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Closing Credit Card Account or Lower Limit
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thelazytrumpeter
Posts: 11 Forumite
in Credit cards
Hi,
Until recently I had one credit card. I opened another and balance transferred from the old card to the new card to help pay it off without interest. I clearly have a good credit score as I was offered a good card by the new card company. I have never had money problems before and wouldn't consider this one (I have spent more over the last few months but it is manageable).
I would like to get rid of or reduce the credit limit on the old card from £5500 down to around £500, however I don't want either to affect my credit rating. I have no intention of ever using the card again but if I did it I would want to reduce the limit.
What is the best option as far as credit rating is concerned or should I not do either?
Until recently I had one credit card. I opened another and balance transferred from the old card to the new card to help pay it off without interest. I clearly have a good credit score as I was offered a good card by the new card company. I have never had money problems before and wouldn't consider this one (I have spent more over the last few months but it is manageable).
I would like to get rid of or reduce the credit limit on the old card from £5500 down to around £500, however I don't want either to affect my credit rating. I have no intention of ever using the card again but if I did it I would want to reduce the limit.
What is the best option as far as credit rating is concerned or should I not do either?
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