Closing Credit Card soon after opening

Rose123

I applied for 3 credit cards just to build my credit rating 4 months ago. I wanted 1 visa and 1 mastercard. I didn't actually think i was accepted for the 3rd until it came in the post.

I want to close one of them as i don't need 3 and have never even used them. I just want them to sit there and build up my history.

Does it look bad if I close a credit card soon after opening?

Thanks in advance

HelpfulTips

It won't look bad, if anything it will reflect positively as you have lowered your available credit, although I wouldn't advise to apply for anything else for a while yet as opening 3 accounts in quick succession will be a bit of an issue

Rose123

Thankfully I have no interest or need to apply for anything. Just these to build my credit!

Thanks :-)

[Deleted User]

Rose123 wrote: »

I just want them to sit there and build up my history.

Cards are like tradesmen. If you let them just sit there, they won't build anything. They'll just drink your tea.

Put them to work.

Rose123

i see, got you. Many thanks for the advice. I started putting petrol on the card today!

Is there a main reason why I should not pay off before bill has been prepared?

[Deleted User]

It would look as if you're not using the card, as you'd be at zero balance every time a statement is produced.

fruitisbad

Deleted_User wrote: »

It would look as if you're not using the card, as you'd be at zero balance every time a statement is produced.

I've read this a few times but am questioning it. I clear the balance as soon as I get paid just so I don't forget and know where I stand, this is usually before the statement date. The company you pay with know how much you use it and pay off so to them they see you using it and know you aren't running up debt, I've had 3 credit increase in the last year.

I've checked my credit record on noddle and whilst my statement balance shows 0, there is also a section 'Payment amount' reported, so this data shows that card is being used and is reported (to Noddle at least).