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Close or keep CC?

gettingtheresometime
gettingtheresometime Posts: 6,911 Forumite
Part of the Furniture 1,000 Posts Name Dropper I've been Money Tipped!
edited 5 February 2021 at 5:45PM in Credit cards
I've just a balance transfer between credit cards to take advantage of a 0% deal and am now wondering what to do with the cleared CC.
Do I close it down or keep it in the hope that I get a 0% deal from them that I can use to clear a 3rd CC?
Whilst I know credit scores a mythical number, what effect on my credit rating would closing/keeping it have? 
(There is absolutely no chance of me racking the balance again as I was only using it for the Avios points and now they've disappeared!)

Comments

  • cymruchris
    cymruchris Posts: 5,562 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    It depends on how many cards you have and what kind of limits you have. It also depends on how long you’ve had the account. 
  • I do have a lot of cards ☺️ but most of them are only about 18 months old, having opened them to take advantage of 0% deals. Some of them have come, or are coming, to an end & I'd have no hesitation in closing them if I could transfer the small (less than £1k) balances.

    As I said, I only kept  the card to take advantage of the avios points I could earn but as that 'perk' has ended perhaps I've answered my own question.
  • cymruchris
    cymruchris Posts: 5,562 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    Long-standing accounts that are kept in good order contribute to your positive credit history. If it’s a relatively recent card - and you have a lot of cards - then yes you’d be safe to close it. 

    If it was your oldest card - I might be inclined to keep it. 
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