Cancelling credit cards, which ones?

purple_haze_3

Hi all,

I am am in the process of paying off my credit cards - I currently have 4 credit cards, which will be paid off shortly thanks to some inheritance money. I still will have two overdrafts, but will be paying those off in the next year.

From what I have read on the site/forum, the best thing is to keep maybe 1 or two cards and cancel other remaining sources of credit. However, I am unsure which ones to cancel.

Two of the cards I have had for 10 years, the other two are relatively new. But the older ones have a higher APR and I am therefore more inclined to cancel these, just in case I do need to use the credit in the future.

Will cancelling a long standing credit account hurt my credit rating or is it not likely to make a difference? I am just a bit confused as to which card I should and keep and which to cancel - or if it makes no difference!

CLAPTON

all being equal then best to pay off the ODs first as these have a rather negative impact on your credit ratings.

4 CCs are fine

use the CCs for normal spending and pay in full each month