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    • AlpineF30
    • By AlpineF30 18th May 17, 11:37 AM
    • 6Posts
    • 0Thanks
    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?

Page 1
    • Candyapple
    • By Candyapple 18th May 17, 11:42 AM
    • 2,272 Posts
    • 1,735 Thanks
    • #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?

    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
    • Ben8282
    • By Ben8282 19th May 17, 2:06 AM
    • 2,003 Posts
    • 877 Thanks
    • #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?.
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