multiple credit card switching, does it affect credit rating?

Without a hint of irony, rk astounded uk.finance on 09 Jan 2005 by announcing:

One every 6 months won't be a problem.

If you make the repayments regularly, as you say you intend to do, then it probably will affect it - for the better.

Chris

rk wrote in news:z6- snipped-for-privacy@eclipse.net.uk:

You'll be fine if you shuffle the cards the right way.

See:

As a software engineer for a bank, I had to implement software that carried out their credit rating scoring process. They liked it if you had a credit card because it meant that another company trusted you. They also preferred it if you had a Visa and a Mastercard (as opposed to 2 Visa cards) as this meant you were trusted by two different companies.

However, if you had more than say 6 or more credit cards, they didn't want to know you at all as it didn't seem right that someone with 6 cards would want another one.

To go through the credit rating combinations yourself, you could try this freeware software I've written that gives you some idea of how credit rating is worked out.

Direct download :

My advice is to close credit card accounts if you can.

Regards, Michael

Are you sure? Visa and MasterCard don't issue cards; the banks do. So I could have both type of card from one bank (company). Therefore I don't follow the logic. Cards from two different financial institutions, yes, I can understand.

Chris

I only guessed at the logic but you definitely got slightly more points for having both as opposed to all of one.

Michael

You may be too young to remember, but once upon a time Barclaycard was Visa and all the rest were Mastercard (Lloyds, Natwest and Midland).