Old Credit Cards: Should I cancel them Discussion Area

edda

Goldfish will not send final confirmation that the credit card has been closed.

Each time I write, all I get is the same computer generated letter (we are sorry etc) which states that the card will be closed 'some time in the future'

catlover1510

My wife had a Capital one card about five years ago,she has cleared everything and not used the card for the past four years,in fact she cut
it up.

She has now recieved a demand from them asking for over £400 pound. After speaking to them on the phone they dropped it to £200

I know that she did not cancel the card but it does seem rather a lot when she does not have the card and has not recieved any statements from them.
for over four years.
ANY ADVICE PLEASE?

eribar

Any idea why Capital One wanted £400 off you? was it an old debt or charges for not using the card?
I have just cancelled my Halifax One card as they are just about to introduce a 50p a month charge if you don't pay any interest!!!!!
Anybody know of any other cards which have slipped this in?
Martin please note for future update

lisyloo

I think you need to verify what these charges are for and then come back for advice.

raf300

Anyone know whether it is better to cancel the ones you dont use and not have too many?

And does too many dormant CCs affect credit rating?

absfabs

raf300 wrote: »

Anyone know whether it is better to cancel the ones you dont use and not have too many?

And does too many dormant CCs affect credit rating?

I've just cancelled 3 credit card accounts, they had not been entirely dormant, but they also did not offer anything adventageous as the new customer incentives had run out.

The theory behind this is that the potential credit facility on your dormant cards may adversely affect the credit limit you might be offered when you apply for a new card with say 0% offers or cashback.

I had just moved my balance onto MInt at 0% for both purchases and balance tranfers (there was a balance transfer fee, though), and I hope closing underused accounts will put me in a better position when I want to move this again in 10 months time.

beedeedee

Slightly off - but useful.
If you cancel the cards - don't cut them up or anything, just buy a small wallet and stuff them in there, along with old filling station cards, library cards etc. If you should have the misfortune to be mugged - hand over this wallet instead of your real one.......

MidgeyCrystal

My uncle has just died and I have several credit cards in his name that I need to cancel - what is the easiest way to do this - can anyone advise me?

ThankYouAndEnjoy!

Amberdarcy wrote: »

Hello

A colleague's husband accidentally paid more of his credit card leaving it in credit. He hasn't used the card for 2 years and got a letter this morning charging him £10 for being in credit. Can they do this?

hello

the banks are not charging you for being in credit, they are charging you as part of a strategy plan to either lose or use your custom. It costs banks a sum of money to keep your card product on their system. By sending these letters out, you either use your card (and if you dont pay in full the banks earn interest) or you close down your card and it saves on their 'costs'

simply strategy....

ThankYouAndEnjoy!

MidgeyCrystal wrote: »

My uncle has just died and I have several credit cards in his name that I need to cancel - what is the easiest way to do this - can anyone advise me?

Hello

The P.O.A / next of kin / solicitor will need to inform these companies and supply a certified copy of the death certificate. If there is a 'debt' on any of these cards, the debt will go to estate settlements area within the credit company whom will be in contact.