Credit Cards (rate tart) Closing

ballboy2412

Hi

Does anyone have advice on the following? I've noticed in the past when closing a credit card that it's credit limit still appears on my credit report. I.e. even though the card is closed for several years a credit report will still show me as having (for example) £7500.00 credit limit with that company. Now does this effect the ability to get credit with other companies who may turn round and say you already have a high availability of credit so we will not issue you with more. This seems to have happened to me even though I have a very good credit history, with no lates etc. With all this jumping around to get the best rate it does mean I have a lot of cards in my name, and have closed a lot too.

So recently I've called credit card companies and lowered my credit limit to the minimum, it's very surprising how the operator reacts when you're saying "lower my limit to the minimum" (£250 in some cases). Guess they're not use to that! Then the next step will be to close these cards and hopefully leaving it showing only a small credit limit on my credit report with that company.

Is this worth while or will it make no difference.

Thanks.

lisyloo

I've noticed in the past when closing a credit card that it's credit limit still appears on my credit report.

Credit accounts will stay on your report for six years after they are closed.
However they should show as "settled".

Now does this effect the ability to get credit with other companies who may turn round and say you already have a high availability of credit so we will not issue you with more.

It shouldn't because the account should show as "settled" and hence it isn't available credit.

This seems to have happened to me even though I have a very good credit history, with no lates etc. With all this jumping around to get the best rate it does mean I have a lot of cards in my name, and have closed a lot too.

It might actually be your "tarting" that's the problem and not the amount of available credit.
Difficult to say without more detailed info.

Is this worth while or will it make no difference.

I don't think it will affect your "available credit".
However you might find you get small limits on new cards because some of them base it on the limits you've had from other lenders and that is probably not what you want.