Cancel card or not?

Richmc

Simple question, I have an MBNA credit account that I have not used for some time, what's best to do cancel the account or just leave it unused, will my rating be affected?

[Deleted User]

Simple answer, it depends on your balances, limits and income.

Richmc

Deleted_User wrote: »

Simple answer, it depends on your balances, limits and income.

So is it better to leave the credit account dormant or cancel it? That is what I was asking.

[Deleted User]

Depends on your limits, balances and income.

You don't want to look over indebted, have too much available credit, or look like no one trusts you with credit.

That is what will determine whether you should close it or not.

Richmc

Deleted_User wrote: »

Depends on your limits, balances and income.

You don't want to look over indebted, have too much available credit, or look like no one trusts you with credit.

That is what will determine whether you should close it or not.

OK I have a limit of £2k on the card (I have another card with a £3k limit that I use day to day and pay off each month) balance on the redundant card is zero. My income is my business and adequate. The card in question is an MBNA card that was fraudulently hacked, they told me I had to sort it out, there was a huge hotel bill from Paris ( I don't currently have a valid passport! ).
So with that background do I cancel or let it lie???????

[Deleted User]

I'd always have at least two cards - preferably more.

Also, your limits are very low, so unless your income is as well, I'd be keeping it and getting another.

Use it from time to time to keep it active.