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  • FIRST POST
    • Dribiddi
    • By Dribiddi 14th May 17, 11:42 PM
    • 54Posts
    • 22Thanks
    Dribiddi
    Should I cancel or not?
    • #1
    • 14th May 17, 11:42 PM
    Should I cancel or not? 14th May 17 at 11:42 PM
    I've been on a blitz of my credit card debt past year or so, at one point it was pushing £20k, which is not too far off my annual salary.

    As it stands :

    1. Nationwide : £0, open for about 6 years 2k limit
    2. Barclaycard : £200, open for about 5 years 4k limit
    3. MBNA : £700, open for about 2 years £5k limit (0% ends July 2017)
    4. Virgin : £3000, open for about 2 years £4.5k limit (0% ends March 2018)
    5. NUBA : £4000, open for about 1 year £5k limit (0% ends June 2018)


    I pay £200 per month into Virgin and NUBA so I approximate when 0% is up I'll owe £1-1.5k on each which I will balance transfer.
    The MBNA on which 0% is up soon I will owe about £500 so I'll transfer that probably and clear it by end of year. Question I have is am I ok to cancel this card? I have no interest in getting into further debt so from a spend point of view I don't need the card and probably won't use it. However it is for me a high balance card I do wonder if I'm best keeping it.....also if anyone has any comments or suggestions about the strategy outlined above be my guest :-)
Page 1
    • Dobbibill
    • By Dobbibill 15th May 17, 5:58 AM
    • 2,373 Posts
    • 3,479 Thanks
    Dobbibill
    • #2
    • 15th May 17, 5:58 AM
    • #2
    • 15th May 17, 5:58 AM
    Closing the MBNA when the 0% deal ends is not going to do any damage. You have plenty of other high limit cards instead.

    BC are known for existing customer offers so hanging on to that is a good call. And the NW has a long history too, so that would be ideal for fuel or groceries each month - paid off in full of course.
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    • kaiserphoenix
    • By kaiserphoenix 17th May 17, 4:20 PM
    • 18 Posts
    • 0 Thanks
    kaiserphoenix
    • #3
    • 17th May 17, 4:20 PM
    • #3
    • 17th May 17, 4:20 PM
    One thing to bear in mind is that by keeping your credit card alive, even with a £0 balance, it means your overall utilization will be low which may help with the credit rating.
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