Closing Credit Cards advice

Moggles_2

Amy83 wrote: »

... A bit concerned about reducing my credit limit though – all the topics and articles I’ve read on it say that you shouldn’t reduce your limit as when new credit card companies do a credit check they’ll see that I’ve had a Cap1 card for 7 years and have only got a small limit – it seems to get alarm bells ringing.

Exactly. I would think carefully before you reduce what is after all quite a modest limit. Lowering credit limits can affect future applications for credit. Moderation is the key.

Be aware too, that it isn't always possible to re-instate some of the old limit should you change your mind later

jpwjpw

Open an egg savings account and put a pound in it. Thats how I keep the money manager
By the way, have you tried phoning M&S about offers? They've always given me 0% offers for 6 months.

SiuLoong

dhassen wrote: »

Keep the Egg Money...... you never know when you might need a 'mule'

Other than that I reckon people are pretty much spot on

Exactly.. Egg Money is such a handy card to have around.. I wouldn't get rid of it, particularly with a low CL as it won't affect your overall credit much. I have only Egg Money and use EMM.

Amy83

Moggles wrote: »

Exactly. I would think carefully before you reduce what is after all quite a modest limit. Lowering credit limits can affect future applications for credit. Moderation is the key.

Be aware too, that it isn't always possible to re-instate some of the old limit should you change your mind later

I'm not going to lower my limits - it's either cancelling completely or keeping.

I've now cancelled Natwest, M&S, Egg Visa, Tesco and two store cards - feels quite liberating! :rotfl:

Think I'll keep Virgin and cancel Cap1, and apply for another Cap1 closer to when I leave the country,hopefully I'll get a good limit at 0% purchases for x months, though I realise there's no guarantee that offer will still be available.

Amy83

jpwjpw wrote: »

By the way, have you tried phoning M&S about offers? They've always given me 0% offers for 6 months.

How strange, I've phoned M&S a couple of times over the past year or so, asking about offers - and they've always been pretty snooty and told me that if there is any offers they'll be sent to me in the post. I've never had anything from them, and I did use the card quite a lot at one point.

You must be special, think yourself lucky :rotfl:

Amy83

SiuLoong wrote: »

Exactly.. Egg Money is such a handy card to have around.. I wouldn't get rid of it, particularly with a low CL as it won't affect your overall credit much. I have only Egg Money and use EMM.

Thanks, that's what I'm left with now, Egg Money (and an ISA). The CSA I spoke too wasn't 100% sure that I'd still have Egg Money but said that I 'should' have.

Moggles_2

Amy83 wrote: »

How strange, I've phoned M&S a couple of times over the past year or so, asking about offers and they've always been pretty snooty and told me that if there are any offers they'll be sent to me in the post. I've never had anything from them and I did use the card quite a lot at one point.

Same here. Once upon various times, I managed to wheedle some good offers out of M&S. Sadly, that all changed when HSBC took over :rolleyes:

Amy83

I don't think I was with them when they HSBC as I've never had a good offer, I just opened it for the reason I did all my first 4 credit cards - to fill my purse and make it look pretty (foolish 18 year old :rolleyes: )

JPW must be pretty lucky.

realshannon

M&S are rubbish - I have a £10500 credit limit and had a small ish balance for a while now cleared and when I asked about balance transfers they were very unhelpful and I complained as they wouldnt even tell me what the standard rate was. No further on, might as well keep the card for the sales but not alot of use, didnt really appreciate the lecture they gave me just because they want me to spend on the card but with no perks

ldn-100

I had no functioning Egg accounts from 2004 to 2008 and money manager still worked. In fact, when I emailed Egg to say to close down my account they refused, even when I quoted the Data Protection Act at them. So don't keep a credit line open just for Money Manager, it will stay open whether you like it or not anyway. I agree with others that Egg Money is worth keeping as it is a unique product and you never know when you might need it (also good for making very large purchases).