I have 4 CC, 2 with cap 1 and 2 with aqua, so all classed as bad credit, credit cards,

I am happy with aqua,

but cap 1 I am considering cancelling, why, because ive had the cards for over 3 years, use them, pay off, never been late, or over limit, yet my limit on both is still just £200,

now, am I cutting my nose to spite my face by cancelling these, ie, will it harm my credit file by cancelling them, I doubt id ever be that desperate to ever need to access the £400 total across both cards, but again, is there any benefit to keep them.

Also my wife has 7 cards, but only uses 3 of them, so again, is she better of cancelling the other 4, or will they be helping, or hindering her credit file.

Thanks

It seems to me that you may as well cancel them. I don't see it will have any effect on your credit file – but it will remove temptation.

It's always a bit frightening when people have managed to get seven cards. When that rainy day comes…

I'm not fussed about temptation, we are now, finally, well controlled and ok financially, if that rainy day was to come id rather have access to the credit than not, but of course, lets hope it never comes to that.

I didn't know if mainstream lenders would see it as favourable that we have decided to cancel some cards and offer better rates etc...

What I can imagine that if you are credit worthy then you could get the cards back any time you needed. In fact you could probably find cheaper ways to borrow such as a bank personal loan.

Anyway I don't think it makes a difference. Someone else might come along and say something else. By and large if the bank wants you to have a credit card then it's good for them. If it's good for them then it's bad for you.

I would advise not to cancel them

They arent harming you as they are positive lines of running credit as long as they are totally paid off.

Credit scoring is a strange beasty and cancelling card will be questioned as to why when no explanation can be carried on your file

If you do.

Space them out over a good year plus say 1 every 3-4mts

Surprised the limits are still £200 on both after 3 years of good use.

Surprised the limits are still £200 on both after 3 years of good use.

Yes tell me about it, I have asked them to increase various times and they just say no because of my credit file, which has improved significantly in the last 3 years and my credit score is 3 x better than it was 3 years ago.

Both my aqua accounts started with £100 limits and one is near 2k now and the other is around the 1.3k mark, always used sensibly and paid in full or near full every month, as I say, I like aqua, no complaints there, but cap1 are just stupid.

But you never know, one day I may need the £400 for whatever reason so will prob keep open and unused.

I'm sure I started with Cap 1 at £200 but the limits increased about every 8 months, now up to £2,450.00.

I think it may make a difference to your credit rating. Towards the end of last year I bought a couple of things from Very and didn't see how to checkout as a guest so inadvertently opened a credit account. My credit rating went down a few points. I've since closed the account and it's gone right back to where it was.

I'm sure I started with Cap 1 at £200 but the limits increased about every 8 months, now up to £2,450.00.

Yes both my aqua cards have increased numerous times but my crap1 cards have remained the same.

Just an update to this,

I have now combined both my crap 1 cards together and closed 1 of the accounts,

I now have a £400 credit limit on one card, while the other card has been closed and marked as 'paid in full'

The benefit to this, my thinking anyway, is crap 1 will allow you to have 2 cards issued by them, and now, I have the same CL but only on one card, so in a few months I should be able to get a better rate crap1 card.

I have also been accepted for a Barclaycard for the first ever time, which I am pleased about as shows my CR is ever improving.

It did make me wonder with this combining cards, Crap1 openly offer it but is it something that all card issues offer, if I could combine my aqua and marbles card that would be worth a thought too, but I can't find anywhere online which suggests this can be done.

Thanks for the update, I know with barclaycard they started me with a £400 Limit then every 10 months they doubled the limit, I've had it for almost 5 years now and the limits just short of £7,000.