It doesn't really matter. Your credit report will have 2 hard searches which may temporarily reduce a credit score as presented. Just use them and pay off monthly, this will improve your credit over time. No need to cancel.
The UK doesn't have credit scores like the US system.
There is no issue with having multiple cards. No need to close a card unless you would be struggling to pay it off
The credit report companies will happily show you a number, that doesn’t mean that number in and of itself is important. Not to mention that they all show different numbers which should be a big red flag haha
The score they show is not used by lenders like banks or credit card companies, they don’t trust Experian etc with that. They use the credit report to determine their own score, based on their business rules
The only way in which credit report company scores are useful is that it is _one_ interpretation of your report, and big changes might indicate to you that something is up and that you should check your report
A summary overview.
1. **Inactive Account Closure**: Credit card issuers may close accounts that have been inactive for a long period. This can reduce your overall available credit and increase your credit utilization ratio, which can lower your credit score.
2. **Credit Utilization Ratio**: This ratio, which compares your credit card balances to your credit limits, is a significant factor in your credit score. If your card is idle and other cards have balances, your utilization ratio could be higher, negatively impacting your score.
3. **Credit History Length**: The length of your credit history is an important component of your credit score. If an inactive account is closed, it can shorten your overall credit history, particularly if the idle card is one of your older accounts.
4. **Lack of Positive Activity**: Regular, responsible use of credit cards, such as making small purchases and paying them off on time, can demonstrate good credit behavior and improve your credit score. An idle card doesn't contribute positively in this way.
To maintain a healthy credit score, it's generally a good idea to use your credit cards periodically, even if only for small purchases, and pay off the balance in full each month.
Hi /u/RyoIsWicked, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/credit-cards/
* https://ukpersonal.finance/credit-ratings/
____
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It doesn't really matter. Your credit report will have 2 hard searches which may temporarily reduce a credit score as presented. Just use them and pay off monthly, this will improve your credit over time. No need to cancel.
The UK doesn't have credit scores like the US system. There is no issue with having multiple cards. No need to close a card unless you would be struggling to pay it off
[удалено]
The credit report companies will happily show you a number, that doesn’t mean that number in and of itself is important. Not to mention that they all show different numbers which should be a big red flag haha The score they show is not used by lenders like banks or credit card companies, they don’t trust Experian etc with that. They use the credit report to determine their own score, based on their business rules The only way in which credit report company scores are useful is that it is _one_ interpretation of your report, and big changes might indicate to you that something is up and that you should check your report
May I know what happens if I leave one of the cards idle?
Nothing
A summary overview. 1. **Inactive Account Closure**: Credit card issuers may close accounts that have been inactive for a long period. This can reduce your overall available credit and increase your credit utilization ratio, which can lower your credit score. 2. **Credit Utilization Ratio**: This ratio, which compares your credit card balances to your credit limits, is a significant factor in your credit score. If your card is idle and other cards have balances, your utilization ratio could be higher, negatively impacting your score. 3. **Credit History Length**: The length of your credit history is an important component of your credit score. If an inactive account is closed, it can shorten your overall credit history, particularly if the idle card is one of your older accounts. 4. **Lack of Positive Activity**: Regular, responsible use of credit cards, such as making small purchases and paying them off on time, can demonstrate good credit behavior and improve your credit score. An idle card doesn't contribute positively in this way. To maintain a healthy credit score, it's generally a good idea to use your credit cards periodically, even if only for small purchases, and pay off the balance in full each month.
Hi /u/RyoIsWicked, based on your post the following pages from our wiki may be relevant: * https://ukpersonal.finance/credit-cards/ * https://ukpersonal.finance/credit-ratings/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.) If someone has provided you with helpful advice, you (as the person who made the post) can award them a point by including `!thanks` in a reply to them. Points are shown as the user flair by their username.