Stoozing Guide Line

Humsta

I only used credit cards if I can pay back in full monthly but do take advantage of new cash back offers that come available and I currently have three cards on the go.

When the bonus cash back dates end is it better (for my credit history) to close the account or just keep the cards and don't use them?

Any advice appreciated!

pqrdef

Who knows? The lenders don't say how they work. The CRAs reckon some unused credit is good, better than being maxed out, but too much available credit is bad.

I wouldn't bother closing cards unless my available credit started to look ridiculous in relation to my income. But the lenders don't seem to offer those sort of credit limits like they used to.

Humsta

Fair enough - thanks for the opinion :-)

alwaystryyourbest

sorry to jump on this thread just a quick question i partner has got 4 credit cards open with no balance on and no good deals on them ie 0%..
should he close down one or more of them before trying to get a better credit card ie one with 0 % on spending..
I know there is no right or wrong answer but just wanted to see what people thought..

THANKS FOR ANY ANSWERS.XX

jamesd

What are the cards? Some give deals to existing customers that can be decent for some people. NatWest, say, do gradually better balance transfer offers as the time since you last used the card increases. Ends up at something like 3% fee for a year at 0%, transfer from either a credit card or a bank account. That would beat personal loans.

alwaystryyourbest

His cards are sainsburys, halifax, LLoyds tsb, and tescos..