Cancelling Cleared Credit Cards

sneaky

I recently cleared 4 credit cards (which had come to an end from their 0% offer and were charging high interest rate) using cash from the sale of my car. The total was around £4000. I am slightly confused whether I should cancel these cards as I have no plan in using them but I read in the past it can effect my credit rating. I am planning to apply for another 0% card in a few months.

Whats the best way to go from here? Will it be best to cancel them over a period of a time rather then all at once?

debtdestroyer007

i would cancel most of them as you will not be using. keep one for emergencies.

at the same time, wait for 6 + months, in most cases, you should be eleigible to apply for another card with these providers and once again get an introductory 0% offer as a brand new customer......

ste_coxy

Definitely keep one of them, sometimes they will post you a 0% offer when they can see you have a £0 balance and have not used it for some time.

Having the other 3 closed will work in your favour on your credit file - it will be classed as 'satisfied'