Should I close all accounts once cleared?

DragonAK

Hi All,

I have been struggling with debt for years, but am in a very fortunate position now that I have a chance to clear almost all of it.

20k in total - combination of credit cards, short term loans, shop credit etc.

My credit rating was always very good up until the last year or so, but has dropped to "Fair"

My question is - Should I close all of the accounts I clear, or would my credit score benefit from keeping any of them open but with a £0 balance?

My aim is to apply for a mortgage in 3-5 years.


Cheers in advance

gettingtheresometime

The loans would close themselves unless they are one of those open ended types.

As for the cards - well my personal opinion is that if they aren't there you can't be tempted by them so I personally would close them

yasmin2

Hi, Congratulations on clearing all the debt. I started off with a similar amount to yours and am now at half - I really want to clear it by the end of the year. I attempted to keep one of my cards that I had paid off with the same motive as you but after a year of no spending on it, the credit card company closed it anyway. So if you are wanting to keep it, maybe spend a small amount every so often.