Applying for a new card, should i cancel my current cards?

Barry_Badrinath

Hi, i'm currently thinking about transferring my existing CC debt onto a long term BT offer card.

I currently have 3 cards

Barclaycard, nil balance, approx £1500 limit , had for about 3 years
Halifax £10 in credit(long story) approx £2000 limit had about 8 years
HSBC approx £5800 debt, £8700 limit, had for 16 years.

The Barclaycard never gets used, the Halifax one currently only gets used for online/ticket purchases, always gets cleared straightaway, the hsbc is long term debt, £180 paid off every month, but as i say i'm looking at BT this onto a 24 month interest free card.


Would it work in my favour if i were to cancel one or both of the two cards i dont use much prior to applying for the new card, to lower the amount of credit i currently have, or would it reflect badly if it shows i've recently cancelled them?

thanks for any comments.

dgtazzman

I'd say it depends on your income and on what kind of time frame you had in mind. Judging by the total available credit with those cards you have, I'd be inclined to close both 0-balance cards before applying if you have an average income. Would take up to 2 months before this is reflected in your credit reports though, but it would probably give you a more realistic chance at getting a 0% balance transfer card with a limit high enough to transfer over the full HSBC balance...

The_Boss

Have you checked your credit file? The HSBC card may not be showing due to its age anyway. Either way, I'd apply for a new one without cancelling one of the other two as it would seriously alter your used to available credit ratio if it does show or if you are asked about it in your application and may affect your ability to get credit.