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Should I close my accounts?
Lemmon
Posts: 12 Forumite
Got myself into a bit of bother when I was younger and stupidly took out a lot of credit cards and catalogue accounts.
I've since sorted myself out and finally paid off the last one today. Its taken me a long time!
Should I close the accounts I'm unlikely to ever use again? I have a mixture of cards, some are low limits and high interest (which I'll never use again) and some are higher limits with much better interest (which I'd like to keep).
Although I had a lot of credit, I never missed a payment and have steadily watched my credit rating get better over the years, and I'm now worried closing off my accounts may negatively impact this, but at the same time I don't know whether having a lot of empty accounts is also viewed negatively. What's the general consensus on this these days?
I've since sorted myself out and finally paid off the last one today. Its taken me a long time!
Should I close the accounts I'm unlikely to ever use again? I have a mixture of cards, some are low limits and high interest (which I'll never use again) and some are higher limits with much better interest (which I'd like to keep).
Although I had a lot of credit, I never missed a payment and have steadily watched my credit rating get better over the years, and I'm now worried closing off my accounts may negatively impact this, but at the same time I don't know whether having a lot of empty accounts is also viewed negatively. What's the general consensus on this these days?
0
Comments
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It depends on what you have, what you need and what you earn.
You certainly want to have a number of credit cards, with appropriate limits. Keep a mix that offers various benefits.0 -
future lenders will like to see a long standing history on accounts, so keep oldest CC open and use them for your usual monthly shopping, paying off in full each month
IMO, close the catalogues - interest is usually higher than credit cards0
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