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  • FIRST POST
    • Caspeia
    • By Caspeia 4th Jul 18, 4:10 PM
    • 114Posts
    • 140Thanks
    Caspeia
    Should I close open credit cards accounts?
    • #1
    • 4th Jul 18, 4:10 PM
    Should I close open credit cards accounts? 4th Jul 18 at 4:10 PM
    I checked my credit report and one of the positive factors was 'using 50% of credit limit' which I was confused about until I noticed that they were including credit cards I had used in the past, paid off and never touched again. These amounts are the only ones in my name, amounts are different on my debt free diary as that's including my husbands ones

    Breakdown of all credit cards:

    CC1: 3919.88 / 4000 98% credit limit used
    CC2: 750 / 1000 75% credit limit used
    CC3: 0 / 4000 0% credit limit used
    CC4: 0 / 660 0% credit limit used
    CC5: 0 / 200 0% credit limit used

    So my total available credit is 9860 and I've used 4669.88 which is 47% of my credit limit used.

    If I cancel them it would mean:
    Available: 5000
    Used: 4669.88
    93%

    If I cancel them will this make my credit score worse? Should I keep them open until I have paid off the other cards I still have to pay off?

    I hope that makes sense!
Page 1
    • zx81
    • By zx81 4th Jul 18, 4:21 PM
    • 18,620 Posts
    • 19,874 Thanks
    zx81
    • #2
    • 4th Jul 18, 4:21 PM
    • #2
    • 4th Jul 18, 4:21 PM
    You don't have a credit score so ignore that.

    Keep your cards open as your utilisation is high and your limits are low. You run the risk of look desperate for credit.
    • Caspeia
    • By Caspeia 4th Jul 18, 4:28 PM
    • 114 Posts
    • 140 Thanks
    Caspeia
    • #3
    • 4th Jul 18, 4:28 PM
    • #3
    • 4th Jul 18, 4:28 PM
    You don't have a credit score so ignore that.

    Keep your cards open as your utilisation is high and your limits are low. You run the risk of look desperate for credit.
    Originally posted by zx81
    What do you mean I don't have a credit score? Don't understand what you mean, I don't fully understand how this all works
    • zx81
    • By zx81 4th Jul 18, 5:48 PM
    • 18,620 Posts
    • 19,874 Thanks
    zx81
    • #4
    • 4th Jul 18, 5:48 PM
    • #4
    • 4th Jul 18, 5:48 PM
    The numbers that the CRAs give you aren't a measure of your credit worthiness.

    They're a largely made up number for entertainment purposes, much like horoscopes. Never use it as a measure of anything.

    You just need to focus on managing your credit responsibly.
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