Keeping debt free credit cards

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So I have quite a few credit cards built up over the years from using various 0% deals, then moving money around and between cards for the best deal. I have a couple with long 0%s being paid off, but I now have a few cards with no money on that I don’t really intend you use again.

Does it make more sense to just keep them with no money on, or actually close the accounts? I’ve looked around and can’t work out which looks better credit rating wise, or indeed if it’s only the actual debt amount that matters at all. Does anyone know? Thanks

It’ll only benefit your credit rating if you use them. If they sit in your drawer, I think it actually lowers your rating.

Thanks, I thought that might be the case but wasn’t sure if maybe having lots of unused limit might look good?

I had a cc that I had cleared, the limit on it was high £7k and I didn’t need that much so I lowered my limit to £1k to have just incase of emergency’s and my credit score took a nose dive! I thought I was doing the right thing but apparently not and after nearly a year after doing it and have not used the card it has only just started to rise. That was the only thing that I did to affect my credit score so very annoying.

Thanks ConfusedLily , that’s helpful to know and sort of ties with what I was thinking

I seem to have had conflicting advice!

When I was applying for a mortgage I was told to close down all credit cards which had high limits on but which I didn’t use. Otherwise it could be considered I had access to a whole heap of credit, even though I wasn’t using it, if that makes sense.

I sense maybe there’s no right answer! I have found that sometimes cards that have gone past their 0% and then ignored for a few months will suddenly get a new 0% deal on them and it’s handy for moving money around without getting a new card

I have one credit card
that has a sky high limit that I never use
I see no reason to have others

There’s no magic numbers but I wouldn’t advise having more than 2 or 3, and cut the credit limit down on them if you know you’re never going to use it.

I am going to try this at the weekend, watching the videos during the week. Does anyone use profit accumulator?? As it appears they charge a subscription fee but it’s not clear what this is?

For me I tend to close the ones I’m not using that way if I need you can apply again later to use the new customer offers.

Usually keep two. One either 0% for balance or purchases. And 2nd one that we can use abroad fee free.

Don’t know how / if it effects your credit rating either way

Bugger sorry posted on wrong thread!!

@makeitpink £17.99 pm for profit Accumulator:)