Which cards to keep?

neil40

Hi.

I have got 5 credit cards at present but only use 2 on a regular basis.I was wanting to cut out the rest of them to do wonders to my credit score if possible?!.

The cards that i use everday and pay off in full every month are:amex blue cashback(credit limit £4200).Barclaycard(credit limit £3500).

The cards that i hardly ever use and have no balance on are:Capital one platinum(credit limit £5000), Lloyds tsb platinum (credit limit £8000!) and nationwide classic(credit limit £2250).

I know that the nationwide cc is handy for no foriegn spend charges but is there any point in keeping the rest of them?.


Thanks...............Neil

BONJOEY

i would cut the Lloyds tsb platinum, as it has the most avalible credit on the card,
closing to many cards can damage your limit, so i would only close the one with the most avalible credit on, this will boost your credit rating x

The_Boss

Now this case goes against what I usually argue - since I'm fairly anti closing cards that are empty.

But since you are paying off in full each month, you likely dont spend much on those cards and you probably dont need much credit in the near future. So I'd cancel two cards - Lloyds and Capital One. The Nationwide one is useful as you say.