Cancelling credit cards - Effect on credit rating

rogcal

I want to cancel the credit card accounts that I have and was wondering what effect if any it has on my credit rating.

All the card accounts I have are zero balance and have been that way for months if not years.

Thanks in advance for any advice on this matter.

[Deleted User]

It depends on your total debts and limits and income. You might want to keep a couple open and use them regularly and pay off in full to establish a good history.

But generally, it will have no effect, particularly if you have no balances on them.

rogcal

Thanks zx81.

My main reason is that when it comes to balance transfers, finding a new deal to affect another transfer in 20 months time is made difficult if you already have an account for the card that's offering the best deal.

It makes sense to rid myself of all unnecessary cards so that I can apply for them at some time in the future if there is a good deal on offer, to which I would automatically be barred from benefiting from if I already had an account for that card.

[Deleted User]

Sounds a logical approach.