To cancel old credit card or now?

richyb

So i read the post on the money saying expert site about canceling old credit cards but i'm still a little confused with my situation so hoping someone can offer some words of wisdom.

I took out a Barclays credit card in 2008, made some mistakes and stopped using it, paid the balance of a few years later and since then never used the card and have no plans to use it. Limit is £1,500.

Last year i took out a Tesco credit card and use this to buy my food shopping/petrol each week, and pay off the balance in full. Limit on this is £1,700. Idea being that i have no had any credit for years and this was a good way to build it up.

The report from Experian on the MSE credit club says i have a 999/999 score, while Noodle says i have 646/710.

Apart from this i have no other debts and have not for 6+ years so my report shows no issues at all.

I would like to apply for a Mortgage next year but I'm unsure if i should cancel my Barclays credit card as i have no plans to use it, but since it's my longest running account i fear it may negativity impact my score?

Does any one have advice to cancel or keep the card?

Many thanks.

Willing2Learn

If I were you, I would keep the Barclaycard as it is an aged account and looks good on your file from a stability point of view. I would start using it for some of the stuff in my monthly budget, then pay off in full when the statement arrives. Keep using the Tesco card too. You will then have evidence from two open credit accounts, of successful budgeting and money management.

Edit: Ignore your credit scores as potential lenders neither see nor use them. They score you against their criteria and independent policies using the data in your credit files added to the data you submit in your credit application.

[Deleted User]

Keep it as a backup.

Ignore your made up score