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Q.

Is cancelling credit card gives any bad credit scoring? I live in the UK. I have three credit cards and it's becoming a bit difficult to manage three although I have not missed any payment till now and also been able to pay full ammount. One of the card's aggreement is ending by April 2008 and I wish not extend the aggreement. Suggestions please?

Tags: uk, payment, suggestions
Asked by Satyanarayana Maddi, 29 Feb '08 09:35 pm
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Answers (7)

 
1.

You said you are paid all balances and you have nothing due. In that instance if the annual fee is not exorbitant I would suggest you to keep the cards. One good way to use them is to make deposits on your card so that it will function like a debit card. For instance I deposit around 300 dollars every month on my credit card. I use this card to purchase groceries every month. This will boost your credit score.
Anyway, if you are too irritated with the cards you may want to cancel them. But before doing so enquire if it would affect your credit score. You can call the credit bureaus for advise. In the US there are 3 credit bureaus like Transunion, equifax and one more (i dont remember the name).
Answered by cool analyzer, 29 Feb '08 09:48 pm

 
  
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2.

No. Cancellation of credit card does not lead to any negative scoring at all.
Answered by RAJAN MHAMAI, 29 Feb '08 09:36 pm

 
  
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3.

No not at all
Answered by Mohammad Daimi, 29 Feb '08 09:45 pm

 
  
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4.

Cancellation of credit card would in no way affect the credit scoring. The credit scoring is based only on the conduct of the credit card account.
Answered by Sundararajan Mathanagopalan, 29 Feb '08 09:40 pm

 
  
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5.

One and only one is enough
Answered by RAVI, 29 Feb '08 09:38 pm

 
  
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6.

If u don't like the facility then it is better to surrender. Forget rest all the things.
Sometimes if we have credit card unwanted expenditure brings sorrow to us.
Answered by Sanjay Kumar Gartia, 29 Feb '08 09:43 pm

 
  
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7.

You can cancel any credit card at any time. If you had made any transactions, you can cancel the card one month after the date of such transaction. It will not lead to any bad credit scoring.
Answered by SUDHAKARA RAO, 29 Feb '08 09:38 pm

 
  
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