Closure of Credit Cards not in use

[nRiTeCh]

Guys I have some unused/extreme rarely used credit cards out of the 11 I own and I only use 3-4 of them regularly while rest I got either through corporate offers or while signing up with the banks.

Now I want to disable/discontinue the cards which I'm not at all using (count will be at least 6 of these).

I want to know how frequently should one discontinue cards without getting their CIBIL affected.

Also, what if I simply wait for those cards to get expired (their exp. date) will it still show in my Cibil report that I still own these cards?

 

[samiryadav]

Guys I have some unused/extreme rarely used credit cards out of the 11 I own and I only use 3-4 of them regularly while rest I got either through corporate offers or while signing up with the banks.

Now I want to disable/discontinue the cards which I'm not at all using (count will be at least 6 of these).

I want to know how frequently should one discontinue cards without getting their CIBIL affected.

Also, what if I simply wait for those cards to get expired (their exp. date) will it still show in my Cibil report that I still own these cards?

Closing credit cards will actually improve your CIBIL score as credit cards are UNSECURED INSTRUMENTS.(unless they are taken against FD).
BUT, Never close your OLDEST CARD .it adds to having a good and long credit history and adds to your CIBIL score.

Also, what if I simply wait for those cards to get expired (their exp. date) will it still show in my Cibil report that I still own these cards?

If you do not close a card, Once it expires, Bank will send you a new one.

Also, Try consolidating same bank cards and ask the bank to merge the credit card limit in one card that you want to keep

 

[Adithya_babu]

If you close credit cards you will lose the credit history associated with them. So plan your move accordingly

 

[nRiTeCh]

Closing credit cards will actually improve your CIBIL score as credit cards are UNSECURED INSTRUMENTS.(unless they are taken against FD).
BUT, Never close your OLDEST CARD .it adds to having a good and long credit history and adds to your CIBIL score.


If you do not close a card, Once it expires, Bank will send you a new one.

Also, Try consolidating same bank cards and ask the bank to merge the credit card limit in one card that you want to keep

Oldest ones wont be closed as those are the ones I'm using and willing to keep forever!
I dont have multiple cards from same banks except ICICI and its amazon ones.

If you close credit cards you will lose the credit history associated with them. So plan your move accordingly

Are you referring to the credit points accumulated?

Closing credit cards will actually improve your CIBIL score as credit cards are UNSECURED INSTRUMENTS.(unless they are taken against FD).
BUT, Never close your OLDEST CARD .it adds to having a good and long credit history and adds to your CIBIL score.


If you do not close a card, Once it expires, Bank will send you a new one.

Also, Try consolidating same bank cards and ask the bank to merge the credit card limit in one card that you want to keep

Also, its not a good idea to cancel/close all cards at a once in a single day/week. Someone told me to plan it phase wise like in per card few months etc. I'm unsure what should be the actual period.