Debts Cleared - Should I Cancel Credit cards?

hicap

After a family emergency, I ended up with a substancial credit card debt over two cards. After a three year struggle I have cleared my credit card debts, and now have 2 credit cards with zero balance and high limits. Along the way I have made a number of late (2-14 days) payments which may have affected my credit score a little.

I am now looking for the best way to restore my credit history. From the point of view of credit scoring, am I better to (1) leave the cards active but not use them, (2) Put £100/month on each card and pay it off straight away each month to show better money management or (3) just cancel them completely.

[Deleted User]

Option 2 is the way to go.

Although you need only do it with one card, not both.

ironlady2022

Totally agree with zx81 but I would say your credit file has been significantly damaged already.

elvis86

If you find yourself in a similar situation only without having made any defaults (ie with a good credit rating), would the answer be any different?

Only I currently have 2 (soon to be 3) credit cards with 0 balances and have pondered whether to cancel them or keep them. I guess it's reassuring to have them as rainy day options but I'd rather get rid if this would be better for my credit rating etc.

rehab_101

I would cancel one card, keep one. If the credit limit is super high, i would reduce it, (to reduce temptation) and then as suggested by yourself put on what you can pay off in full.