Will cancelling cards help?

Moggles_2

Fliss_M wrote: »

One thought. Another thing I read is that old credit counts for more than new. What are your thoughts? I ask as the 2 I intend cancelling are also the oldest (sept 04)

That sounds plausible. It's known that lenders like stability. Being with the same employer, bank and current address for a while, all help when applying for credit, so perhaps they would view one or two longstanding credit card accounts favourably as well.

We know that Capital One defines applicants with an "excellent" credit rating as, among other criteria, those who've held a credit card for at least five years.

Do you have a link please?

Fliss_M

AH! thanks for that Moggles. Plan of action. Talk to Barclays, leave all as it is (as it wont make a difference in time of the M&S application) then cancel the HSBC, keeping the nationwide as an old credit card and cancel the virgin once I pay it off/0% runs out (just realised I need to pay just under £400 a month to clear it intime and with a new tv to pay for and a husband who DESPERATLY needs driving lessons that aint gonna happen!)

Moggles_2

Fliss_M wrote: »

Plan of action. Talk to Barclays, leave all as it is (as it wont make a difference in time of the M&S application) then cancel the HSBC, keeping the nationwide as an old credit card

Sounds like a plan
:beer:

... and cancel the Virgin once I pay it off/0% runs out (just realised I need to pay just under £400 a month to clear it in time and with a new tv to pay for and a husband who DESPERATELY needs driving lessons, that aint gonna happen!)

Perhaps, not.

That said, in closing your Virgin card, you would lose one of the few cards which allows you to route money through your bank account at balance transfer rates. With its market-leading follow-on offers, this card is worth keeping in your deck, IMO

Fliss_M

ooo, thanks for that! Well worth keeping then! Cheers!