Card Tarting

edited 30 November -1 at 1:00AM in Credit Cards
2 replies 921 views
AlexsDadAlexsDad Forumite
1 Post
edited 30 November -1 at 1:00AM in Credit Cards
Hi -

I am just starting with card tarting and a question:

When my 0% interest period has finished and I move to another card, should I close the old card?

Otherwise I am going to have a proliferation of unused credit card accounts.

Plus will this give me a negative credit rating?

And does closing cards improve / decrease credit ratings?

Thanks
Alex's Dad
:confused:

Replies

  • newsmonkeynewsmonkey Forumite
    201 Posts
    It's a good idea to cut the card up, phone the company to cancel it, and ask that they inform the credit reference agencies.

    Any future lenders may be put off lending money to you if they see you've got lots of cards lying around with high limits that you could put to use tomorrow.
  • MartinslovechildMartinslovechild Forumite
    1.6K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ✭✭✭
    Always worth phoning them up to cancel (rather than writing a letter), as I've been offered further 0% deals by some of their 'customer retention' departments as an incentive to stay a customer. There's no guarantee, but it's got to be worth a try. I reckon my success rate is 1 in 3.
    Mortgage Feb 2001 - £129,000
    Mortgage July 2007 - £0
    Original Mortgage Termination Date - Nov 2018
    Mortgage Interest saved - £63790.60
    ISA Profit since Jan 1st 2015 - 98.2% (updated 1 Dec 2020)
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