Closing credit cards/reducing credit limits - an opposite view

nam_2

wot do you mean by closeing cards i just cut them up i have a new shell card sent i am not going to activate it just cut it up

and burn all details

smithja

I think you will need to cancel it too, there should be a form that comes with the card to sign and return, I believe it must be done within 14 days from receipt of the card. As if you simply destroy the card you will still be considered as having the facility, as you signed a credit agreement and have entered in to a legally binding contract. James

bowlhead99

nam if you burn all details it duznt mean the card supplier will burn all details so on all the credit records u will still be someone with credit just not using it

the activatino is just wever that bit of plastic works if you try and by things wiv it not if you are a customer of the cc supplyr and have credit history

sorry to others for punctuation and spellin

nam_2

yea i just phoned and cancelled thanks for that .. i have a barclays card and not used that got rid off all info ages ago will wait till they send me somthing

The_Boss

jay78 wrote: »

Anyone else had a similar experience to this?

Nothing has been reported on here, but surely other people must have.

Mozette

Just found this thread - it's really interesting. My credit record shows no late or defaulted payments, then I was turned down for a card - thought little of it - then was turned down for another, so rang and asked why. I was told I had 'too much available credit', but to write and appeal. So I wrote and explained each of my cards, why I had it, what I owed and proved that if I had to I could pay it all off. Still no. Personally I think they may have suspected that I'd been tarting. Then I got turned down for another (I'd only applied to get a free MP3 player!), so now I'm not applying for any more, but I only owe just below £7,000 with a total limit of over £25,000. When I was turned down I owed about £12,000 with a total limit of over £40,000.
I think they just do eeny meeny miney mo!!!
Some interesting points made on this thread though, certainly it's made me think about things - I was considering reducing some of my limits, but I am not now going to, so thanks for all this.

moneylover

Clariman wrote: »

As I said, it is difficult to be definitive because each lender is different. It is not black and white but, IMHO, 95% would be close to "maxed out" and 81% would be quite high but not maxed out. I'm not convinced that is your problem though. With credit limits at approx 50% salary and debt usage a 81% of those, then your debts are about 40% of your salary. I don't think that would be a major concern to most lenders unless there were other factors. Which lenders have rejected you recently, how many apps have you made in the last 4 months and what cards do you already have or have closed down in the last 9 months ? .... and I'll see if I can come up with any other theories if you like.

So are 4 months and 9 months the magic figures - does a lender not bother so much with what you have done outside these dates?

ShelfStacker_3

I'm gonna ask my question here, seeing as it makes sense to...

I have three cards; one with Capital One with a limit of £100, one with Vanquis with £250 and one with Aqua also with £250. The Capital One has been open six months, the Vanquis three months and the Aqua two months. My current plan is to pay off the entire remaining balances of each within a month, close the Capital One and the Vanquis and keep the Aqua, bringing my available credit down to £250. Would this be the right course of action, or would I be better off just keeping the £600's worth of available credit on my file?