Should i close credit cards i'm not using?

molotovdog

A few years back i decided to get my finances in order and took out a debt consolidation loan to pay off my credit cards, since then i've not touched any of my three cards and my loan only has a year left on it until it's all paid off and i'm completely debt free.

I'm just curious if i should leave my credit card accounts open or close them, specifically with regard to how closing them might affect my credit rating?

I currently have a pretty decent credit score as i've never missed a payment on any of my cards when i used them or since getting the loan, but i think i remember reading somewhere that closing accounts can lower it? the credit cards aren't particularly good ones, their interest rates are pretty standard and no longer have any offers on them, so i'm tempted to close them but don't want to tank my score and ruin any chances of getting good rates etc.. if i need a card or loan etc... in the future

I think across the cards i currently have 14k credit available, none of which is being used and around 5k left on my loan to pay off.

MorningcoffeeIV

Closing accounts - or opening them - will lower your credit score but that's fine because your credit score isn't real and no one will ever know it's dropped.

Lenders look at your credit files. There's generally no need to cancel cards unless you have a spending problem.

And if you want to improve how lenders see you, you should be using them.

And also get that loan paid off ASAP.

grumbler

MorningcoffeeIV said:

Closing accounts - ... - will lower your credit score

How do you know this?

 There's generally no need to cancel cards unless you have a spending problem.

This depends on how the total available credit compares to the income.

That said, £14K available credit is, most likely, not too big.

born_again

Depending on how long ago you stopped using the cards, they may well be dormant anyway.

Just pick one & shut the rest. Save any temptation to drop back to the previous state. 👍

Dandytf

I continue to clear+close one or two cards everytime.
I've been using High Inflation costs as motivation in seeing the extent of higher costed goods and how quick monies owed build up.
OP maybe ask yourself what is reasonalble amount to keep, then close others as you desire via rates etc.