got new card should i cancel old one

nmjams

I just got my Bank of Scotland credit card, it has 10 months int free on purchases,
my old card is a capital one classic with a stupendous interest rate (i had it to build my credit history) should I cancel this card?

I'm hoping before the 10 months are up to apply for another card with a good 0% deal to transfer the debt and pay a small interest rate.

the int rate on my BOS card is 17.9% is this a good deal?

cifpower

I would cancel it. You're not going to use it what with your new card and it does no good having excess available credit on your credit report.

Moggles_2

Congratulations on landing a good deal.
:beer:

Personally, I wouldn't cancel your Cap One card just yet. Two credit cards is not excessive. The national average is five, so we're told.

Even if the account is not used, your unblemished payment record with C1, contributes positively to your credit history .

Paul_Herring

Moggles wrote:

Even if the account is not used, your unblemished payment record with C1, contributes positively to your credit history

That history will remain, even if it is canceled.

Moggles_2

Paul_Herring wrote: »

That history will remain, even if it is cancelled.

That's right. Once settled, the a/c persists on your credit file for six years.

However the OP is in the process of building a credit history and these two credit cards represent their sole credit facilities. In these circumstances, I wouldn't rush to close down the account just yet.

HeadInSand_2

If you're disciplined enough, it might even be worth setting a DD up to clear the Cap1 card monthly and using it for petrol or something, a nice string of green 0s can only help. Maybe ditch it nearer the time you're on the lookout for a better deal.

System

Plus you get free Exquifax Creditwatch Silver + 2 free online credit reports with Capital One!

Mind you I closed my Cap 1 card 6 months ago and I'm still getting the Creditwatch service!

UNDERGROUND

louby_lou

if you think you might be tempted to use it do one of the 2 things:

a) put it in an ice cream tub full of water and put it in the freezer - you'll still have it for emergencies and wont be able to access it for impulse buying
b) cut it up and cancel it - if you think you might be tempted then do it. it wont be worth it to keep it lingering if you think you might use it for "treats"

the using for petrol and paying in full is a brilliant idea - im just not disciplined to only use it for that

sicker

If you close it (and I would) you can then re-apply for a new card after 6 months? and get any good promotions that come with it.

nmjams

cheers guys for all the help.

I just called C1 to cancel the card and was promptly put through to someone in another dept (in a British call centre by the way) who said if I held on to the card he would wipe out the balance, its only £6.00 but a nice gesture, i'm going to hold onto it and not use for a couple of months then cancle it.