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How to close accounts?
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belladaisy2018
Posts: 1 Newbie
Hello, any advice please?
I have two store accounts, one for Next and one for Littlewoods, I opened them years ago and my limit on each account is about 6k and I went a little silly and have ended up paying them off for years because I got stuck in the cycle of buying things I didn't really need or want that much just because I could.
I've now paid off the LW account and will be finished with the N one in a few months too. But I've heard through family members that closing accounts is bad for credit ratings?
Is this true, and even if it is it worth the credit rating blip to close them, or would keeping them open be more sensible?
Thank you
I have two store accounts, one for Next and one for Littlewoods, I opened them years ago and my limit on each account is about 6k and I went a little silly and have ended up paying them off for years because I got stuck in the cycle of buying things I didn't really need or want that much just because I could.
I've now paid off the LW account and will be finished with the N one in a few months too. But I've heard through family members that closing accounts is bad for credit ratings?
Is this true, and even if it is it worth the credit rating blip to close them, or would keeping them open be more sensible?
Thank you
0
Comments
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Ignore the credit rating, it is a meaningless number generated by the credit reference agency to try to sell you things and isn't used by any lender, only the contents of your credit file is. This is mentioned in the sticky and every post asking about credit scores on the credit rating board.
It isn't worth keeping accounts open just to maintain a fictitious number.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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