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?
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).