Credit Cards > Open or Closed Accounts

funkyskunky

HI All,

I have just had the wonderful pleasure of paying off my credits cards. The question i have is whether i close the accounts or not.

I am planning to keep one or two open but have 5 others where they wont be used. Any advice on pros and cons of closing them please

Thanks

[Deleted User]

Keep at least a couple.

The rest depends on what benefits they have and any future considerations for further credit requirements.

Dobbibill

Is there any of them that have a particularly longer history than the others. A long standing relationship is good to demonstrate stability.

Other than that keep the one that will give you the best benefit/cashback/reward.

BG350

Also don't forget to check the various credit limits to ensure you have access to credit should you require it in the future

MrsMonkey12345

Hello, sorry to jump on your thread but I'm new to the forum we have a similar query... I was going to ask whether it would be in my interest to keep two of my inactive credit cards or whether I should close them. I don't think I'll need them in the future but just not sure whether having them is good for my credit rating?
I've overpaid on both so one owes me £1 (bank credit card) and the other owes me £4 (store card), they write to me every now and then saying the account will be closed but nothing happens. Anyone got any advice?

[Deleted User]

Same answers as above.

And make sure you're regularly using at least one to maintain a credit history.