Cancelling Credit Card

yh163

Hi all,

My dad is currently planning to apply for Mortgage, he also got an AIP from one bank.

He currently has 3 credit cards (he was told it improves the credit score)

One of the bank said he doesn't really need 3, 1 is enough.

Is it right time to cancel the credit cards? as he is in middle of getting a mortgage?

Will it affect on his credit report?




Thanks

bigadaj

Three cards isn't excessive so it shouldn't do too much harm.

Is he carrying a large balance on them or have very large credit limits, if so then might be worth paying these down if possible or cancelling one or possibly two of them.

If he does change things then it will take time to go through his credit file so any positive effects might take some time to accrue in any case.

grumbler

What can be of some importance, is the total available credit (compared to the income) not the number of cards.

CLAPTON

yh163 wrote: »

Hi all,

My dad is currently planning to apply for Mortgage, he also got an AIP from one bank.

He currently has 3 credit cards (he was told it improves the credit score)

One of the bank said he doesn't really need 3, 1 is enough.

Is it right time to cancel the credit cards? as he is in middle of getting a mortgage?

Will it affect on his credit report?




Thanks

a bank didn't tell him anything : an individual member of staff, who may or may not have a clue about credit rating, gave an ill informed opinion.

best to change nothing until after he has moved in