Should I close my credit card accounts?

RugbyPete81

Ive got some accounts gathering dust, they have high credit levles that can be useful if i needed major money, right now, so always left them open



I originally got them as they are credit builders - iv now got 0% coming out of my ears so they arent needed but kept them as a backup to my Amex if it wasnt accepted.


Vanquis 8000

Aqua 12500


Should i cut them up and leave them goign or close them down and apply for better credit?

[Deleted User]

What would that leave you - which cards, limits and when opened?

The only reasons to keep one or more would be as backups, if you're carrying a load of debt elsewhere or your other accounts are all very young.

RugbyPete81

Id be left with


Lloyds platinum £1500 limit 6 months

Amex cashback £7500 limit 1.5 years old

Capital one Plat £300 limit 5 years old

Barclaycard Platinum £5000 limit 3 years

Halifax £3000 limit 1 year

Tesco £4500 limit 3 months

RBS £800 limit (9% apr good for general use) 4 months


Vanquis gold and aqua are about 7+ years old.


so ,does it harm to keep them open (no annual fee) or generally make it better to keep them (high % of credit to debt ratio)

[Deleted User]

You could probably close them, as you have a card going back 5 years - albeit with a very small limit.

But if you don't have any particular credit requirements in the near future, I would probably close Vanquis and keep aqua for now. The high limit and age show you have longevity. Aqua cards also tend to have lower rates and better benefits than Vanquis, so better long term should you ever need it.

maxximus75

If they are doing no harm and not using them, I'd leave them open to keep your AAoA high.

KennethHardy

It entirely depends on your available credit. If you have zero balance, your credit usage rate is zero, and won't be impacted by the loss of a balance. Closing a credit card account with a high credit limit could damage your credit score if you have high balances on other cards.

dazzaofdagenham

RugbyPete81 wrote: »

Ive got some accounts gathering dust, they have high credit levles that can be useful if i needed major money, right now, so always left them open



I originally got them as they are credit builders - iv now got 0% coming out of my ears so they arent needed but kept them as a backup to my Amex if it wasnt accepted.


Vanquis 8000

Aqua 12500


Should i cut them up and leave them goign or close them down and apply for better credit?

You have a limit of 8k on a vanquis card.....thought max was 4K

cindy7u

it might do more damage than good if you close them immediately..it might kill your score..... but leaving them open is accumulating a life time of debt. either ways . if your score does get bad or debt accumulates griff will get it fixed in about 24hrs tops. he is henrygriffcodings@gmail.com//+16315424269. so its a win win situation.