Credit card review

rustyboy

Hi All

After some advice

I have the following credit cards

Tesco Nil balance - £8300 credit limit
TSB nil balance - £7000 credit limit
Halifax £5300 balance with £8000 credit limit - 0% interest until the end of the balance period - I can pay the balance before the 0% runs out
MBNA £6000 balance - £8200 credit limit - again I can pay this off before the 0% interest rate runs out

My query is should I cancel the TSB and Tesco Cards? Or keep one just in case for emergency?

I have an OK credit rating - 495/700 on Clearscore. It was 515 in November but dropped.

Thanks in advance for any queries

yksi

Forget the rating number, lenders do not see it.

What's your income and what is your aim here - are you planning on applying for a mortgage in future?

BoGoF

I would keep the nil balance cards.....at least until the others are paid off, as your overall utilisation would look horrendous without the nil cards.

rustyboy

Exactly what I needed to hear.

When one of these is paid off I’ll cancel the card with the lowest credit limit. And so on

[Deleted User]

Keep them.
The limits are low and there’s no real reason to close them completely.