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  • FIRST POST
    • electronicdreams
    • By electronicdreams 12th Feb 18, 2:20 PM
    • 7Posts
    • 1Thanks
    electronicdreams
    Closing Cards with 0 Balance?
    • #1
    • 12th Feb 18, 2:20 PM
    Closing Cards with 0 Balance? 12th Feb 18 at 2:20 PM
    I've been working very hard on clearing debt and increasing my credit rating over the past 2 years. I've successfully been gaining credit limits and decreasing the APR I get approval for. I've currently got 6 cards, 2 have a £0 balance, in total always between 20-30% utilisation.

    Is it a good idea to close the cards that aren't being used right now to further improve my standing with credit etc?
Page 1
    • Gary_Dexter
    • By Gary_Dexter 12th Feb 18, 3:12 PM
    • 552 Posts
    • 322 Thanks
    Gary_Dexter
    • #2
    • 12th Feb 18, 3:12 PM
    • #2
    • 12th Feb 18, 3:12 PM
    You're working to improve your Credit History, not Credit Rating.

    What is the available credit on each of the cards and how long have they been opened for?
    • delabole
    • By delabole 13th Feb 18, 12:52 PM
    • 2 Posts
    • 0 Thanks
    delabole
    • #3
    • 13th Feb 18, 12:52 PM
    • #3
    • 13th Feb 18, 12:52 PM
    Sometimes it is best to keep a card. I paid off my Tesco Bank card, then a week later received a letter offering a good balance transfer deal, but when I tried to log onto their site, my account was no longer shown. I find it generally impossible to get a new card because I am retired.
    • Shakin Steve
    • By Shakin Steve 13th Feb 18, 1:17 PM
    • 1,322 Posts
    • 1,002 Thanks
    Shakin Steve
    • #4
    • 13th Feb 18, 1:17 PM
    • #4
    • 13th Feb 18, 1:17 PM
    Sometimes it is best to keep a card. I paid off my Tesco Bank card, then a week later received a letter offering a good balance transfer deal, but when I tried to log onto their site, my account was no longer shown. I find it generally impossible to get a new card because I am retired.
    Originally posted by delabole
    I'm going to close a few of my cards when the initial offers are finished. I get my state pension in May and I, personally, couldn't care less what my credit report says after that. I'll still have a couple of credit cards and three current accounts, but I can't see me needing, or getting, any more credit.
    I came into this world with nothing and I've got most of it left.
    • T-G-C
    • By T-G-C 13th Feb 18, 11:21 PM
    • 119 Posts
    • 54 Thanks
    T-G-C
    • #5
    • 13th Feb 18, 11:21 PM
    • #5
    • 13th Feb 18, 11:21 PM
    Sometimes it is best to keep a card. I paid off my Tesco Bank card, then a week later received a letter offering a good balance transfer deal, but when I tried to log onto their site, my account was no longer shown. I find it generally impossible to get a new card because I am retired.
    Originally posted by delabole
    Eh, retirement can't look too bad.

    Depending on what is put for income and outgoings, the prospect of a retied man or woman with a nice pension coming through each month won't come across too risky
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
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