Need helping regarding 4 credit cards

lauralouise568

YorkshireBoy wrote: »

I was going to suggest keeping the one with your bank and one other.

But since you don't have a YB card I'd probably only keep Barclaycard and MBNA, and get rid of the others.

get rid of them as in cancel them or keep them running but just dont use them??

I was expecting to be told that if you dont use them your credit rating will go down but as no one has suggested this is the case, I could just leave them and just use them as and when I need them.

thanks

[Deleted User]

Having four cards with little activity won't hurt you credit rating (if such a thing exists) but at the same time there is no reason to have so many if you're not using them.

If I were you I'd get rid of the Argos and Capital one cards for no other reason than they are basically sub-prime lenders. The fact that you already have cards from mainstream lenders (BC and MBNA) shows that your credit is probably in a halfway decent state already.

Also, having 'settled' (ie closed) accounts on your credit report actually looks good as it shows that you have had access to credit, used it and then closed the account properly without repayment problems etc. A combination of active accounts and settled accounts is what builds up a credit history.

So, keep the MBNA (I'm guessing this is the Chelsea card) and the BC and concentrate your spending on them. If you want to improve your credit then use the cards a bit more but just pay them off in full each month-this won't cost you any interest.