To cancel or not to cancel? That is the question.

Haljordan2814

So I have two credit cards that I've cleared and both have finished their 0% terms. I have no need for any credit at the moment so the question is should I cancel these cards or should I just keep them? What effect will it have on my credit rating either way? If I cancel them my credit utilisation will be quite high so I imagine it could negatively impact my credit rating. Should I just reduce the credit limits?

I really don't know what is best. Please help me!

[Deleted User]

What cards, debts, limits and income do you have?

That is the real question.

Haljordan2814

Bank of Scotland Platinum Mastercard, 1.5k limit
Tesco Clubcard Creditcard - 1.9k limit

My income this year probably 25-26k.

[Deleted User]

Keep them and use regularly, clearing in full each month.

JimmyTheWig

I agree with zx81.

redux

If you say you have no need for new credit, why worry about the credit rating?

I agree with the others, just modest routine use, paid in full, maybe groceries on one and car on the other, something like that.

System

Just use as needed, no need to cancel unless there are issues with spending etc.
You don't need to use both each month religiously.

GingerBob_3

Agree with all of the above. Don't cancel them. Just use them occasionally for small purchases.

eskbanker

Haljordan2814 wrote: »

I have no need for any credit at the moment

That's not what your signature suggests, is it out of date?! If it's accurate, it would paint a rather different picture from what you said in post #3....

LuSiVe

eskbanker wrote: »

That's not what your signature suggests, is it out of date?! If it's accurate, it would paint a rather different picture from what you said in post #3....

Unless these are CC5 and CC6!
Mentioning all the rest would probably lead to different advice.

ThinkingOutLoud_2

LuSiVe wrote: »

Unless these are CC5 and CC6!
Mentioning all the rest would probably lead to different advice.

I agree - sounds like the whole picture needs consideration.

Do you need 6 cards? Not likely.

Is it best to have various debts on various cards and different rates of interest? Not likely. Better if possible to have all your debt at the lowest possible rate you can have, which may or may not be one or any of those cards.

But, without the full story - no response is assured of being right.