Close Credit Card or Keep it Open?

jasminehope

Hey there,

I have 4 credit cards: W, X, Y, Z 

Here are the credit limits:
W = 1800
X = 6000
Y = 1000
Z = 1000

As of today, I've fully paid off the balances for W, X, Y. The balance for Z is £500 and I'm paying £100 to pay it off every month. 

Would anyone recommend closing my W, X, Y credit cards or keeping them open to increase my credit score?

My credit score on Experian is 805. I have no payment defaults or CCJs. 

Thank you and stay safe y'all.

D3xt3r5L4b

Keep them open. But ignore the score since it’s not a lending factor lenders use. 

jay1804

Great for paying off the balances!

Depends on what W, X and Y do for you, if they are just standard cards (No rewards, No ForEx free spend), you can close them if you wish. 
The experian score that has nothing to do with lending, will plummet if you close the cards as the score drops and raises with any change.

My advice would be to definitely keep the card that you have had the longest and put a small portion of your committed spending (travel, fuel, subscriptions, groceries, ect) and pay off IN FULL every month as it helps with your credit history.

As for the other cards it depends on their benefits, if you really want to close them then don't close them all at once.

mands4423

I have got a Barclaycard which I currently use for BT.  I have a large amount that is due to end August.  With being furloughed I will struggle to pay off in full.  I have another credit card with no balance on it and was thinking of paying g the balance with this and then doing another BT to Barclaycard when the bill can through.  Had anyone done this before.  

LordSomebody

In the past, I’ve balance transferred away from a card and then BT’d back when a new offer arrived. But I’d be surprised if this was possible in today’s climate. I didn’t enjoy paying two sets of fees, but we had a huge (5 figure) unexpected expense, so needs must.

jasminehope

jay1804 said:

Great for paying off the balances!

Depends on what W, X and Y do for you, if they are just standard cards (No rewards, No ForEx free spend), you can close them if you wish. 
The experian score that has nothing to do with lending, will plummet if you close the cards as the score drops and raises with any change.

My advice would be to definitely keep the card that you have had the longest and put a small portion of your committed spending (travel, fuel, subscriptions, groceries, ect) and pay off IN FULL every month as it helps with your credit history.

As for the other cards it depends on their benefits, if you really want to close them then don't close them all at once.

Hey, thank you!

W X Y are just standard cards.

jasminehope

D3xt3r5L4b said:

Keep them open. But ignore the score since it’s not a lending factor lenders use. 

thanks!

goldieandblackie

Whats the point in keeping 3 standard cards, close them down over time and get yourself a 0% card and keep the card with highest credit limit.

D3xt3r5L4b

goldieandblackie said:

Whats the point in keeping 3 standard cards, close them down over time and get yourself a 0% card and keep the card with highest credit limit.

0% cards are fine if you intend to make a
big purchase or several.

Using the cards you have and clearing them in full each monthly is a perfectly acceptable way to manage credit. 

jasminehope

goldieandblackie said:

Whats the point in keeping 3 standard cards, close them down over time and get yourself a 0% card and keep the card with highest credit limit.

thank you!