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To close credit cards or not?

Moomum

Moomum Posts: 958 Forumite

26 September 2012 at 7:19PM in Mortgages & endowments

We have recently paid off our credit cards as the 0% had finished. We are due to remortgage in February, does it make sense to close these cards as the balances are zero? Or keep them open ? Will it affect the remortgage?

They equal about £40 k across 5 cards.

Thanks

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Comments

ACG Posts: 24,680 Forumite

26 September 2012 at 7:55PM

I dont think anyone has a need for 5 credit cards, i would close them down.

I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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DebtFree2012 Posts: 3,573 Forumite

27 September 2012 at 9:51AM

Close 4, keep 1 so you can continue to have proof of borrowing and paying off in full.

Debt - CCV £3792
CCB £1383 (took a hit for a holiday)
Loan 1 £1787
Loan 2 £1683
Total £8601 Was £39302
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