Long credit card closure 30 January 2016 at 7:22PM edited 30 November -1 at 1:00AM in Credit Cards 2 replies 607 views

carlos05

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.

YorkshireBoy

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.

redpete

It is the history of how you have used your cards that anyone is interested in, not the age of any individual card.