 will assess
(possibly a different) "credit rating" if you apply there etc etc.


Exactly. You started off by saying that there wasn't such a thing as a
credit rating, then you went on to describe one. How silly!

A - as in singluar !!

 

[Ronald Raygun]

A - as in singluar !!

A isn't singular, it's generic. That includes both singular and plural.
So although you might think it's singular, it's actually hyper-plural.

You might have gotten away with it had you emphasised it to start with.
But you haven't, so you've now painted yoruself into a corner.

 

[Zoe Brown]

A isn't singular, it's generic. That includes both singular and plural.
So although you might think it's singular, it's actually hyper-plural.

You might have gotten away with it had you emphasised it to start with.
But you haven't, so you've now painted yoruself into a corner.

Jesus Christ !!! Someone asks for advice and I try to explain. More than
you and Tom tried to do. I only joined this NG last week and now it is time
to say goodbye. What is the point, I obviosuly don't have time to write a
formal essay for each answer and if you guys are just here to nit pick then
fine.

Bye.

 

[Tim]

A - as in singluar !!

Would you also say "there is no such thing as a car"?
[Just because there is more than one type of car...]

 

[Zoe Brown]

A - as in singluar !!

Would you also say "there is no such thing as a car"?
[Just because there is more than one type of car...]

Would you say that posting cr*p like this helps the OP ?

 

[Tim]

Would you say that posting cr*p like this helps the OP ?

Not necessarily, but we can hope that it might help *you* - so that you
don't make mistakes when you reply next time!

 

[Zoe Brown]

Not necessarily, but we can hope that it might help *you* - so that you
don't make mistakes when you reply next time!

Except I posted some information that might actually have helped, you
however did not. Further more you were unable to understand what I had
written. you are an idiot !!

 

[Tim]

Except I posted some information that might actually have helped, ...

Yep...

... you however did not.

Well, I did point out an issue which may have confused the OP from your
reply. Surely that could have been useful?

Further more you were unable to
understand what I had written.

Actually, I understood very well what you "actually" wrote, and also what
you *tried* to write - but which, unfortunately, you hadn't written
properly.
I therefore pointed out where your reply could confuse the OP.

you are an idiot !!

Your basis is...?

 

[Tumbleweed]

Yep...


Well, I did point out an issue which may have confused the OP from your
reply. Surely that could have been useful?


Actually, I understood very well what you "actually" wrote, and also what
you *tried* to write - but which, unfortunately, you hadn't written
properly.
I therefore pointed out where your reply could confuse the OP.


Your basis is...?

....enough, its time to mention Nazis, Hitler, and Rap Music now.

 

[Square eyes]

I worked as a programmer for a bank and got to see their credit scoring
process for someone applying for one of their credit cards. Their scoring
doesn't mind if you have 2 or 3 credit cards - in fact it means other
instituitions trust you. However, like you say, too many and it gets
suspicious as to why you'd want another credit card and your rating takes a
big (possibly unrecoverable) hit. Different institutions may vary what is an
acceptable number of live accounts.

Based on what I saw, I wrote a program that will give you some idea of what
you're asking. Here's a free way of getting some idea of what your credit
rating would be and how to improve it. It uses the same style of scoring
process as the banks but becuase you are answering the questions (not
equifax) there's no
charge. It'll also work out you estimated credit limit.

Direct download : www.CreditCheckSoftware.com/setup.exe (633K)
Web site : www.CreditCheckSoftware.com

All I ask is that if you do decide to get another credit card, please check
out the one I have advertised

Thanks,
Michael