By how much should one slim their deck down?

Mr_Pink_3

Afternoon All,

Just a quick question on something that just occurred to me.

In the past few weeks I have been closing many healthy limit credit card accounts, all of which never carried a balance outside of promotional offers. I am not really a big-time stoozer but I do intend to re-apply for at least some of the cards in the future, after the required time has elapsed.

What I am concerned about is that my future applications may be rejected or be approved but with poor credit limits. I am thinking that the companies may realise from my previous dealings with them that I only ever use offers and as such am not a profitable customer. Is this likely to happen or am I over thinking things? I’m interested to know because I have three CCs that I should close but I am holding back through fear of sliming down my available credit and not being able to get it again.

As a side-note I was surprised when recently cancelling cards how poor the offer they made was to try and lure me to stay – again maybe this is based on my profile of not being a profitable cutomer.

Thanks in advance. I look forward to any thoughts.

Rafter

Mr Pink.

I guess being a previous customer might effect it.

Most seem to allow you to reapply after 6 months but Nationwide have stated they won't offer intro deals to previous customers who have already had a deal from them.

Not surprised you didn't get any offers.....

If you walked into sainsburys and they offered you £200 of goods as an 'intro offer' would you expect them to offer you more the next time you went in?

These intro offers are completely unsustainable and just encourage less savvy consumers into more debt.

Good luck though!

R.

Mr_Pink_3

Rafter,

Thanks for your input.

I didn't realise that Nationwide won't allow you to re-apply and qualify for new offers if you have already had one bite of the cherry.

I know that the time limit before re-applying varies from CC to CC. I've heard that you can re-apply to Cap1 after only a matter of weeks yet have to wait 9 months to re-apply to RBS cards.

Since first post I was chatting to a friend about Cap1 and re-applying. He tells me that he had a Cap1 card with £8.4k limit which he used for 0% purchases for 6 months, then promptly cancelled it. This was followed by a 'pre-approved' type mail shot 6 weeks later with a new offer which he signed and returned. When his new card arrived it only had a £500 limit!

Not surprised you didn't get any offers.....

I did but they were almost insulting eg. Citi Plat. - "We can chip a percent off for BTs" (15.9 to 14.9%) or LTSB Create - "Did you know you can reduce your interest rate to 13ish% with our Ratebuster thingy on our website? Do you still wish to cancel?"

Cheers

Clariman

Most credit card companies will treat you as a new customer after your previous card has been closed for a given period. Most card issuers will treat you as new after about 6 months. Mint treat you as new after 8 months, but CapitalOne treat you as new straight away

I have had 3 MINT cards, 2 Cap One cards, 3 MBNA cards, 2 LTSB cards etc.

Mr_Pink_3

Thanks for your thoughts Clariman. While we're at it, thanks also for the info and articles on your site. The credit score article was one I found especially useful.

Clariman wrote:

CapitalOne treat you as new straight away

Yes I'm looking to re-apply to Cap1 as soon as a juicy offer comes along. They don't look too tempting at the moment. Any guesses as to when things might change?

dennyboy

Mr_Pink wrote:

What I am concerned about is that my future applications may be rejected or be approved but with poor credit limits. I am thinking that the companies may realise from my previous dealings with them that I only ever use offers and as such am not a profitable customer.

Hi Mr Pink As far as I know, no card providers do this, however Tesco are looking into it, see my recent post and click the link http://forums.moneysavingexpert.com/showthread.html?t=136730

Clariman

Mr_Pink wrote:

Thanks for your thoughts Clariman. While we're at it, thanks also for the info and articles on your site. The credit score article was one I found especially useful.

It's a pleasure. I'm glad you found it useful.

Yes I'm looking to re-apply to Cap1 as soon as a juicy offer comes along. They don't look too tempting at the moment. Any guesses as to when things might change?

Don't know. To be honest, I would have thought they would have come out with a decent new offer sometime in January, so I'm a bit disappointed. Then again - I am less than half way through their 18 month 0% offer so I can live without one for a while

Clariman