To close or not to close

Amme

Hi,

Just looking for your thoughts on keeping credit card accounts open or closing them.
I have 3 credit cards which I occasionally use, Natwest, Barclaycard & Virgin, I was wondering if I should close 2 of them & just keep 1 or keep them all open incase I needed them & was unable to obtain credit in the future knowing how difficult it is to get credit now?

Any thoughts would be greatly appreciated, thanks

InsideInsurance

You need to look at the total number of credit accounts you have (credit cards, loans, current accounts etc). Generally you want a few accounts with regular spend and payments beyond minimum payment (though all lenders have their own preferences). If you;ve only got one current account and a mobile contract on top of your 3 cards you're probably fine. If you've got dozens of accounts then you may want to consider consolidating/ rationalising them.

blacksta

CLOSE if not needed

glawster_2

3 credit cards isn't excessive. Having accounts that you use (even if only once a month) and have had for some time is good for your credit rating provided you meet the repayments.

If you keep them open you also have credit available in the future from the cards should an emergency happen.

However you may not be on the best deal available if you've had the cards a while, so perhaps closing the newest one and replacing it with a card that gives you something better, e.g. free flights, supermarket vouchers, 0% on purchases (for stoozing) or cashback could be worth considering

bengalknights

Id say close one and keep one for general spend and one for emergencys.