Should I cancel an unused CC?

edwardmluk

I got a basic Natwest CC as a first CC (and to use the 6 months interest free for buying car insurance cheaply). Now that I've got a second CC which has 18 month interest free I won't use the old one at all. Should I keep it as a dormant card for emergencies or something similar, or should I cancel it? I don't know what'd look better on my credit rating.

NickX

If you only have the two cards, then I wouldn't rush to close your oiginal NatWest card. It may be a useful backup if, for instance, your new card got blocked for some reason.

I also think it will look better on your credit history to be running two accounts well, it will prove you can handle multiple accounts.

Well Done on getting a nice 18 month 0% deal :beer:

CLAPTON

two cards are fine

I would suggest you use the card for things you anyway buy and pay in full each month so it improves your credit record and stops Natwest from cancelling it for non use.

YorkshireBoy

CLAPTON wrote: »

I would suggest you use the card for things you anyway buy and pay in full each month so it improves your credit record and stops Natwest from cancelling it for non use.

Both cards are with NatWest though (from OP's other thread), so may as well close the original one?

OP could then make only minimum payments (plus £1 or so), and put the equivalent cash value spent in a savings account ready to settle the balance before the 18 months 0% is up?

Of course it will require some discipline.

NickX

YorkshireBoy wrote: »

Both cards are with NatWest though (from OP's other thread), so may as well close the original one?

Ah, an interesting little bit of additional info there.

In that case I would phone NatWest and attempt to move the Credit Limit from the original card over to the new 18 month card thereby maximizing the stoozing potential.

Then either close the original card, or I would probably leave it dormant with a minimal credit limit just in case any future promotions should be offered on it.

For a long time I ran 2 Ulster Bank cards and I was able to make use of promotions on both them.

On balance I think I would leave the original card open for now.

edwardmluk

Yeah they're both Natwest cards. My only issue with stoozing:

"Yet stoozing isn't for the forgetful, ill-disciplined or inattentive."

I'd end up somehow messing up and forgetting about my credit limit.

I'll have to figure out how else to take advantage of the 18 month 0% freeness. I stupidly set up a "pay in full" DD as all the credit card pages warn about doing in order to avoid debt, but doing that means I can't take advantage of the 0%. I guess research is the key.

Back to the case in point, I'll keep both cards for now then and see about getting that credit limit raised.

YorkshireBoy

edwardmluk wrote: »

"Yet stoozing isn't for the forgetful, ill-disciplined or inattentive."

I'd end up somehow messing up and forgetting about my credit limit.

Back to the case in point, I'll keep both cards for now then and see about getting that credit limit raised.

I would suggest, being as you admit you're not the best organised, one card is better than two in your case.