£5k barclaycard and £4.5k sainsbury's - Advice for closing

phillw

rjwr wrote: »

Will the credit card company still report positive monthly data with a zero balance?

Yes. They'll also send you out a replacement card eventually. I don't think it's a good idea to feed cards to animals for them to destroy.

Having unused credit can count against you when applying for credit, they'd rather lend to someone who can't go crazy and put £10k on credit cards and then not be able to afford to pay that back.

System

Do you travel and stay in hotels or need a rental car?

The_Real_Cheddar_Bob

very occasionally so yes i would need a credit card then

The_Real_Cheddar_Bob

phillw wrote: »

Yes. They'll also send you out a replacement card eventually. I don't think it's a good idea to feed cards to animals for them to destroy.

Having unused credit can count against you when applying for credit, they'd rather lend to someone who can't go crazy and put £10k on credit cards and then not be able to afford to pay that back.

i disagree, Blazey boy seemed to quite like chewing them up. For the avoidance of doubt, none of the card had been swallowed

Chrysalis

I think its a good idea to keep one of them, preferably the oldest one, as a long historical account in good status will benefit your credit scoring.

The_Real_Cheddar_Bob

I've closed both of the accounts. After months of thought, its the best thing for me. Thanks for your help.

The_Real_Cheddar_Bob

Update: after closing my credit cards, my credit utilisation has rocketed. This is because I have no available credit and only a mortgage as any form of debt.

I'll let you all know if this affects my remortgage later this year.