A Purge on Dormant Accounts!

LookingAhead

Hooray!

I have, in the last 4 days, destroyed cards and sent correspondence to close three inactive accounts!

I had a Brantano card/account but I haven't used it since I bought my winter boots last October (the bill was paid off quickly...it was just before my lightbulb moment so I think I was getting ready for it!).

I also had a Dorothy Perkins card (? lol) that hasn't been used since, oooh, Moses parted the Red Sea I think.

Finally I had a First Direct account which I originally had as a "me" account with a £500 overdraft limit at some silly interest rate....this was regularly maxed out pre LB moment. Anyway I cleared that some time ago and the card & cheque book got shredded today, and a message sent to FD to close it.

I feel somehow cleaner....!

lynzpower

YAY great for you

Just think how much your credit rating will have improved from doing that :j

beanielou

And it makes you feel good as well:D

LookingAhead

lynzpower wrote:

YAY great for you

Just think how much your credit rating will have improved from doing that :j

"What's that skippy..? My [STRIKE]credit[/STRIKE] debt rating's gone up...?"



Just kidding, I know what you mean lynz. I hope it will help me when it comes to remortgaging......all other forms of credit can go to hell though...I'm done wi' dat!

amosworks

A little housekeeping is always good for the mind, body and soul

Queen.Bess

Well done LA! I did this a few months ago - several store card accounts that had been dormant for years and it felt great writing to them and cutting the cards up!!

lynzpower wrote:

YAY great for you

Just think how much your credit rating will have improved from doing that :j

On this matter, could I just ask: Does anyone know how long it takes for the account to show as closed, therefore showing your potential lenders, and free up credit (if that makes sense!)

Thank you!:T

Lewby

Well done LA.... It must be good for the soul. I have got 4 cards now that we have managed to clear and I have been hesitating in cancelling them in case they send me a 0% offer on BT's now the accounts are at zero balance.

I will do it this weekend. We have toooooooo many cards (hence the horrendous signature) and it will be therapeutic to reduce that number .. not to mention the trees that may be saved through the reduction in post!!

You've inspired me to do it too! Where are those scissors!

Lewby xx

looby75

My (soon to be) ex dh told me that closing down any credit accounts, even ones you haven't used in donkeys years has a negative impact on your credit rating as it indicates to lenders that you can't handle all the credit you have available to you.

Has he been talking out of his backside? (and am I totally gullible for believing him?) I have at least 5 accounts (jjb, adams, mothercare, simply be and littlewoods) that I haven't used in years and I doubt I ever will again, should I close them down, or will they have already done that as I haven't used them for so long?

free4440273

phew!!! when i read the title of this post i thought it meant a purge on dormant MSE accounts - now that would not be nice imho

looby75

just wondering if anyone can give me a bit of advice re my previous post.

Thanks

gazza975526570

Looby

i would def close them down and IMHO he is indeed talking out of his backside!!!!!

The general consencus is that it is far better to cancel credit cards than leave open. I know it can be tempting but if lenders see you have other available credit i believe this can afect their lending decisions and the amount of credit they will provide for any new applications.

why would you want credti you wouldnt use?