Positive credit reporting- to close CC or not?

I'm currently weighting up whether to close a credit card prior to consulting a broker for a new IP loan.

I appreciate that some sources have said serviceability can be decreased to 4-5x the card limit.

On the other hand I have also heard with the new positive credit reporting that keeping your longest running card (in this instance 5 years) open and showing that you pay the balance in full all the time, may actually help serviceability- is there any merit to this?

 

Your broker will be able to advise whether you need to close or not

 

You don't need to close it before you consult with you broker. Speak to your broker first. They will assess your situation and advise. It may be a non-issue or it might. You won't know until then.

Although positive credit reporting hasn't fully kicked in yet (July 2019 deadline), still it might be possible to keep the credit card open to show your good behavior & history & also make some adjustments to increase your serviceability. You're broker will know what adjustments will be required if necessary.