advice on which cards to get rid of

vix2000

Have got myself into a situation where I'm over-run by credit cards. Have been transferring for 0% over last few years trying to pay the balances of. Heres my list of current cards:-

Capital one - 0% just run out - large balance

MBNA - anniversary 0% until march 07 - nearly maxed

Egg - 0 balance

Monument - a couple of quid in credit

Debenhams - 0 balance (didn't apply for this but was sent to replace old store card)

Have just applied to move mortgage, and am adding enough to nearly pay the 2 balances off. Will be about £1500 left on.

Have never been refused credit before, but have just applied for stanley fly card to transfer Capital One balance to and been refused. Have never been refused before, and they said the reason was I was over committed.

Do I need to close some of the above 0 balance accounts, as I know some cards are worth keeping open.

Are there any other balance transfer cards its worth me applying for, or will the outcome be the same. Should I wait until I've paid the balances off?

Any advice gratefully accepted, thanks.

thesaint

If you have a balance that is close to your limit on a few cards, lenders will be reluctant to lend you more, either close un-used accounts or reduce the limit on them, but bear in mind that they may not up the limit if you ask them to in the future.

vix2000

Thanks. The only one close to the limit is MBNA. I think this is one of the cards Martin recommends you keep because of the anniversary offers, but I could be wrong. I don't want to close one its worth keeping then find I can't get another, if you see what I mean.

thesaint

Yes MBNA ones are very good, don't close or reduce the balance on that one.

Have you seen your credit report recently?

vix2000

No, but the only thing I can think of is that I bought leather sofsa from DFS before christmas on 4yrs inrest free. Will that be on my file already, do you think?

thesaint

The fact that you took the credit may not be, but the search will be on there.