How to check how many credit cards I have

Have you ever signed up for credit cards to take advantage of an interest-free introductory period or cashback rewards, and then stopped using them? Are those accounts still active, and how do you find out?

Keeping an eye on each line of credit you have open is essential to ensuring your credit history is accurate and up to date. Not doing so could affect your ability to borrow in the future.

So, how do you check?

It's actually quite simple. For details on all the credit you've taken out, including any credit cards, loans, mortgages, and even your mobile phone contract, you can look at your credit history.

When you take out credit, your lender will notify the three main credit reference agencies – Experian, Equifax, and TransUnion. The agreement will be noted on your file along with any negative marks like a missed payment or a County Court Judgment (CCJ).

Because your credit history is a record of your borrowing going back over the last six years or more, even your closed accounts will remain on your file for a set period of time.

You can check your credit history by signing up with one of the above credit reference agencies, all of which offer a free credit-checking service.

Keep tabs on your credit history

It's important to keep a close eye on your credit history for several reasons:

1. Credit applications: When you apply for credit, lenders will look at how responsible you've been with borrowing in the past by reviewing your credit history. Mistakes, such as missed payments, could mean your credit applications are rejected, even if you would’ve been otherwise eligible. If you come across an error on your credit history, don't worry – there are ways to amend these.
2. Fraud prevention: Regularly checking your credit history minimises the chances of becoming a victim of financial fraud. By keeping track of any accounts opened in your name, you can quickly report anything that appears suspicious.
3. Managing unused credit cards: Having multiple unused credit cards can have both pros and cons. On the one hand, keeping them open can help maintain the length of your credit history and contribute to a lower credit utilisation ratio (the percentage of available credit you're using), which can be beneficial for your credit score. On the other hand, having too much available credit might make lenders cautious when you apply for new borrowing, as they may worry about your ability to manage debt if you were to use all of it at once. It’s worth reviewing your credit situation and financial goals before deciding whether to keep or close unused accounts.

Get organised

You don't need to rush to close all your credit cards. Remember, each lender's criteria and application process are different.

By using credit responsibly – keeping up with all your payments and only borrowing what you can afford to pay back – you can gradually build up your credit history and show lenders you're a trustworthy borrower. This may open you up to more competitive interest rates when you apply to borrow again in the future.

Keeping your credit history in check is a proactive step towards maintaining financial health and ensuring you're always in a good position to borrow when you need to.