Credit Cards - to keep or to cancel?

DoubleChamp

Hi everyone,

I like to sign up to new credit cards, as they often have very good sign-up/welcome deals. I will then do whatever I need to do to earn the sign-up bonus, then never use the card again.

I now have around 6 credit cards (all have no debt on, and my Experian credit score is a perfect 999), and am wondering what I should do with these unused cards long term?

Do I;

1) Cancel them as soon as I've got the welcome offer - so as to hopefully keep by score low, but then also reduce the average age & total credit limit of my credit cards, risking my credit score & chances of being accepted for further things down the line

2) Keep the unused for eternity - keeping the average age & total credit limit of my credit cards high, but then risking my credit score & chances of being accepted, by having too many cards, and providers thinking I need to "live off credit".

Thanks for any advice

[Deleted User]

Start by ignoring the made up credit score. It's not real, seen or used.

You should aim to have an appropriate amount of credit for your income and debt levels. Certainly keep 3 or 4 as a minimum, making sure to use them regularly and clear in full.

Craig1981

keep 3-4 of your oldest ones - try mixing it up with visa and mastercard (as you never know), and hoepfully one of them is a travel card too, something you can use abroad without transaction fees...

try using them every few months and pay off in full