We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Minimum length of time to keep card open?

InsertWittyName
InsertWittyName Posts: 1,073 Forumite
Debt-free and Proud!
in Credit cards
Hi all :)

I recently applied for a card purely for a cashback site's offer of money (£41.20) to do so.

I made a single small purchase and paid it off in full when the statement was due (as per the conditions of the cashback).

This cashback has now been paid so I could in effect close the card - what I'm weary of however is if there is a minimum amount of time I should keep this card open (ie. not to show as a negative in effect on my credit report).

Anybody any opinions on this please?

I do not need the card at all - it was purely opened for the cashback.
I was a DFW, now I'm a MFW :T

Comments

  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    I would keep it open for at least 6 months
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 349K Banking & Borrowing
  • 252.4K Reduce Debt & Boost Income
  • 452.7K Spending & Discounts
  • 241.9K Work, Benefits & Business
  • 618.5K Mortgages, Homes & Bills
  • 176.1K Life & Family
  • 254.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture