Should I cancel credit cards I no longer use ?

Asghar

I have the a fair few credit card and I only use two of them regulary every month for day to day spending and purchases. The other three are only used every two months just to keep them active.

Wouldn't it be better to close one of the ones I don't need because then the total combined credit limit will be lower, which in turn might lead to increased credit limits on the two cards that are used regulary.

Yorkshire_Pud

stueybuk said:

Yorkshire_Pud said:

stueybuk said:

Hi all, I have probably half a dozen credit cards which I have applied for for various reasons including helping my credit, balance transfers and 0% finance. My question, should I cancel these if I no longer use them and will that affect my credit score favourably ?

I like to close credit cards I don’t use especially if they are 0% cards that have lost that incentive. Life’s too short to keep cards open ad infinitum and play the game of the money men. My credit (joke) rating went really low when I had a large unpaid 0% credit debt, after paying it off and closing several cards my (joke) score went up to 999 over several months.
Its all so computers can make decisions on your financial health instead of people. They can get you know. Stand up for your mental health and good financial and psychic hygiene and bin those crappy cards (unless you want a mortgage I s’pose) 

Problem is, I do need a mortgage !!! Thanks for your reply.

OK have to play the game then and follow the established protocol. I use a two credit cards for small purchase each month paid off in full and paid out from a current account used as a donor account for bank switching incentives, £100 here, £125 there that sort of thing. Looks good on your record and gets you a few quid along the way for not very much work (unless it’s tsb 😂)

stueybuk

Yorkshire_Pud said:

stueybuk said:

Yorkshire_Pud said:

stueybuk said:

Hi all, I have probably half a dozen credit cards which I have applied for for various reasons including helping my credit, balance transfers and 0% finance. My question, should I cancel these if I no longer use them and will that affect my credit score favourably ?

I like to close credit cards I don’t use especially if they are 0% cards that have lost that incentive. Life’s too short to keep cards open ad infinitum and play the game of the money men. My credit (joke) rating went really low when I had a large unpaid 0% credit debt, after paying it off and closing several cards my (joke) score went up to 999 over several months.
Its all so computers can make decisions on your financial health instead of people. They can get you know. Stand up for your mental health and good financial and psychic hygiene and bin those crappy cards (unless you want a mortgage I s’pose) 

Problem is, I do need a mortgage !!! Thanks for your reply.

OK have to play the game then and follow the established protocol. I use a two credit cards for small purchase each month paid off in full and paid out from a current account used as a donor account for bank switching incentives, £100 here, £125 there that sort of thing. Looks good on your record and gets you a few quid along the way for not very much work (unless it’s tsb 😂)

I only really use one for monthly expenses which is paid off every month and another for a balance transfer which is gradually coming down. Not paying interest on any of them, just ended up with about 8 cards trying to build my credit rating back up, lots of them are cards I would never usae again !

cymruchris

stueybuk said:

Yorkshire_Pud said:

stueybuk said:

Yorkshire_Pud said:

stueybuk said:

Hi all, I have probably half a dozen credit cards which I have applied for for various reasons including helping my credit, balance transfers and 0% finance. My question, should I cancel these if I no longer use them and will that affect my credit score favourably ?

I like to close credit cards I don’t use especially if they are 0% cards that have lost that incentive. Life’s too short to keep cards open ad infinitum and play the game of the money men. My credit (joke) rating went really low when I had a large unpaid 0% credit debt, after paying it off and closing several cards my (joke) score went up to 999 over several months.
Its all so computers can make decisions on your financial health instead of people. They can get you know. Stand up for your mental health and good financial and psychic hygiene and bin those crappy cards (unless you want a mortgage I s’pose) 

Problem is, I do need a mortgage !!! Thanks for your reply.

OK have to play the game then and follow the established protocol. I use a two credit cards for small purchase each month paid off in full and paid out from a current account used as a donor account for bank switching incentives, £100 here, £125 there that sort of thing. Looks good on your record and gets you a few quid along the way for not very much work (unless it’s tsb 😂)

I only really use one for monthly expenses which is paid off every month and another for a balance transfer which is gradually coming down. Not paying interest on any of them, just ended up with about 8 cards trying to build my credit rating back up, lots of them are cards I would never usae again !

What's your total amount of available credit across the 8 cards when they are all added up?