Long credit card closure

edited 30 November -1 at 1:00AM in Credit Cards
2 replies 607 views
carlos05carlos05 Forumite
3 Posts
edited 30 November -1 at 1:00AM 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.

Replies

  • YorkshireBoyYorkshireBoy Forumite
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    carlos05 wrote: »
    will I hurt my score if I do close it?
    You don't have a universal "score". You have a number, based on the opinion of a credit rating agency (usually in exchange for money)...who don't lend money.

    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.
  • redpeteredpete Forumite
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    It is the history of how you have used your cards that anyone is interested in, not the age of any individual card.
    loose does not rhyme with choose but lose does and is the word you meant to write.
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