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Credit scores reflect the number of paid credit accounts you have. So, when you transfer from the first account to another, that first account becomes PAID. You don't need to close the account, since over time it will be beneficial to your score.


I heard the more credit cards you have reduces your credit rating as theres still a risk of using up your credit limit and risk of fraud. Also, a credit card in reality is a loan but reflected as a credit limit.

Having a few (4-5)credit cards, or positive trades, on your credit report is good. If you are using less than half of the available credit for EACH card, it shows that you know how to manage money. You can also freeze your credit account to avoid constant checks by prospective lenders.


so basically having 4-5 credit cards on £0 balance with £3000 credit limits is good for your credit rating if those cards are frozen?

I had an MBNA card and applied for another card under the same umbrella orginisation and I told them I wasnt happy with my credit limit because I had another card different brand by MBNA that's why.

How do you freeze accounts?

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โˆ™ 2015-07-16 19:28:21
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Q: If you get a 0 percent apr credit card put a balance on it then transfer to another card and close the previous one how does it affect your credit?
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