Keep credit card just in case... or get out of my name?!

Legendbully

Hi All,

Wonder if you can help... I have three credit cards in my name currently. One has a limit of £6000.00 which I owe nothing on and is with my bank HSBC, I've had it for aaaaages!
The second is with Barclaycard and I got this last year to transfer a balance onto it as it was 0% for 12 months (that ends in July I think!). I owe £3,500.00 on that one.
Finally, I have a Virgin credit card which is 0.9% interest until September 2010 and I have about £1000.00 owing on that, but my credit limit is £5000.00 currently.

My question is, I wont pay all that debt off by the summer so will no doubt need to transfer the balances to another 0% card somewhere, but i'm worried that 1. I already have 3 credit cards in my name, 2. that if I dont get at least one out of my name, I wont be able to get another card.
Also, and I may be wrong here, but considering that I have a card limit of £6000.00 currently with my bank and nothing owing on it, maybe they will come up with some balance transfer offers I can cash in on rather than start applying for another card somewhere and damage my credit rating even more?! :eek:

Your advice/comments would be hugely appreciated... Just not sure what to do for the best!!!

Thanks so much

Anna xx

izools

You could close your HSBC card now and re-apply in September to get the new customer deals when your special offers run out on the other cards

Legendbully

Yea did think of that but having read the T&C's, I cant apply for another credit card with my bank for 12 months : ( ARGH!!!

A x

izools

Hmm. I still think it would be hard to get another balance transfer card with all that unused credit. You could close the HSBC card now, take out something like an Egg card in September and go back to HSBC when the special offer ends on the Egg card

It's better to close the HSBC card now rather than end of summer, as a) it can take a couple of months for the account closure to show on your credit file and b) it's good to get some "Space" between activity on your credit report.

CannyJock

Legendbully wrote: »

Yea did think of that but having read the T&C's, I cant apply for another credit card with my bank for 12 months : ( ARGH!!!

A x

If you're not using it then what difference does that make? Don't think I know anybody who has ever had a repeat 0% offer from HSBC so they won't help you move your debt onto a 0% deal come the summer.

3 cards isn't excessive, but I'd be tempted to close the HSBC one in May. Maybe you'll get an offer to move the balances across, maybe you won't and you'll just cancel the card and have 2 months for it to be reported to the CRA's as Settled before you apply for your next 0% card.

It's a bit of a gamble, but you've got time to open an A&L/Santander current account and hope that they still have a 0% fee offer come the summer, that would let you potentially transfer both balances onto one card and not cost you anything for doing it.

izools

CannyJock wrote: »

It's a bit of a gamble, but you've got time to open an A&L/Santander current account and hope that they still have a 0% fee offer come the summer

Have a quick search of these forums for "Santander Complaints" or "Santander Problems" before considering applying for any of their products!!!

CannyJock

izools wrote: »

Have a quick search of these forums for "Santander Complaints" or "Santander Problems" before considering applying for any of their products!!!

They're a nightmare for sure, but I've still got £10K of my stoozepot with them earning 6% AER, recently transferred my Cash ISA to them, and just applied this afternoon for the 0% fee card for myself I see the problems others have with them every day, so I change my expectations accordingly whenever I do speak to them

Legendbully

Thanks for all your feedback and comments - think I'll cancel the HSBC one and get it out of my name... then see what happens come the summer : ) I'm sure they'll be options for another 0% card so will see how it goes.

Thanks again. A x