Should I cancel all my old cards ?

ladybelle

I've just been declined a new card !!! LOL Never been declined ever !! I have over the years had several 0% cards and paid them all off within the year, and opened another. I've been through pretty much the list of ones Martin always advises about. My current one - Sainsburys ran out in March, and I wasnt actually going to get another one as I had not planned on getting anything big but decided cannot go on with my settee any longer and so many good bank holiday deals around decided I'd do it.
I can then pay if off interest free in about 6 months no problems, so tried for the Nat West one but was declined.
Now !! I still have all my old cards as presumably active accounts, but have no recollection of even the numbers or reference numbers, but some of them would still be showing as a card account wouldnt they ?
I have had Halifax, Bank of Scotland, M&S and recently Sainsburys, oh and Tesco too LOL ... had the whole lot of them ! and always paid off every penny ! so I cant see why my application was rejected unless it's anything to do with that or is Nat West a particularly hard card to get ?
Any ideas or recommendations ?

themull1

Yes, you should cancel all your old cards.

YorkshireBoy

NatWest is 'relatively' hard to get. They once told me they rejected applicants whose total available credit exceeded 85% of their income (and mine did at the time).

How much available credit to you have, compared to your income?

YorkshireBoy

themull1 wrote: »

Yes, you should cancel all your old cards.

All of them? Why?

Horseunderwater

Were these interest free ones? If yes and you pay your debts off in full, then CC provider will not make any money from you, hence why they may not want to lend in first place. Strange I know. But there are some CC coy's that apply that type of logic.

ladybelle

Trouble is I cut them up when they come so have no idea of reference numbers. I have a Lloyds one which I keep as that's connected with Paypal and is paid off instantly so although its a high interest one it doesnt matter, then I've got the one I use currently which is the sainsburys one. I always used to think that if I kept them but unused that either scenario one was that in a dire emergency I did have access to funds and scenario two was that if left unused for long enough they would just expire ?

*Scarlett

It might take a while for all this "available credit" to be removed from your details.

This is something that lenders will look at relation to your income before giving you a new card.

You should cancel any that you no longer use or intend to use.

If you can't get a new card in the short term, do any of the exisiting ones have any attractive rates?

I know with MBNA and Barclaycard they often offer 0% rates for balance transfers ( you can sometimes transfer to you current account for a fee) to existing card holders when you have dared to have a zero balance for a while!

ladybelle

Horseunderwater wrote: »

Were these interest free ones? If yes and you pay your debts off in full, then CC provider will not make any money from you, hence why they may not want to lend in first place. Strange I know. But there are some CC coy's that apply that type of logic.

Yes they were all interest free, and then I pay it all off within the year. WHat you say makes sense but now I'm afraid to apply somewhere else even as it will show as a rejection on my credit file wont it ? I'm gutted LOL !!! Never ever been turned down.

ladybelle

YorkshireBoy wrote: »

NatWest is 'relatively' hard to get. They once told me they rejected applicants whose total available credit exceeded 85% of their income (and mine did at the time).

How much available credit to you have, compared to your income?

What does that mean ? Sorry ? dont understand ? I dont actually owe anything currently on any credit card ?

*Scarlett

If you earn £20k and you have, for example 5 active credit cards with £5k available for you to spend on each - you could theoretically spend £25k on the cards which clearly is more than your income.

chanz4

YorkshireBoy wrote: »

NatWest is 'relatively' hard to get. They once told me they rejected applicants whose total available credit exceeded 85% of their income (and mine did at the time).

How much available credit to you have, compared to your income?

work this out I can get rbs plat, but not natwest and its the same underwritting