credit card cancellation

zenith1820

Hi all

I just cleared some debts owing to a few credit cards and have decided to cancel them as the 0% apr period has finished and I wont be using them again. The reason why I'm doing this is in case I need to apply for a new 0% card in the future and dont want the "old unused" cards to affect my credit limit. Can anyone advise me as to how long it takes for the companies to look at my repayment and calculate credit limits for new cards ( i always paid the min payments and then the whole lot without missing any)

Thanks

Rafter

No hard and fast rules.

Often harder to get good credit limits when you have very little on your credit file on which to make a decision. Limits are usually linked to salary anyway.

It may be worth keeping one at least to show any new accounts you apply for that you have previous form!

Some companies like MBNA and Barclaycard often offer juicy existing customer offers to get you to reactivate your card if you have been a good (ie profitable) customer in the past.

R.