too many credit cards???

lozza_2 · 28 February 2005 at 10:47PM

i wonder if anybody can help.
I had no credit rating so decided to play round with credit cards. I now have baout half a dozen in which only one has a balance which of course is 0%. Now what do i do with the others? is it best just to keep them -which of course is great for emergencies hower bad for when i get tempted to spend , not only that what does it do for my credit rating?? Can anybody shed any light on what is best to do???

thanks!!!!

Reaper · 28 February 2005 at 11:18PM

While there are no hard and fast rules most people would say it's best to cancel cards you never intend using again.

If you have too many it can be hard getting any new ones, and that might mean missing out on a 0% deal or other promotion which catches your eye in the future.

Martinslovechild · 1 March 2005 at 12:03AM

Rather than cancelling by post (which is what I used to do), I phone the CC companies up. I've been offered 0% deals about a third of the time.

When they ask you why you want to cancel, tell them that you are looking to apply for 0% Balance Transfer cards and (depending on which company it is), you may get offered a 6 month 0% deal, in which case, it's your call.

If they won't offer anything, then cancel the card - it will free up some space to enable you to go elsewhere a month or two later...

too many credit cards???

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