My credit cards

rassman

hi, a couple of quick questions to set me on the merry road.

1.Should i close credit cards that I percieve i wont use again, such as a vanquis card?

2. If i have credit cards with O debt on them but i wish to keep them open in case of emergency, does having these cards open affect my credit rating?

anselld

rassman wrote: »

1.Should i close credit cards that I percieve i wont use again, such as a vanquis card?

Yes

rassman wrote: »

2. If i have credit cards with O debt on them but i wish to keep them open in case of emergency, does having these cards open affect my credit rating?

Not particularly, but it adds to your credit total, ie the total amount of all credit available to you. If this total gets too high vs your income you will have problems getting more credit.

td_007

rassman wrote: »

hi, a couple of quick questions to set me on the merry road.

1.Should i close credit cards that I percieve i wont use again, such as a vanquis card?

If you have a couple of cards for "emergency" makes sense to close it...one less target for fraud as well. Additionally, you can reapply as new customer if an interesting offer comes along.

rassman wrote: »

2. If i have credit cards with O debt on them but i wish to keep them open in case of emergency, does having these cards open affect my credit rating?

Your available credit, existing debt and income are generally considered for issuing new cards/loans...you will have to make a judgment here. Having 5-6 cards does not seem to a problem.

lisyloo

1 - Yes
a) they are id/fraud risk
b) prevent you getting a new customer deal
c) could incur a "dormancy" fee
d) use up available credit on your report

2) Maybe but probably not.
How many do you need for an emergency?
You should only need one for an emergency and it doesn't need to have a huge credit limit.
It's difficult to say because it depends on your income and other credit, but it does add to your available credit.
I'd advise to keep cards open if you think you might need them again, but you don't need dozens for an emergency and they don't need massive limits either.

rassman

anselld wrote: »

Yes



Not particularly, but it adds to your credit total, ie the total amount of all credit available to you. If this total gets too high vs your income you will have problems getting more credit.

thanks, brilliant help

rassman

just a quick updated question, i am now starting to transfer some small amounts over into 1 card and then closing the crappy ones, i have a store card, never used it, its a river island or next.

i suppose i will close this one down as well, but if i never used it wiould it be a bad or good scoreing point?

ta

td_007

rassman wrote: »

just a quick updated question, i am now starting to transfer some small amounts over into 1 card and then closing the crappy ones,

Make sure you keep an "emergency" card to use if needed

rassman wrote: »

i have a store card, never used it, its a river island or next.
i suppose i will close this one down as well, but if i never used it wiould it be a bad or good scoreing point?

ta

Storecards...get rid of them ASAP. Re good or bad - other than the trace it left on your file it has no other value.