What to do with old credit cards

emuusee

I have for a number of years used credit cards to take advantage of 0% interest on balance transfers. This has left me in a situation where I have about 6 credit cards where the 0% interest has expired and I no longer use them. My question is ..... Should I contact the credit card companies and cancel the credit card? And if so what effect will it have on my credit rating?


Many thanks


:beer:

planteria

at the end of deals, or when i need a repeat deal, i tend to call, ask what they can offer, and if i don't fancy their response, close.

YorkshireBoy

emuusee wrote: »

My question is ..... Should I contact the credit card companies and cancel the credit card? And if so what effect will it have on my credit rating?

Removing available credit will have a positive effect, as will having settled accounts on your CRA file.


However, you should still maintain regular credit card use, ie don't close all your cards (if these "about 6" are all you have).