Very Account

KatTheGreek

Hello! I'm sure you get asked this sort of thing a lot, but if I close my Very account will it improve my credit rating?

I opened the account in December 2016, I have a credit limit of £1050, I have recently paid off the total balance on the account.Is it better to keep it open as a stable account, or close it to reduce the amount of available credit I have?

Thanks :beer:

[Deleted User]

It really depends on your wider credit file and income.

You don't have a credit rating - just accounts and history. If you're not carrying debt and have credit cards which are cleared in full, you could lose the Very account.

If not, and you're not able to get cards, you may need to keep it.

KatTheGreek

Unfortunately I do have 3 credit cards with an outstanding balance, and a personal loan. I am paying all of these off, so my overall debt is reducing each month. So you think I should just leave it as it is for the time being? Thanks!