Credit cards

[ajfitz]

Is it better to cancel credit cards that you no longer use because of it affecting credit rating?

[Oneeyedvic]

No, I would say it is better to keep them open - two reasons - firslty, they are always handy in case of emergency. Secondly, when you make an application for credit, a company will see the card as active but they will also see your balance (or average balance) - if this is zero, it is not really a problem.

It is also easier to get credit if a lender can see that you are a good risk - and they can only tell that if you have existing credit commitments that you are keeping to.

[jackyp]

yes it is better to cancell credit cards it is better to do the credit card shuffle to find out more go to www.moneyexpert.com see you bonfire night

[jackyp]

should read www.moneysavingexpert.com