What impact does cancelling a new unwanted unused credit card have on credit score

dilbob99

Applied for a nationwide credit card, accepted, no problem. Things changed and two months in no longer require. Never used etc. Would cancelling it harm my score, I could do with reducing limit at least?

Ebe_Scrooge

It will have no impact on your score, because your score is totally irrelevant.


It won't have a negative impact on your history, either ( the thing that would damage your history is if the card company cancels it due to you breaching their T&Cs in some way. But you voluntarily cancelling it is no problem ).


However, it's probably worth keeping it - if you use it sensibly, put your day-to-day spending on it and pay in full, on time, every month, then this will improve your credit history - and there's no interest to pay so long as you religiously pay in full every month.

CLAPTON

dilbob99 wrote: »

Applied for a nationwide credit card, accepted, no problem. Things changed and two months in no longer require. Never used etc. Would cancelling it harm my score, I could do with reducing limit at least?

is it your only card? if yes then worth using regularly and paying in full each month

if you have others and use them regularly then it will make no difference

grumbler

If it's not Select, then try changing it to Select, then earn 0.5% cashback on your purchases and enjoy commission-free spending abroad.

cheesetoast

Agree with other posters - if it were me, I'd keep it, put a purchase on it each month, and pay off in full. It'll help your credit file to do so.

Paul_1977

I have axed two cards within months, no damage. (it dropped, very slightly, but rose back to normal within months)

planteria

if you don't need it there is no reason not to close it.
fwiw i would always look to have a couple of different types of credit card, but if you don't want this Nationwide card, let it go.
i have one from them at the moment, as they offered a 0%0%BT deal, but with only a £2.5k limit as soon as the deal ends it will be closed.