Help with Cancelling credit cards

captaincurry79

Hi all! hope your enjoying the snow!
I have several credit cards with circa £20 across them, i have been slowly paying them off.When i paid a Sainsburys card off the reduced my limit to £100! from £3k so i have cancelled it.
I have just paid up my barclaycard, which has a £2500 limit, i dont want to deal with them anymore, as they are rubbish. If i cancel the card, will it have a neg effect on my credit?
Im trying to make it best as it can be and get out of the rut!

:T

SHill

Well done for paying off your credit cards...
Have you recently applied for new credit cards, if not has it been a while since you last did..
Martin has mentioned about hanging onto cards that you do not use...have read at the credit card balance transfer section that may help..

Debt_Free_Dreamer

I'd get rid of them. You can then apply for any new 0% deals in the future. It also reduces the level of available credit on your credit file which can have a negative impact on applying for more credit.

I have just had a cleansing exercise on my cards and closed a few old dormant cards.

cooltt

I got a Barclays platinum and yes they are rubbish but leave a zero balance on there for a month or two and they will start sending you offers. In the 8 years i've had one of their cards it's the only time i ever speak to them.

Then again the card isn't brilliant for benefits and that so there is something satisfying about shredding another card. It's whatever suits you really, plus if the card is more than 3 years old with no missed payments it looks good on your credit file. Having less available credit is a double edged sword, whilst that goes down the percentage of used credit goes up and can look like your overstreaching yourself.