Should I cancel store cards?

WLITC

Hi all, I have about 4 store cards (Topman, Debenhams, Selfridges, Harvey Nichols), all of which are empty and I haven't used any of them with the exception of the Topman card for about 2 years (when I use the Topman one, I pay it straight off). I'm not worried about the temptation to use them as thats not really been an issue (I forgot I still had the Debenhams card) but I was wondering whether like credit cards, cancelling them improve your credit?

I've told myself I keep them for any possible card holder promotions (i.e 10% off for account holders), but the fact is I don't recall getting statements (which is usually where they tout the latest card holder offers) from the majority of them for several months or more, so should I just canel them?

The_Boss

Debenham's do discounts for card holders from time to time, so keep that.
For the record, I had a card through Burton's that I forgot about. Didnt get any statements for years and then it was 'settled' in December. I only found out about it because it was on my credit report.

If you pay off your bill in full, then maybe cancel one or two. If you dont, then apply for a non storecard credit card, as the APR tend to be a lot lower. As for credit rating, yes it should improve it, but then if you cancel say the Top Man Card, would you be able to use the Debenham's one in there?

WLITC

The_Boss wrote:

Debenham's do discounts for card holders from time to time, so keep that.

As for credit rating, yes it should improve it, but then if you cancel say the Top Man Card, would you be able to use the Debenham's one in there?

Well to be honest I'd be more inclined to cancel the Debenhams one. I wouldn't be able to use it in Topman (its not part of the same group), but I never really shop at Debenhams anyway, in fact I can't even recall why I even got the card to start with all those years back. Anyway, if its helpful to my credit, then I think I'll scrap the others and just keep the Topman one. Topman still send me statements and sometimes they have good discount offers and its actually a store I do buy from semi-reguarly.

tanith

It seems that if you don't use them they stop sending statements after a couple of months....