Credit History/Score

noviceneedsadvice

Hey all,

I'm just after a little advice from anyone in the know really.

The background is that I have 5 Credit Cards (all zero balance) at the moment, 3 for over 10 years and two I only opened in the last 12 months. All have perfect repayment histories.

I have 3 Bank Accounts, 2 over 15 years old and 1 less than a month. All with perfect histories.

Basically I've opened a new bank account and now got two excellent credit cards but my history is all tied up in the accounts that I intend to close.

Do I close the old accounts or leave them open until the new ones build some history or will the fact that the closed/settled account remain on my report be enough to maintain my rating?

Thank you

izools

I don't think closing them will cause a problem, as the fact you held those accounts and maintained them correctly over the course of many years will remain on your credit file for a further six years from the date you close them.

You shouldn't open any more accounts for a while though - so long as you hold off any applications for new accounts until your new bank account is at least 12 months old, you'll be fine.

CKhalvashi

izools wrote: »

I don't think closing them will cause a problem, as the fact you held those accounts and maintained them correctly over the course of many years will remain on your credit file for a further six years from the date you close them.

You shouldn't open any more accounts for a while though - so long as you hold off any applications for new accounts until your new bank account is at least 12 months old, you'll be fine.

This is the recommendation I'd give.

Also, just to mention, it's not the score that's important, it's the factual information that goes with it.

CK