Clear credit cards, close them or kepp they open?

khampson

I have 3 credit cards that have a £0 balance but I have £11,000 worth of credit available to me, would closing these have a positive or negative on my credit score.?

Thank you

[Deleted User]

You can ignore your score as it's not a factor used in lending decisions.

What are the limits, APR, provider and length of time open on each card?

I would say keep them and use them all regularly and clear the balance/s in full each month to build and maintain your credit history (read: NOT score).

khampson

One is 0%, I consolidated all my credit cards and took a loan out.

[Deleted User]

Still hasn't answered the questions.

A consolidation loan probably wasn't the best thing to do either...

khampson

Sorry, Santander 0% Apr for 20 months £2000
Barclays 18.9% £5000 limit
Santander 123 £4500 at 18.9%

I had a loan at 10k at 3.5% but just took another at for £11k at 3% and the 1k was used to clear the 0% introductory Barclays card that was about to charge me the 18.9% Apr, steadily my credit score has improved. Maybe not the best decision to consolidation but to me it seemed good at the time.

Thanks

[Deleted User]

Could you not have looked at getting a Balance Transfer card?

Again, ignore the "score" improving - in fact were you to close any of the cards then it will likely plummet due to the changes being made.

As above, they are not high limits.
Keep them, use them, and clear the balances in full each month.

khampson

!!! wrote: »

Could you not have looked at getting a Balance Transfer card?

Again, ignore the "score" improving - in fact were you to close any of the cards then it will likely plummet due to the changes being made.

As above, they are not high limits.
Keep them, use them, and clear the balances in full each month.

Yes I suppose I could of got a balance transfer looking back, do I need to use them all or just one?

Thank you for replying

[Deleted User]

Use them all, switch between them each month, it doesn't matter.

Just don't leave them for too long untouched otherwise they may become dormant and closed by the lender.

You could maybe look at consolidating the 2 Santander limits onto one card (either the 0% or 123 card, whichever offers a better deal in terms of APR and foreign spend etc.).