Closing Credit Account

Lola47

Hi all, I have a good credit rating but I want to improve it as I hope to apply for my first mortgage within the next year or so.

I currently have 2 credit cards; both have zero balances at present. I also have an online credit account with Very with a credit limit of £3500, I also owe nothing on this and was thinking of closing the account. Will that do my credit score more harm than good? I don't like the idea of having a lot of credit thats unused.

[Deleted User]

You don't have a credit score or rating. Just a credit history that lenders will look at.

If your cards have decent limits and are well managed, it will do no harm to close the Very account.

Lola47

So the score of 948 from Experian doesn't actually mean anything? Quite new to all this! Thanks for your advice, I think I'll close that account then.

[Deleted User]

No it means nothing.

What is the limit on the 2 cards?

Lola47

£8250 between them. One can be used all over the world without any charges thats why I have that one and the second has small APR, I rarely use them but for large car bills etc I like to have them to give myself time to pay etc.

[Deleted User]

You'd look better to lenders if you used them regularly and cleared in full each month.

Show that you can handle credit and don't need to borrow or pay interest.