Getting rid of 4 credit cards in one go. Effect on credit score? 28 October 2022 at 9:16AM in Credit cards 3 replies 245 views

williewonder

I'm currently going through a deputyship referral and its likely I'll have a deputyship in place around December. According to social services I can't have any credit accounts so will have to close down my credit cards and overdraft when the deputyship is in place. Fair enough I don't really need credit cards. I only want good credit worthiness to be able to get a mobile phone contact.

What would happen to my credit score when the deputy rings and shuts 4 credit cards. I will reduce my overdraft down to £0 myself on nationwide apps. Its it going to crash my credit score so I won't be able to get a contract phone in the future? My credit score is 966 out off 999 at the momentl

molerat

Your credit score will go down.  Your score though is irrelevant as no one except you sees it.  It is highly unlikely to affect your ability to get a contract phone.

Why do you want a contract phone ?  Buy a phone cash and get a cheap monthly SIM.

williewonder

I want the iPhone 15 pro when it comes out. By then I would have had my iPhone 11 Pro for 4 years. I could buy it outright but prefer contracts. It isn't a problem affording £60 a month,

[Deleted User]

As above, your score is a gimmick, only you ever see it, lenders do not see it or make any decision based on it.

I don't know anything about deputy but side of things but taking out an expensive mobile contract would be credit, are you even allowed to do that yourself? It is likely though that even putting aside the fake score, suddenly having all your credit closed is likely to spook lenders (which the operator would be)