When to close cards

doelani

Hi everyone. Looking some advice.

We have transferred balances of cards to 0% so now have 6 cards with £0.00 balance. Hubby and I are going to keep a card each with small credit limit £1350 ) and close the other 4 . Total limits for closed cards are:

Mine. £8500
Hubby £3300

So the question is......now that balances are £0 can I phone now to close or do I need to wait until I get a statement with £0 on it ?



0% are until April 2013 and December 2013. We will definetly have the April one paid off as going to pay all extra money off it and min payment off December 2013 one then after April pay all extra off the December one. It SHOULD. Be paid off but if not we will be looking for another 0% so as our current cards wil be closed for ver 18 months by then I am hopping we can reapply wit these companies if they have 0% deals on.


Thanks

Maestro.

I would perhaps close some of them but not all. Having credit accounts which have no balance (or a very low balance) will look good to creditors, as you clearly have available credit but aren't scrambling to use it all.

This is what I am going to do once I am out of the sub prime rut, I won't close my vanquis card, at least not for a good long while.

Plxply

doelani wrote: »

So the question is......now that balances are £0 can I phone now to close or do I need to wait until I get a statement with £0 on it ?

I would personally wait until the statement is generated, I've heard that is when it's reported to the CRA's but when closing the accounts they will still report it.

camuk81

Someone at one of the credit agencies once said leave it for longer though when to my bank they didn't mind.

The way it was presented that if you close immediately and a new card open it shows a lump sump or that you are moving cards continually. Therefore never close immediately after paying off. The advice I was given was try the 6 month mark

doelani

Thanks for replies