Closing accounts?

AJGeddes

Hello, any advice please?

I have two store accounts, one for Next and one for Littlewoods, I opened them years ago and my limit on each account is about 6k and I went a little silly and have ended up paying them off for years because I got stuck in the cycle of buying things I didn't really need or want that much just because I could.
I've now paid off the LW account and will be finished with the N one in a few months too. But I've heard through family members that closing accounts is bad for credit ratings?

Is this true, and even if it is it worth the credit rating blip to close them, or would keeping them open be more sensible?

Thank you

sourcrates

Hi,

Its nether good, nor bad, there are no such thing as "credit ratings".

Its how a potential lender would view you, judging by your credit file.
And as no one else is privy to how lenders make there lending decisions, there is no right or wrong answer here.

So unless you will be seeking further borrowing, your question is academic.

Every lender has different criteria, as they cater for different sections of the financial market, to be honest, just do what you think is best, and move on.