What to do with my credit cards?

gcurtis

Hi, I have about four cards that finally have zero balances but I've heard mixed comments about whether I should cancel them and rule out the temptation of using them again or keep them open as it makes my credit rating better.

Please can you advise on what I should do because I'm worried about the temptation but also the credit rating.
Thanks

Catslovelycats

DOES keeping them all open and unused improve your rating?? (I don't know, but it seems odd. SOmeone here will know).
If it was me I'd keep one and close the others. Temptation and all that!

chanz4

a couple of live accounts, and successfull past is all lenders really look for. Will you make them profit...

CLAPTON

if you can't trust yourself then close them; that's simple


if you can trust yourself then keep a couple, use them regularly for things you anyway buy and then pay in full without fail every month; this will enhance your credit rating

DCFC79

I think using 1 and paying it off when due will do more good than harm but having 4 could only lead to temptation so id cut 3 up and use the 1.

triessohardtosave

Can I ask a quick question? Bit new to a lot of this. Not long married, first house etc etc. EVerytime I search for a credit card, home, car insurance etc, does this effect my credit rating that by actually searching?? (sorry if that seems a bit of a silly question). Ive always had an excellent rating and want to retain that. But heard by shopping around, getting quotes and searches have an impact?? Have been working this year on a £1000 credit card bill (wife had no income when off sick for a period) and nearly paid off, religiously every month. Its 0% so we save alongside it. We debate regularly as I feel we should clear it in full and then save, but she feels that paying each month helps maintain a rating??? isthis correct? Sorry to go off the beaten track...

DCFC79

triessohardtosave wrote: »

Can I ask a quick question? Bit new to a lot of this. Not long married, first house etc etc. EVerytime I search for a credit card, home, car insurance etc, does this effect my credit rating that by actually searching?? (sorry if that seems a bit of a silly question). Ive always had an excellent rating and want to retain that. But heard by shopping around, getting quotes and searches have an impact?? Have been working this year on a £1000 credit card bill (wife had no income when off sick for a period) and nearly paid off, religiously every month. Its 0% so we save alongside it. We debate regularly as I feel we should clear it in full and then save, but she feels that paying each month helps maintain a rating??? isthis correct? Sorry to go off the beaten track...

everytime you apply for credit eg credit cards a search is done and if too many are made within a short space of time then yes it can affect your score or do more harm than good.