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    • Lola47
    • By Lola47 9th Jul 18, 11:44 AM
    • 5Posts
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    Lola47
    Closing Credit Account
    • #1
    • 9th Jul 18, 11:44 AM
    Closing Credit Account 9th Jul 18 at 11:44 AM
    Hi all, I have a good credit rating but I want to improve it as I hope to apply for my first mortgage within the next year or so.

    I currently have 2 credit cards; both have zero balances at present. I also have an online credit account with Very with a credit limit of 3500, I also owe nothing on this and was thinking of closing the account. Will that do my credit score more harm than good? I don't like the idea of having a lot of credit thats unused.
Page 1
    • zx81
    • By zx81 9th Jul 18, 11:47 AM
    • 18,645 Posts
    • 19,904 Thanks
    zx81
    • #2
    • 9th Jul 18, 11:47 AM
    • #2
    • 9th Jul 18, 11:47 AM
    You don't have a credit score or rating. Just a credit history that lenders will look at.

    If your cards have decent limits and are well managed, it will do no harm to close the Very account.
    • Lola47
    • By Lola47 9th Jul 18, 12:16 PM
    • 5 Posts
    • 0 Thanks
    Lola47
    • #3
    • 9th Jul 18, 12:16 PM
    • #3
    • 9th Jul 18, 12:16 PM
    So the score of 948 from Experian doesn't actually mean anything? Quite new to all this! Thanks for your advice, I think I'll close that account then.
    • Gary_Dexter
    • By Gary_Dexter 9th Jul 18, 12:18 PM
    • 2,123 Posts
    • 1,185 Thanks
    Gary_Dexter
    • #4
    • 9th Jul 18, 12:18 PM
    • #4
    • 9th Jul 18, 12:18 PM
    No it means nothing.

    What is the limit on the 2 cards?
    • Lola47
    • By Lola47 9th Jul 18, 12:21 PM
    • 5 Posts
    • 0 Thanks
    Lola47
    • #5
    • 9th Jul 18, 12:21 PM
    • #5
    • 9th Jul 18, 12:21 PM
    8250 between them. One can be used all over the world without any charges thats why I have that one and the second has small APR, I rarely use them but for large car bills etc I like to have them to give myself time to pay etc.
    • zx81
    • By zx81 9th Jul 18, 12:22 PM
    • 18,645 Posts
    • 19,904 Thanks
    zx81
    • #6
    • 9th Jul 18, 12:22 PM
    • #6
    • 9th Jul 18, 12:22 PM
    You'd look better to lenders if you used them regularly and cleared in full each month.

    Show that you can handle credit and don't need to borrow or pay interest.
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