Closing Credit Cards?

sg3000

Hi everyone

Over the last few years, I've accumulated quite a few credit cards. 4 are currently being used following balance transfers, 4 are unused and I have no intention of using them in the future unless it's to protect myself under s75 when making a large purchase. 

I understand from other posts that it makes sense to retain your credit cards even if you're not using them. 

My concern is that when I apply for a mortgage which will hopefully be in a few years, my credit report will show that I have lots of cards and lots of unused credit which I don't think will be looked on too favourably. is this correct?

Any thoughts would be greatly appreciated.

Many thanks


 

Swoosh84

Unused credit can be looked on favourably as it shows you can manage it. But no two banks are the same. RBS might see it as a bad thing while Halifax might see it as a good thing.

I'm in a similar situation, I generally speaking close the ones with smaller limits. Not because of the impact on my report but just in case I need another balance transfer in the future in which case I can approach that bank again.