Old Credit cards

Goitster

I suppose this question has been asked a million times before, but hopefully plenty of people will know enough to give me sound advice.

I have been tarting for a couple of years ans have bulit up a fair collection of credit cards, unused. What is the best thing to do with them? Cancel, cut up...

Thanks for help in advance.

Chris

Rafter

Chris,

Nobody is really sure, but card companies seem to have been taking unused credit limits into account when making decisions about new accounts.

If your cards are from companies that offer good 'existing customer' deals (Barclaycard for example) then worth keeping.

Worth keeping a nationwide card for overseas use as this is always the cheapest - even with no cashback.

Others it is worth closing so you can reapply after say a 6 month gap if they come along with a good deal.

Another option is to call up and get existing limits reduced, so when you apply for others, you don't look as if you already have plenty of credit available.

Good luck

R.

King_Of_Fools

Anothing thing to bear in mind is that some people think that a lot of credit cards might start charging an annual fee soon. If you have a lot of unused credit cards, you could get hit by quite a large fee!