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  • FIRST POST
    • x-caitlin-x
    • By x-caitlin-x 3rd Oct 17, 1:24 PM
    • 238Posts
    • 205Thanks
    x-caitlin-x
    Should I cancel one of my cards before applying for a new one?
    • #1
    • 3rd Oct 17, 1:24 PM
    Should I cancel one of my cards before applying for a new one? 3rd Oct 17 at 1:24 PM
    I have two CCs at the moment - one with a limit of £3k and one with a limit of £5k. My usage is quite low (generally around £1.5k per month across the two cards) and I pay them both off in full every month. My salary is a little over £35k, and I have no other loans except my mortgage. Nothing bad on any of my credit files.

    I want to get a CC which offers better rewards/cashback, and I'm not sure if I should cancel one of these cards before applying for a new one. I realise no-one can give me a definite answer, but is it likely that having two cards will harm my chances of being approved for a third? I have no need for multiple cards, so happy to cancel one if it would help.

    If so, I'm not sure which one to cancel. The card with the £5k limit has the better rewards, so I'd prefer to cancel the one with the lower limit and worse rewards, just in case I don't get approved for the new card. Would this be reasonable, or would I be better off keeping the card with the lower limit?

    I'm probably over-thinking this, but I'd appreciate any advice people have to give!
Page 1
    • zx81
    • By zx81 3rd Oct 17, 1:27 PM
    • 14,389 Posts
    • 15,183 Thanks
    zx81
    • #2
    • 3rd Oct 17, 1:27 PM
    • #2
    • 3rd Oct 17, 1:27 PM
    No. Your limits are already low.

    Also, lenders would be more concerned to see that you have had a card cancelled prior to any application.
    • x-caitlin-x
    • By x-caitlin-x 3rd Oct 17, 2:42 PM
    • 238 Posts
    • 205 Thanks
    x-caitlin-x
    • #3
    • 3rd Oct 17, 2:42 PM
    • #3
    • 3rd Oct 17, 2:42 PM
    Thanks for the advice; really useful.
    • wiseonesomeofthetime
    • By wiseonesomeofthetime 3rd Oct 17, 6:37 PM
    • 140 Posts
    • 67 Thanks
    wiseonesomeofthetime
    • #4
    • 3rd Oct 17, 6:37 PM
    • #4
    • 3rd Oct 17, 6:37 PM
    I agree with zx81.

    You are paying both off in full so your credit utilisation is a low as it could be. You would not be deemed desperately looking for credit.

    Closing one prior to an application for another may raise a few eyebrows eyebrows though.

    When I look back to the days (pre-2008) where I opened and closed accounts frequently for bonus offers, I realise how lucky I was compared to today where such activity would be frowned upon.
    • Nebulous2
    • By Nebulous2 3rd Oct 17, 6:57 PM
    • 1,649 Posts
    • 1,002 Thanks
    Nebulous2
    • #5
    • 3rd Oct 17, 6:57 PM
    • #5
    • 3rd Oct 17, 6:57 PM
    When I look back to the days (pre-2008) where I opened and closed accounts frequently for bonus offers, I realise how lucky I was compared to today where such activity would be frowned upon.
    Originally posted by wiseonesomeofthetime
    It tightened up considerably post- 2008, but it has also slackened off considerably in the past 18-24 months in my experience. I'm not very good at closing cards, but I've taken out quite a few in the last 2 years, with very few problems in getting decent offers.
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