0% period ending, cancel card?

mattyh

I've been card tarting since earlier this year and my 0% period is nearly up on my first card. When I pay this amount off, is it best to keep hold of the card with a zero balance or cancel it completely?

I want to maintain 1) a good credit score, 2) have the opportunity to return to the same credit card company in the future on another 0% deal, and 3) make sure the next 0% card I apply for to replace this one gives me the highest credit limit possible

What's best?

Joe_Bloggs

Have them make you a better offer once you try to close the card.
some lucky sods have been able transfer the limit on a card to another one prior to closing the card and taking up a new deal. Think charm, exude confidence and don't mess things up.
J_B

Leia_Stephens

That's a difficult one. I am currently keeping my first 0% deal card, the rather trivial reason is that I like the look of the card :-[, it is a purple RBS Advanta one . I would think it would be useful to have a cc which you don't regularly use, but which could be used in an emergency.

Perhaps when you get further 0% cards, you should cancel those when they are paid off and the 0% period has expired.

Hope this helps

Leia

mattyh

nah, don't need a card for emergencies, I cut them up as soon as they're activated! I use them purely for offsetting my mortgage with interest free cash.

The main point of my question is will sitting on on a card with a £0 balance still lower the credit limits i'm offered from other companies?

Yorkieds

Credit Tarting for nearly 2 years now.
Cards held at 0% have been:

Egg
Citicard
Co-Operative Bank
MBNA
Barclaycard for life
Halifax
Mint
Bank of Scotland
Lloyds TSB x 2
Just received a new Virgin Card, with Credit Limit of £6,500

I always cut up the card and return it with a letter asking them to close the account and like you if I have no intention of using it I even cut the card immediately its activated, less risk of fraud.

I will soon be applying for a new 0% and the choice may soon be restricted to reapplying for a previousley cancelled card.

Times could be about to get tougher.

Yorkieds

mattyh

Excellent, well that answers my question, i'll close the accounts when i've drained them of their 0%! I suspect I'll get higher limits in the future that way

How long generally do you have to wait before you can reapply to a previous lender and take advantage of 0% offers?