Just got a freebie experian credit search and results were that even though my credit score was good, available credit was a bit excessive.
Anyway, looking at it, I've got 9 credit cards with available credit of over £94K. Scary. Luckily, outstanding is very low indeed - just a few balance transfer at 1.9% or something. About 5 of these cards I aint used in years they're just sitting there with zero balance.
Had problems getting a loan a few years - looks like this is why. I guess theoretically, I could get a loan then hike cards up to their limit and be screwed. Scary though as to what the minimum payment on £94K would be. (2.5% of £94K = £2350 a month, interest at 1.6%/month approx = £1500 WOW!). Approaching a permie salary for the month there!
I think I better close a few. Only trouble is even though I can login to most online I cant even find the cards so I dont know the card no.
Its gotta be done but its reassuring to have it available. Its like I'll have the card there just in case I need it.....
Anyway, looking at it, I've got 9 credit cards with available credit of over £94K. Scary. Luckily, outstanding is very low indeed - just a few balance transfer at 1.9% or something. About 5 of these cards I aint used in years they're just sitting there with zero balance.
Had problems getting a loan a few years - looks like this is why. I guess theoretically, I could get a loan then hike cards up to their limit and be screwed. Scary though as to what the minimum payment on £94K would be. (2.5% of £94K = £2350 a month, interest at 1.6%/month approx = £1500 WOW!). Approaching a permie salary for the month there!
I think I better close a few. Only trouble is even though I can login to most online I cant even find the cards so I dont know the card no.
Its gotta be done but its reassuring to have it available. Its like I'll have the card there just in case I need it.....
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