Barclaycard CC - is this true?

Nyquist

Hi everyone,

This is my 1st post on MSE so apologies if what I’m about to write is common knowledge to you regulars. Have looked extensively through the forum and can't find an answer to my question. please help if you can..


Following Martin's advice to close CCs that i'm no longer using I called Barclaycard. The telephonist asked me why i had decided to close my account so i told her "the 0% deal is at an end and therefore the card is of no use to me."

She then told me that it is wise to hold on to the card because...

"having a card with £0.00 balance and with the last payment having been paid on time and in full is good for my credit rating."

is this true?

I decided not to cancel the card until I’d found out more information. what do you guys think?

she then also told me that Barclaycard are reviewing all accounts on a daily basis and calling up existing customers offering 0% deals so it's worth holding on to the card for that reason too.

I now have the following CCs..
Barclaycard £0.00
Virgin £4600.00

Cheers
J
(love this forum)

debtfreelondon

Whilst it is good to show some level of available (and paid off) credit on your file too much is not a good thing. It may affect your ability to secure further credit if you have too much available, unused credit.

Also check that the credit card is listed on your file. I was with Barclaycard for many years and the card was never listed on my Experian file. If you have been a good payer maybe they don't bother updating your details.

They gave me the same reason for not cancelling (affecting my credit rating) when I rang to cancel. He was a bit stumped for words when I told him that the card wasn't listed on my file so it would have absolutely no effect.

Have a look on your credit file (free trial at https://www.creditexpert.co.uk)

mrcow

Nyquist wrote:

she then also told me that Barclaycard are reviewing all accounts on a daily basis and calling up existing customers offering 0% deals so it's worth holding on to the card for that reason too.

Call them back and tell them you want to cancel.

If they say this again, ask them to make you a 0% offer then and there if they are serious about this.

I can't see any point holding onto a card that you have no intention of using. Barclaycard are going to give you any old flannel to maintain their customer base (like Sky TV will lol) and there are deal to be had if you are serious about cancelling (exactly like with Sky lol).

The account once closed will remain on your credit file for six more years showing a perfect payment record, so what she's telling you is perhaps misleading.

Nyquist

Hi
thanks for the responses.

I called them back and this time they said the same sort of reasons why i should keep the card a new one i can't actually remember but it was obviously rubbish because even the man didn't seem convinced by his own argument. he said he couldn't give me 0% and that i'd not be entitled to a 0% new deal for 12 months if applying for a new barclaycard.

anyway i've cancelled.

cheers