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Long credit card closure

3 Posts
in Credit cards
Hi guys,
I wonder if you can help me please.
I got 5 credit cards and have a very good credit rating and score, I would like to close one of my credit cards (MBNA) as it has £0 on it and I hardly use it.
However I am in two minds as this is my oldest credit card, I opened it in 2010, therefore wondering will I hurt my score if I do close it?
My other cards are 2011,2012,2014 and 2015 as I open one each year.
I would appreciate any of your thoughts. Thank you.
I wonder if you can help me please.
I got 5 credit cards and have a very good credit rating and score, I would like to close one of my credit cards (MBNA) as it has £0 on it and I hardly use it.
However I am in two minds as this is my oldest credit card, I opened it in 2010, therefore wondering will I hurt my score if I do close it?
My other cards are 2011,2012,2014 and 2015 as I open one each year.
I would appreciate any of your thoughts. Thank you.
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Replies
One year shorter (5 vs 6) will have an extremely negligible impact on your credit rating, as determined by a lender. In fact, I'd say your credit rating will be more positively affected by the closure of the card for two reasons:
1. It removes available credit, and
2. 5 credit cards may be considered a lot* (by some lenders)
* I have 10, but don't care about my credit rating as I have no 'need' for credit.