Close unused credit card account?

owitemisermusa

Several years ago, I decided to close a CC account as I didn't need it.

Called CC company and said I'd like to cancel - lady coaxed me into just cutting up the card instead of closing account.

Naively (I think), I did. BUT just read somewhere that it's not a good idea. I heard it stays on your credit file as an open credit thingy (sorry, no technical term in head) and may adversely affect my rating.

Should I call up ASAP and cancel? Is it true that cancelling would have been the best thing to do right from the start ( don't owe anything on CCs)?

Any help and advice appreciated.

Phantom_Flan_Flinger

When you're credit checked, the open card will show as 'available credit' to a lender.

This might not directly stop you getting a new card, but it may reduce the credit limit they offer you.
It may also stop you taking advantage of new BT deals on a card you apply for if it's supplied by the same issuer.

owitemisermusa

Thanks PFF,
So no benefits at all in keeping this account open?
I feel as if I was a mug for agreeing to keep it open.

Phantom_Flan_Flinger

CC companies sometime do offers to existing card holders, but IMO, if you don't actually need it, close it.

owitemisermusa

Thanks, will definitely close it.
Sneaky CC company, trying to ensure one less person who can take advantage of their 0% offer by keeping me on their books.
I smell revenge!