Deleting iCloud backup and storage

Hi,

Can anyone advise me on whether deleting past backups on previous phones which still appear in my "storage & backup" will delete any past information on my current phone's backups?

My iCloud storage is full so I need to free some space. 2 old back ups from 2 previous phones (iphone3 and 4) appear in my settings/icloud/storage and backup/manage storage. If I delete them will this free up some space? Will I lose any data by doing this? My new iphone 5 would pick up where my last phones back up (if you know what I mean).

Any help would be greatly received.

🙂