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Credit Cards: should I close unused ones?
NeverEnough
Posts: 986 Forumite
in Credit cards
I'm sure this must have been asked and answered before, but just wondering what you all think about this one?
I currently have no debt problems and a decent-ish income, a mortgage and no loans, HP on one of our cars. I have 5 credit cards, (no store cards ) two of which are completely paid up and I haven't used them in some time - they are Capital One cards with high interest rates; I've kept them just "in case" I needed extra funds. One has a credit limit of around £2750, the other one £750 and I've had them for about 8 years.
Is it a good idea to close the accounts (I do keep a good eye on the accounts iro ID fraud etc, so no real worries there) or will that mean that Experian will then list me as using up much more of my available credit - currently I am listed as using about 40% of it, if I close the 2 credit card accounts obviously I'll be using a lot more of it.
Just wondering what people's opinions are on this......
I currently have no debt problems and a decent-ish income, a mortgage and no loans, HP on one of our cars. I have 5 credit cards, (no store cards ) two of which are completely paid up and I haven't used them in some time - they are Capital One cards with high interest rates; I've kept them just "in case" I needed extra funds. One has a credit limit of around £2750, the other one £750 and I've had them for about 8 years.
Is it a good idea to close the accounts (I do keep a good eye on the accounts iro ID fraud etc, so no real worries there) or will that mean that Experian will then list me as using up much more of my available credit - currently I am listed as using about 40% of it, if I close the 2 credit card accounts obviously I'll be using a lot more of it.
Just wondering what people's opinions are on this......
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