Do I close one of my credit card accunts

Giraffe76

Hi all,

I have 1 main credit card which I use every month, a balance transfer card and now a 2nd balance transfer card which I've just opened and transferred the outstanding amount to from my 1st balance transfer card.
My question is should I now close my 1st balance transfer card as I have no intention of using it and my credit score is good but I'm thinking if I leave this balance transfer card active then it might not effect my credit score in a positive way.
Hope this makes sense

Kind regards mark 

Gandalf644

Giraffe76 said:

Hi all,

I have 1 main credit card which I use every month, a balance transfer card and now a 2nd balance transfer card which I've just opened and transferred the outstanding amount to from my 1st balance transfer card.
My question is should I now close my 1st balance transfer card as I have no intention of using it and my credit score is good but I'm thinking if I leave this balance transfer card active then it might not effect my credit score in a positive way.
Hope this makes sense

Kind regards mark 

Credit scores are just a number made up by Credit Reference Agencies and are not seen by credit card issuers/banks etc. In effect, they are irrelevant.

It is your credit history which counts – such as no defaults, payments always on time etc. It remains visible for 6 years.

If you have no intention of ever using the card, then get shut of it.

If it is with the sort f bank that may grant you useful offers in the future, then keep hold of it. Just use it once or twice every few months and pay it off in full every time.

It really is your choice. Just do not be beholden to the false god ‘Credit Score’ as it is meaningless.

Nasqueron

easemoney said:

If your credit score is already good, keeping the first balance transfer card open might actually help rather than hurt. Closing it could reduce your overall credit limit, which might increase your credit utilization ratio (how much credit you’re using vs. your total limit). A lower utilization ratio is better for your score.

Since you don’t plan to use the card, you can just keep it open with a zero balance and maybe use it once in a while for a small purchase to keep it active. But if it has an annual fee, then closing it could make sense.

Credit scores are a marketing gimmick, they play no part in lending

Edit - just seen the other post - user seems to be part of the easemoney site and is promoting the site on the other post, report and move on.

retiredbanker1

If you have only 3 credit cards in total I would keep them all. You may get future balance transfer offers in future.

gbhxu

Just use this card once in a while or your CC company might close the account.