Should I cancel all my old cards ?

ladybelle

*Scarlett wrote: »

If you earn £20k and you have, for example 5 active credit cards with £5k available for you to spend on each - you could theoretically spend £25k on the cards which clearly is more than your income.

oh I see thank you - well I dont owe anything on any of them. All paid and up to date.

cos_2

themull1 wrote: »

Yes, you should cancel all your old cards.

I agree. As they're (the old ones) not going to be used again, and, therefore, can't earn you any more 'good' credit history than you currently have, they're not doing any good. Remember, your history remains for 6 years even after accounts are closed.

If you clear them out and then apply again, the creditor will now know you have less other credit availability that you might go mad with, and so may decide you're a good risk.

If you decide to close them, wait a while, possibly 6 weeks, and then check with Experian/Call Credit/Equifax that they are showing settled before applying for the next card.

cos_2

I've just realised you're looking to buy furniture. Often these retailers offer interest free loans and these seem to be easier to get than CCs, due to their fixed nature I suppose. You could try that, maybe?