Help: Credit Card Tarting

Stubbsy055

Hi,

What do you do with your old Cards/accounts once you have transferred the balance to another company? Close it down or just keep it open unused?

Rgds,
Alex

Clariman

You are better off closing them down. This means (a) that you are eligible to be treated as a new customer in the future (and get any 0% rates going), (b) it reduces the possibility of ID theft (one less card for someone to find details for) and (c) in general, it is better for your credit rating.

Clariman

sarahs999

I'm so behind on closing my accounts down, really must do it. Clariman is right. This site used to reccomend that you kept them open so you had access to credit if you suddenly needed it, but now the rule seems to be to get rid of them. Less paperwork to faff with too!

Occasionally some good cards (for me it's Virgin) offer you quite good deals such as long term bts at very low rates. I'll be keeping those cards open for a while.

Clariman

Keeping one open as a spare is not a bad idea, both for emergencies and also it shouldn't damage your credit rating - indeed having a bit of unused credit can help a credit rating.

NickX

MBNA run cards usually offer decent existing customer promotions. I would think twice before closing down an MBNA card.

sarahs999

Yep. Virgin is an MBNA.

IWantToBeFree_2

I went to close down 3 yesterday and all of them offered me interest free 0% periods and/or LOB transfers at a low rate. I only closed one of them and kept the other 2 open until I decide what to do with the remaining outstanding balance which will become interst bearing in Feb.

There are many arguments for and against, and you just have to weigh up the advantages and disadvantages. Some lenders will look at balance to available credit ratios when making decisions and a high ratio could negatively effect their decision.

sarahs999

That's GREAT. I certainly think that when you get to eight open accounts (as I realised I have yesterday) you can afford to shut some down adn try to wangle good deals from others. So maybe the key is to shut them down around thetime you need to do a BT, to see if you can get a 0% on one of your existing cards. I think I shall try that next...

Stubbsy05

High guys. Still havent decided what do do with this. Any advice appreciated. I don't know whether to keep all the cards to shopw more available credit or settle the Nationwide one.

I will need a new 0% deal soon to replace the barclaycard one, When should I start applying for new deals?


Nationwide Credit Card, out of deal: Limit £5500, Balance is £0

Barclaycard Credit Card (0% till April 09) Limit £5000, Bill £2700

Capitalone Credit Card (0% till December 09) Limit £5000, Bill £4600

I will need a new 0% deal soon to replace the barclaycard one, When should I start applying for new deals?

sarahs999

It can take up to six weeks to get a new deal, though most are quicker. There's also no answer to your question - it all depends on personal circumstances. I fyou think you won't need that credit it's best to close nationwide down. See if they will give you a good BT deal when you phone..

Stubbsy055

cheers,

anyone else able to ofer their opinion?