Should I close the card?

hbk2006

I wonder if you could help me? I currently have 3 CCs - Cap One, ipoints & tesco .

All of them are clear but Im wondering if I should close the Cap one card as I don't use it and Im worried that 3 cards are going to impact on my credit rating?

Thanks

:beer:

TheEffect

If you don't use it, close it. Depending on the limit of the card, it may not make much difference, however at least it's one card less that you have to worry about if your cards get stollen or you get targeted for fraud.

CLAPTON

3 / 4 cards is quite usual

hbk2006

Thanks guys the limit is only £500 there other two are larger, I didn't know how unused credit would be viewed if I was looking for another CC down the line.

Moggles_2

The national average is five, so if you have five credit cards or fewer and none is maxed out, it's unlikely your credit rating would be harmed by keeping all three of these cards, unless you have a lower than average annual income.

That said, with each successful credit card application, your available credit will increase in relation to your income and there will come a point when you must consider closure.

withnell

TheEffect wrote: »

If you don't use it, close it. Depending on the limit of the card, it may not make much difference, however at least it's one card less that you have to worry about if your cards get stollen or you get targeted for fraud.

If you don't use it then then there's not the fraud issue, because no one knows the card number. Put the card in a drawer and its there if you ever need it - the way the economy is, getting credit is likely to be harder over the next few years