Should i cancel or not?

mazcaz

Hi all

Im after some advice on whether i should cancel my unused credit cards.

How will this affect my Credit rating?

I have a few credit cards, but i only use one CC for purchases on a weekly basis.

All the other credit cards have been used to do Balance Transfers at some point.

Here is a break down:

Lloyds Duo - use weekly for spending

Virgin - 95% balance transfer 0% exp 2015
Natwest 95% balance transfer 0% exp 2015
HSBC - 0 balance on card
Nationwide - 0 balance on card
Halifax - 0 balance on card
Mint - 0 balance on card
Barclaycard - 0 balance on card

Apart from the Lloyds Duo i have never used the cards for any purchases, iv never actually physically used the card, they have just been used to do Balance Transfers over the past few years.

all the deals have expired (although i always getting offers for balance transfers from Halifax, barclaycard and Mint)

Im after some advice, as i was looking to cancel the unused cards, but read that canceling them can have a bad effect on your credit rating.

I will be planning to do another Balance Transfer for some of the outstanding amount when the two current deals expire in Mid 2015.

Also plan to have a mortgage at some point in the next year or two.

All advice appreciate on weather is should cancel or not.

Thanks for reading.

mardiemare2008

i am far from an expert - but my impression is it is best to close unused accounts. Otherwise you may look like a risk to lenders as you have access to too much credit

themull1

I always cancel my unused cards, and my credits fine, better to have less cards than no more available credit!

iAMaLONDONER

mazcaz wrote: »

Hi all

Im after some advice on whether i should cancel my unused credit cards.

How will this affect my Credit rating?

I have a few credit cards, but i only use one CC for purchases on a weekly basis.

All the other credit cards have been used to do Balance Transfers at some point.

Here is a break down:

Lloyds Duo - use weekly for spending

Virgin - 95% balance transfer 0% exp 2015
Natwest 95% balance transfer 0% exp 2015
HSBC - 0 balance on card
Nationwide - 0 balance on card
Halifax - 0 balance on card
Mint - 0 balance on card
Barclaycard - 0 balance on card

Apart from the Lloyds Duo i have never used the cards for any purchases, iv never actually physically used the card, they have just been used to do Balance Transfers over the past few years.

all the deals have expired (although i always getting offers for balance transfers from Halifax, barclaycard and Mint)

Im after some advice, as i was looking to cancel the unused cards, but read that canceling them can have a bad effect on your credit rating.

I will be planning to do another Balance Transfer for some of the outstanding amount when the two current deals expire in Mid 2015.

Also plan to have a mortgage at some point in the next year or two.

All advice appreciate on weather is should cancel or not.

Thanks for reading.

Close the ones with the highest APR if there's no offers on them-especially as you want a mortgage!

mazcaz

Thanks for the advice people. :beer: