Keep or cancel

plovett26

Does any one have any advice on the best way to proceed in the following situation? I have a debt of approx £1500 between 2 capital one credit cards.these are at a very high interest rate,as they are the credit rebuilder cards.I now have a virgin cc with 12 months 0% bt.The thing is after transferring the balance across,should i keep the capital one accounts open(and obviously never use them)or should i close them.Now that i have regained a good credit history would closing them inpact my score by the fact that i would appear to have a "large" debt to borrowing ratio.

Bisoy

Once you have cleared your debts on Capital One I would suggest you definitely close your Capital One. As long as you discipline yourself on paying the minimum on time by setting DD it will improve your credit score/rating.

If you keep your Capital One open the next time you decide to apply another card credit lenders won't give you higher credit limits the fact that they will still see that you still got available credits to spend on other cards. Good luck.

vwman_3

Closing a Capital One card is a nightmare in itself, but I agree if its served its purpose then cancel it.

humfer

Personally I would close them, and as you seem to suggest that you will never use them again I would recommend you close them as well. You never know - when you try and close them they may offer you something to leave them open. Thats just my opinion though. There is another line of thought which suggests that actually leaving cards open with no balance on is actually quite good for you - its quite a recent thread in here so maybe have a read through and see what you reckon

humfer

humfer wrote:

Personally I would close them, and as you seem to suggest that you will never use them again I would recommend you close them as well. You never know - when you try and close them they may offer you something to leave them open. Thats just my opinion though. There is another line of thought which suggests that actually leaving cards open with no balance on is actually quite good for you - its quite a recent thread in here so maybe have a read through and see what you reckon

Here's the thread I was referring too

http://forums.moneysavingexpert.com/showthread.html?t=175234

Moggles_2

Cancelling both the Capital One cards at once, when you have only three credit cards in total, sounds drastic.

Have you considered closing the most recently acquired C1 card or the one with the lower credit limit?

This would simplify your finances whilst ensuring your excellent payment record remains on file.

skybluesaver

Maybe not cancel the Capitol One but keep it as an emergency card & ask them to lower the interest rate. Nothing ventured, nothing gained as they say :beer:

humfer

skybluesaver wrote:

Maybe not cancel the Capitol One but keep it as an emergency card & ask them to lower the interest rate. Nothing ventured, nothing gained as they say :beer:

This is a good suggestion - you might be surprised at what they may offer you to keep your custom