Should I close a £0 online store account?

2scompany3sfamily

Hi everyone,

It's in the title really. I have an online account with Next. My credit limit is £5,000.

I usually buy things in bulk seasonally, then pay off monthly. I have never been late etc etc and paid over the minimum.

The current balance is £0.00.

We are looking to apply for a mortgage . soon (within 6months?) - am I best to close this account (as per Experian's advice) or leave it open as a sign of my "extensive" access to credit.

Sorry if this is a dumb question... Thanks in advance you lot :j

Willing2Learn

Hi 2scompany3sfamily and welcome to the forum

If it were me, I would keep the account open. In my eyes, it demonstrates long-term stability and successful credit account management. These are both things that a potential lender wants to see.

Edit: Just noticed that although this is your first post, you've been a member for over five years lol. Where have you been lurking all this time?...

2scompany3sfamily

Hiding behind forgotten log in details and paying off my Next account :rotfl:

Thank you - I suspected that would be the better option... Experian made me doubt myself.

[Deleted User]

Ignore Experian.

Their !!!8220;advice!!!8221; is to improve a pointless score/rating that!!!8217;s entirely made up.

Keep it open as it shows account stability and age of accounts.

However next time you use it pay it off in full rather than just the minimum.

sparkey1

A key factor with credit is long term stability.

Keep the account open.
Dont reduce the limit.
Use it and pay it off.

Make sure you have the basics in order. ie that your on the electoral roll, and that the information on your credit report is accurate.



Never pay for a credit report. Use a free service such as MSE Credit Club.


Experians own advice at https://www.experian.co.uk/consumer/guides/what-affects-score.html "Try to keep old, well-managed accounts. Credit scoring looks at the average age of your bank accounts, so try not to chop and change too much."