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Which card to keep?
Toonami87
Posts: 1 Newbie
in Credit cards
Hello,
I'm looking to close a couple of credit cards in preparation for taking out a mortgage in 12/18 months time, the problem I have is I'm not sure which to close, I have read having the keeping the largest credit card open due to trust with the lender, but I have also read that keeping the oldest lender is of benefit due to loyalty. Both of these fall under two of my cards,
The largest card had a limit of £5500 and is the most recent in 2015
The oldest card has a limit of £1750 and was taken out in 2012
I don't want to keep both as I want to reduce my available credit, which would be a positive for mortgage lenders but any advice you can give on which one to close would be great. Thank you.
I'm looking to close a couple of credit cards in preparation for taking out a mortgage in 12/18 months time, the problem I have is I'm not sure which to close, I have read having the keeping the largest credit card open due to trust with the lender, but I have also read that keeping the oldest lender is of benefit due to loyalty. Both of these fall under two of my cards,
The largest card had a limit of £5500 and is the most recent in 2015
The oldest card has a limit of £1750 and was taken out in 2012
I don't want to keep both as I want to reduce my available credit, which would be a positive for mortgage lenders but any advice you can give on which one to close would be great. Thank you.
0
Comments
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I would keep both. The limits are not high and if they are managed correctly, are highly unlikely to cause you any affordability problems.
Closing one would also leave you exposed should the other stop working or the account gets closed by the provider.0
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