Credit score

[anxious_ant]

Hi all,

After a bit of advice please. I currently have 2 credit cards. 1 is the main one used for day-to-day and the other one was used for a 0% percent balance transfer which I will have fully pay off this month. My credit limit was recently increased for Card No 2 as well. I wanted to reduce it but read that it will affect my credit score if I do so.

Due to recent unfortunate events I have to take out another credit card to offload some debt at 0% interest for 36 months.

What do I do with Card 2 after fully paying it off? Would my credit history be affected if I cancel it?

Thanks,
Ant

[Camelot1971]

Ignore anything about scores and just look at your credit history. If you are getting 0% deals then you are fine. No need to close the card unless you desperately want to. If you have had the account for a while it can be helpful to keep it open.

[anxious_ant]

Camelot1971 said:

Ignore anything about scores and just look at your credit history. If you are getting 0% deals then you are fine. No need to close the card unless you desperately want to. If you have had the account for a while it can be helpful to keep it open.

Thanks for the reply Camelot.
I’ve got a high-ish credit limit (10k) on Card 2 so wondering if that would affect future credit score as I have same on new Card 3.

[Stella Tortoise]

It's more about headroom, ie how close you are to your credit limit.

[anxious_ant]

Stella Tortoise said:

It's more about headroom, ie how close you are to your credit limit.

Ah ok, so say if I have 3 credit cards with 10k limit as long as I'm no where near to the credit limit it won't affect my credit history?

Just a bit nervous as I'm planning on buying a house in a few years.

[coljoh148]

I've got 3 cards one for cash flow paid
off monthly, one for trips abroad (clarity card) and another unused. I've opted just to keep the unused one open as I don't think it's doing any harm?