Credit Card / Loan Advice Please

Frankel

Hi,

Back in 2008 I ran up debt (12K) on the following...
4 Credit Cards (Natwest, MBNA, 2 x Barclays)
1 Loan (Barclays)
I have been paying these back and currently owe £900 on MBNA (3K limit) and £1500 Natwest (3K limit)
I have paid off both Barclays credit cards (£300 Limit and £2500 Limit) and barclays loan
I am on schedule to repay all credit cards within the next 3-4 months.

My question is...

Will cancelling the settled barclaycard credit cards improve my credit score? Or will this affect my credit score with Barclays of whom I bank with?

Thanks

YorkshireBoy

Frankel wrote: »

Will cancelling the settled barclaycard credit cards improve my credit score?

Yes it'll improve your credit rating in the wider credit marketplace because you'll have less available credit.

Or will this affect my credit score with Barclays of whom I bank with?

Not sure. On the one hand they'll be happy you hold multiple products, but on the other your credit card limits may be stopping you getting other facilities such as loans and overdrafts etc.

On the bright side, if you do cancel them you may in future be offered new cards with 0% benefits...say on purchases. Assuming you've mended your ways (no offence intended) these may be of benefit to you?