Rebuilding credit history .. which card(s) to cancel

foolishboy

Was BR in 2008, cleaned file post discharge in 2009 and have the following lines of credit since then, all handled perfectly and balances cleared each month:

Three mobile phone contract
Flybe (Sygma) Mastercard with £1900 limit
Creation (Sygma) Mastercard with £5000 limit
Capital One Visa with £2400 limit

Which of these should I cancel? Or is it better for me to see them all open and handled well? I don't have any requirement for credit but it'd be nice to get a proper current account soon so just trying to make things look as nice as possible.

Cheers,
FB

bengalknights

I would say keep them as they will all look good on file

chanz4

slice the cards and keep them open for min 24 months

foolishboy

chanz4 wrote: »

slice the cards and keep them open for min 24 months

Surely no activity at all is a bad thing??

guesswho2000

foolishboy wrote: »

Surely no activity at all is a bad thing??

It'll do nothing for your internal rating with the card company, however as long as the account is active and available to use, they'll keep reporting green zeros as up to date to the CRAs.

Anthorn

I differ: If you want to keep building your credit history you need to use at least one of the cards. Otherwise it will just stay static. Try it for everyday purchases you are already managing and don't make extra luxury purchases you would not normally buy and pay off the balance in full every month.

It's not possible to make an arbritrary decision without knowing your income and comparing that with your available credit: It could be that other lenders including Banks with their current account overdrafts may decide that you already have the maximum credit and may not allow you further credit. In that case you could be better off getting rid of one of the cards. It's not really a decision anyone but yourself can make in relation to your own circumstances.

foolishboy

Apologies, never saw this response.

I'm not after extra credit, just want to make things look as good as possible for when my BR falls off my file April 2014.

Income ~£65k

..I'm also on a mortgage now with YBS (joint) of £304k, 75% LTV.

I'm currently using the cards for all sorts but they have been paid off each month religiously.

FB

Anthorn wrote: »

I differ: If you want to keep building your credit history you need to use at least one of the cards. Otherwise it will just stay static. Try it for everyday purchases you are already managing and don't make extra luxury purchases you would not normally buy and pay off the balance in full every month.

It's not possible to make an arbritrary decision without knowing your income and comparing that with your available credit: It could be that other lenders including Banks with their current account overdrafts may decide that you already have the maximum credit and may not allow you further credit. In that case you could be better off getting rid of one of the cards. It's not really a decision anyone but yourself can make in relation to your own circumstances.

Felix_Schalyz

foolishboy wrote: »

Apologies, never saw this response.

I'm not after extra credit, just want to make things look as good as possible for when my BR falls off my file April 2014.

Income ~£65k

..I'm also on a mortgage now with YBS (joint) of £304k, 75% LTV.

I'm currently using the cards for all sorts but they have been paid off each month religiously.

FB

You taking home £750 a week I'm not surprised you're paying these Religiously.