too many credit cards???

edited 30 November -1 at 1:00AM in Credit Cards
2 replies 1.1K views
lozza_2lozza_2 Forumite
3 Posts
edited 30 November -1 at 1:00AM in Credit Cards
i wonder if anybody can help.
I had no credit rating so decided to play round with credit cards. I now have baout half a dozen in which only one has a balance which of course is 0%. Now what do i do with the others? is it best just to keep them -which of course is great for emergencies hower bad for when i get tempted to spend , not only that what does it do for my credit rating?? Can anybody shed any light on what is best to do??? :confused:


  • ReaperReaper Forumite
    7.2K Posts
    Part of the Furniture 1,000 Posts Photogenic
    While there are no hard and fast rules most people would say it's best to cancel cards you never intend using again.

    If you have too many it can be hard getting any new ones, and that might mean missing out on a 0% deal or other promotion which catches your eye in the future.
  • MartinslovechildMartinslovechild Forumite
    1.6K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Rather than cancelling by post (which is what I used to do), I phone the CC companies up. I've been offered 0% deals about a third of the time.

    When they ask you why you want to cancel, tell them that you are looking to apply for 0% Balance Transfer cards and (depending on which company it is), you may get offered a 6 month 0% deal, in which case, it's your call.

    If they won't offer anything, then cancel the card - it will free up some space to enable you to go elsewhere a month or two later...
    Mortgage Feb 2001 - £129,000
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