Poor Credit Score - Should I Close down unused cards?

2319WeHaveA2319

Hello, 

I have a really poor credit score, mainly from issues 5 years back, 

My score is still pretty tragic however I have "Collected" credit cards over the years, and now I worry I have too many open and it could be causing me more negative effects. 

Should I close unused cards? I understand credit utilization will increase, however I would much rather 1 card with higher limits than spreading across what is best that week. 

Amex - £3000 limit - opened for 12 months £0 balance - near 40% interest rate as they keep upping it as "I am showing as a risk to them"

Vanquis - £1500 limit - £0 balance approx 6 months old

Fluid - £2500 limit - £0 Balance approx 9month old

Aqua - £3000 limit - £1500 balance 0% BT offer approx 3 years old

Zopa - £4000 limit - £1000 balance. Approx 12 months old 

I would plan to keep the Amex for rewards, Aqua as it is my oldest account and currently 0% BT offer, and Zopa as it has the highest limit with lowest APR. 

Would closing the Fluid / Vanquis have negative results on my credit report?

MorningcoffeeIV

Your credit score isn't real. Ignore it.

What negatives do you believe you have?  From the above, the only one appears to be Zopa which isn't at 0%. If so, get that paid off.

Cancelling cards will increase your risk level especially as you are carrying debt.

TiVo_Lad

What's most important is the amount of debt you're using as a proportion of the debt you have available, whether your debt level is going up or going down, and whether you're keeping your accounts in "Good Standing". If you have accounts with zero balance and no activity in the last twelve months they may well be marked as dormant anyway. 

The number of cards you have suggests that you're passing the checks and not considered a high risk by those that you have applied to recently. Your issues five years ago will soon become irelevant (if they're not already), so I would just focus on keeping your accounts in good standing and not increasing your overall available credit any further.

Buttercup7251

I’m a newbie to credit cards.  It’s literally due to having no credit score whatsoever.  I’m looking into getting a mortgage so don’t really want to rock the boat.  Should I be worried?  I don’t use it very often as my other account gives me Cashback on purchases I make.  From what I’ve read recently is that to improve my score to have an overall higher credit limit (above £4000).  If that’s correct then I would keep the cards you have and make sure you don’t miss any payments. 

MorningcoffeeIV

Buttercup7251 said:

IFrom what I’ve read recently is that to improve my score to have an overall higher credit limit (above £4000).  If that’s correct then I would keep the cards you have and make sure you don’t miss any payments. 

Stop falling for the score nonsense.

Ignore the score completely. Use your credit responsibly and build some good history, Clear your cards in full each month.