Credit Card - Close or leave Open

dww100

Hi

At present I have 2 credit cards, Bank of Ireland and Tesco credit cards.

Bank of Ireland: £400 current balance roughly (10% payment)
Tesco: £300 current balance roughly (£25 fixed payment)

I am currently snowballing my Tesco Card to 0 balance.

My question is, once I zero balance the Tesco credit card, will cancelling the card affect my Credit Rating?

Or, do you advice to zero balance the card and leave it open for an ''emergency'' back up fund?

The_Boss

You don't have a credit rating.

What is the credit limit on each card? And what is your salary?

dww100

I currently own my property (mortgage) etc so I do have a credit rating. I am wanting to improve my situation and start cash savings or better position to buying a new home.

BOI: £1000
Tesco: £750

The_Boss

Keep both of them open in my opinion. It's always good to have at least two cards (once paid off) in case you need to use the 'other' as a backup. Plus the limits are reasonable.

dww100

Thanks Boss, I think I will leave them open and zero balance them