Should I close some accounts to help credit ratings?

Thrugelmir

Willing2Learn wrote: »

Just pay for the normal stuff on the cards, expenditure that is within your normal monthly budget. Then pay off in full after the statement is received and before the due date.

Lenders do not report balances at the statement date. Just at a point of time. Constantly rolling a balance over. Would suggest that it's being used much in the way of an interest free overdraft.

Craig1981

i still have my aqua card open - used it every few months to keep it ticking, but keep it as it is 0% for international transactions. the only offers i get from them are personal loans from 21.9% APR, which is never a thought to me. and sometimes a 6 month MT or BT at 0% but with a 3.99% transaction fee

Vanquis before i closed it off, never had an offer come through for any incentive to use the card more

as you only have 4, i would keep them, shows longevity on the accounts as well

System

If you're bothered about the score I just dumped £22k of unused credit card balance availability with 2 cards and its made absolutely no difference to the score. No idea about the improvement in affordability as I have no intention and no reason to get a card or loan.

Yooks

The decline of the loan can be a factor of many things. High credit limit does not show that you’re a trusted borrower. If your credit utilation is always low it may come across to the lender that you do not need the loan or you may seem high risk as you don’t have history of paying off large amounts. I don’t suggest closing the accounts but if that is your desire then it will not have a huge negative impact on you apart from a lower credit limit