Too Many Cards?

ColdHardCache

I have 4 credit card accounts open, I have the dual lloyds account which I have had open for 10 months, I rarely use them and they cost £24 a year.

Would closing credit account effect my credit background checks?

Candyapple

What are credit background checks?

If you don’t use the cards enough to warrant paying the fee, then yes, close the account. Your available credit ratio will decrease which is good if you want to apply for more credit in the future, and the account will show as settled in the closed accounts section of your credit files. If you are closing a credit card account, don’t forget if you phone the company to ask them to send it to you in writing that the account will be closed and check your credit files in 2-3 months time to make sure it is showing as settled.

ColdHardCache

Candyapple wrote: »

What are credit background checks?

If you don’t use the cards enough to warrant paying the fee, then yes, close the account. Your available credit ratio will decrease which is good if you want to apply for more credit in the future, and the account will show as settled in the closed accounts section of your credit files. If you are closing a credit card account, don’t forget if you phone the company to ask them to send it to you in writing that the account will be closed and check your credit files in 2-3 months time to make sure it is showing as settled.

I meant hard pulls which are done when applying for credit.

Thanks for the advice, I will ensure I get a hard copy of the closing.

Cache

thebritishbloke

No it wouldn't cause a problem at all. If you're not using the accounts, close them down. I'd just make sure you keep at least one credit card and pay it off in full every month.