Nil balance cards or no cards?

Winnie28

Hello, I have recently paid the balance in full on three different credit cards. I have now destroyed the cards, however, which is better for my credit rating, having three open credit card accounts with a nil balance on each (none have an annual fee) or to cancel all three and have no credit cards?? Any suggestions appreciated.

Thanks very much

Tixy

Depends what else is on your credit file and what other credit accounts you have and on what future credit applications you want your file to look good for.

If you don't have any other open credit accounts then I would keep at least 1 open and use it regularly repaying in full each statement (obviously you would need to order a new card to do so and its only a good idea if you know you will clear it each month).

I'd also always keep at least 1 card open for the additional purchase protection you get when you use them.