Credit Cards:Keep or cancel??

Legacy_user

Due to several c.c. balance transfers , I now have 8 credit cards. 7 of them have no money owing. Should I keep or cancel these cards? Will it have any effect on my credit rating to hold all these cards?

johnllew

Due to several c.c. balance transfers , I now have 8 credit cards. 7 of them have no money owing. Should I keep or cancel these cards?

Some may well be worth keeping - I rarely cancel a card (unless they start charging me for it) in the hope of repeat offers.

What cards have you got?

Suzz_2

I'm in a similar position with 9 cards, no balance on 5 of them; though 2 of these - Accucard & MS card are my main purchase cashback ones.

I hang on to cards if there's a benefit e.g. Nationwide - travel & warranties, Egg - anniversary offer. I'm tempted to keep some for possible existing customer BT offers.

The others I'd be inclined to cancel as in a couple of years you can be a 'new customer' again.

I don't know whether holding on to cards is good or bad for your rating. Some applications ask you how many you have. Be interested to hear other peoples' thoughts.

Hzy

My understanding is that the more credit you have available to you, the less likely you are to be granted new cards/high credit limits...plus also worth considering that new customers usually get better deal than old...

Jo_Mack

Ok - Personally Cancel. I would definitely get myself into BIG trouble with 7 CC's!

But it obviously looks like you don't so i am left wondering a) why you need so many cards?
and b) even if it does effect your credit rating why would you want to apply for another when you have 7 untouched? :think:

GlennTheBaker

As has been said previously, if a card has a particular benefit such as zero commission on foreign transactions (eg Nationwide) or 50% off airport lounge access (eg Egg) then I would cancel any unused ones. Firstly, having loads of credit available to you (even if not being utilised) can make potential lenders a bit wary and secondly, by cancelling a card you can, in the future, re-apply to that lender as a 'new' customer and take advantage of any promos they may have going on.