loan for credit cards

rikacer

hi
i have had credit card bills on 4 credit cards for some time. finaly had a cheap loan to pay them all off. do i keep cards and not use them or cancel all apart from one? would having them with no balence be good?

Pheebs67

rikacer wrote: »

hi
i have had credit card bills on 4 credit cards for some time. finaly had a cheap loan to pay them all off. do i keep cards and not use them or cancel all apart from one? would having them with no balence be good?

If you've had them for 'some time' and been unable(?) to pay them down, then it doesn't sound like credit cards are doing you any favours (assuming you're not on 0% deals here). So personally, I'd advise cancelling them all.

Depending on your credit limits, having unnecessary available credit may not help should you want to apply for further credit somewhere else at a later date.

Use your money to pay off your loan and get (bad) debt free.

ironlady2022

I would leave 1 credit card open as a back up for emergencies. You just never know plus if you can make the ocasional purchase this will build up your credit even further. If you don't trust yourself lower the limit to something you are comfortable with. I don't suggest cancelling them as once cancelled, you would have to apply again and it's not guaranteed.

iceage3

Close the highest interest one and leave some open ,you might need one for a rainy day.
But temptation is there as we know