Consolidation Question

A question about : Consolidation Question

Hi, I currently have two credit cards in use, one for daily use which I pay each month in full, and a 0% balance transfer which is coming to an end soon.

I've just applied for a new 0% and been accepted, though with a lower credit limit than the one I'm using (Ј5K compared to Ј16K).

The amount I will be switching to the new card is around Ј3,000 so there's no problem with the limit, however what is the best option to maximise my credit score?

Closing the old one seems like the right thing to do and gives an extra settled account, but keeping it open gives me a higher average age of credit accounts, a higher average credit allowance, and a lower percentage of total credit used, all three of which can positively affect credit scores.

So do I close the old one, or leave it open and unused?

Best answers:

• There's no single correct answer. Depends on your circumstances, not least your income.
  But either way, ignore the score.
• Thanks. Hoping to start ignoring the score soon, but at the moments its OCD... Been 999 for months, but Im on Experian at least four times a week.