Should I close my high limit card?

sinar

Hi,

I'm hoping somebody could give me some advice, I have a high limit Halifax credit card that I have paid off, it now has a zero balance.

I got the credit card many years ago, it was the first credit card I had and it had a limit of £200, now over the years the limit has increased to a whopping £14,000 (which is a bit mad given that my salary is only £12,000)

A couple of years ago I used it for a fixed 5.9% balance transfer of £4,000, which is now paid off, I don't have any further use for the card, so I'm assuming the best thing would be to close the account, but I'm not sure if this would have a positive or negative effect on my credit rating.

I currently have 3 other cards:

First Direct, Limit £3,000, APR 16.9%, Balance £0
M&S, Limit £2,800, APR 3.9% (BT), Balance £1,100
Sainsburys, Limit £1,500, APR 0%, Balance £1,350 (bought new computer, will be paid off within 0% period)

Thanks for reading,

BugsyBrowne

No negative effect what so ever if you close that down if anything it will look better if your thinking of applying for another card.

£7300 total limits
£2450 owed

£4850 available
Pretty good really if i was you get rid of the card incase you may be tempted.

sinar

star-fire wrote: »

No negative effect what so ever if you close that down if anything it will look better if your thinking of applying for another card.

£7300 total limits
£2450 owed

£4850 available
Pretty good really if i was you get rid of the card incase you may be tempted.

Thanks, thats what I'll do, I can't imagine I'll ever have a use for it.

YorkshireBoy

Ignoring any debt, I don't think you'll be accepted for another card, with available credit on existing cards approaching twice your salary.

sinar

YorkshireBoy wrote: »

Ignoring any debt, I don't think you'll be accepted for another card, with available credit on existing cards approaching twice your salary.

Hi, I don't want any more cards.

xyellowx

if you dont want anymore cards
phone up and cancel account and enjoy cutting the card up

sinar

xyellowx wrote: »

if you dont want anymore cards
phone up and cancel account and enjoy cutting the card up

Will do, just waiting for my final statement to arrive which should be any day now, to confirm totally clear ( I think I should be a couple of quid in credit)