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To keep or not to keep
wazza
Posts: 2,595 Forumite
in Credit cards
Over the years i have been taking advantage of 0% transfer offers etc. Now i must have at least 8 credit cards which are not used. Should i close them down or keep it just in case. Have just recently lost my job and thought i will just keep them just in case because it will be hard to get a new one if i am still unemployed. I know it does no wonders for my credit rating. Have been told that since i have so many cards a new card issuerer will be relunctant seeing how much money i can take out and dissapear.
Problem with having access to internet is that i get asked by many to solve their problems 
Well at least i learn something on the way 
Well at least i learn something on the way 0
Comments
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My initial answer would be to close down all but 2 of the cards. However, if you post details of the card issuers and their limits, people will be more informed and will be able to offer much better advice.
On the subject of losing your job, and not being able to get any more cards/credit - this could actually be a blessing in disguise! I wouldn't want to see you making your next post on the "debt-free wannabe" board!0 -
wazza wrote:Over the years i have been taking advantage of 0% transfer offers etc. Now i must have at least 8 credit cards which are not used. Should i close them down or keep it just in case. Have just recently lost my job and thought i will just keep them just in case because it will be hard to get a new one if i am still unemployed. I know it does no wonders for my credit rating. Have been told that since i have so many cards a new card issuerer will be relunctant seeing how much money i can take out and dissapear.
Bad luck on the job front. In answer to your question, yes the open but inactive cards will affect your credit rating. One of the things lenders look at is the amount of available credit that you have. For example, if you average credit limit on those credit cards was £4000, then it would mean you could walk out the door this afternoon and get yourself £32,000 in debt which would mean that you are potentially a higher risk to future lenders.
I would close all the cards down except one for emergencies. Keep the one with the best terms and conditions e.g. lowest interest rate etc.
ClarimanAuthor of the first Stoozing FAQ on the Internet and Creator of the SOA & Snowball calculators at Lemonfool.co.uk0 -
the cards that i have are
halifax
virgin
egg
nationwide
beneifical bank
mint
rds advanta
sainsbury
two mbna cards
abbey
and these that i can remember. i have been a busy boy. basically all i want is a card that gives internet fraud protection. all have a credit limit of minimum 4000. So that makes at least £110,000 hmmm that is tempting.Problem with having access to internet is that i get asked by many to solve their problems Well at least i learn something on the way 0 -
Keep Egg for sure and maybe Nationwide due to it being good for spending abroad, ditch the rest. If you ever get a new MBNA card get them to add all the limits from your old closed accounts (you've got four MBNA and affiliated cards), I've done this in the past to double my credit limit.2p off is still 2p off!0
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On the Internet protection thing I think most cards give this but think it's Capital One that gives the best protection and the new Cahoot thing does too, someone more qualified will be along soon!2p off is still 2p off!0
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