To Close or not to Close

Keith.macfarlane01

hi i have 3 credit cards fully paid off with a combined credit card limit of £27K am i better off closing these accounts and does this impact my credit rating positively or negatively?

Grumpy_chap

I think if you needed other borrowing, having high credit limit available may affect affordability.
If you don't need other credit, why not just keep the cards for emergency?

Keith.macfarlane01

thanks grump_chap my affordability rating is pretty poor so perhaps i should close them in that case.

Grumpy_chap

You don't say who the cards are with.  Beware that some card companies have been reducing limit.  If that is the only card you retain, then you could end up with hardly any credit available.
Also, see what others think about how these cards affect affordability.  

D3xt3r5L4b

Your affordability rating as seen where?

Keith.macfarlane01

on clearscore/credit karma

D3xt3r5L4b

Ignore that then. They aren’t lenders so can’t possibly determine your affordability. 

Alex9384

I definitely would not close all 3 cards at the same time. You can still ask your card issuers to reduce your credit limit, but again, I would not do that with all 3 cards at the same time.

PRAISETHESUN

Ignore any of your "scores" provider by the CRAs or Clearscore/Credit Karma/MSE Credit Club, none of these organisations are lenders so their scores are meaningless. Lenders will make their own decisions based on the info you provide in your application and that contained on your credit files - the actual information is what is important.

Personally, I'd leave them as is unless you've specifically been told by a lender you applied to that your existing credit limits are too high. Can be good to use in am emergency. Having long-standing accounts is generally seen by lenders as a positive thing, so closing them could negatively affect your ability to get credit in future.