Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • AlpineF30
    • By AlpineF30 18th May 17, 11:37 AM
    • 6Posts
    • 0Thanks
    AlpineF30
    Help with old cards
    • #1
    • 18th May 17, 11:37 AM
    Help with old cards 18th May 17 at 11:37 AM
    Hi Guys,


    Could I get some advice here.


    I am a bit of a card tart.


    I opened a capital one card a few years ago to boost my credit rating as I never had a credit card before. It has a limit of 1000 and has not been used it approx 2 years and the balance is 0.


    I also have opened a Halifax credit account with a Credit Limit of 7000. I originally had a 0% purchase deal on the card for 20 months. The 0% deal has expired and the card balance is 0.


    I have been approved for a new 0% card today for 30 months with a balance of 4000.


    I don't like having that many credit cards so would it be worth cancelling the unused cards?


    Thanks
Page 1
    • Candyapple
    • By Candyapple 18th May 17, 11:42 AM
    • 1,837 Posts
    • 1,440 Thanks
    Candyapple
    • #2
    • 18th May 17, 11:42 AM
    • #2
    • 18th May 17, 11:42 AM
    I don't like having that many credit cards so would it be worth cancelling the unused cards?

    Thanks
    Originally posted by AlpineF30
    If you only have those 3 cards then it's definitely worth closing the Cap One card as it's not doing you any favours and just eating up potential limit on a new card if you need another one in the future.

    You could also reduce the limit on the Halifax one and keep it as a back-up/emergency card.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Ben8282
    • By Ben8282 19th May 17, 2:06 AM
    • 1,805 Posts
    • 758 Thanks
    Ben8282
    • #3
    • 19th May 17, 2:06 AM
    • #3
    • 19th May 17, 2:06 AM
    Having 3 cards is not excessive.
    You will be doing yourself no favours by cancelling them or reducing limits.
    From your OP it would appear that you don't actually do any spending on any credit cards but just get them to run up 0% debt (or to stooze - not sure which).
    If you are so interested in boosting your credit rating, how about actually USING the cards? Do your spending on them; as much as you can. Pay in full each month. Take advantage of the 56 days interest free credit. Keep your money in your account and earn interest on it.
    How do you imagine closing and/or not using the cards could possibly boost your credit rating as you put it?.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,556Posts Today

7,557Users online

Martin's Twitter
  • The strange thing with a 4yr old is having to play & smile while inside feeling sick for those in trauma in my birth town #Manchester

  • Just a quick ta-ta for now. I'm taking the week off for family time with mini and Mrs MSE. So I won't be here much. Back after the bank hol

  • Ugh another one trying it! Beware https://t.co/Ab9fCRA76F

  • Follow Martin