Close accounts or leave open? Advice appreciated.

VespaRick

I am Thinking of closing the two cards that I used to build my credit history but am not using, have had them for a while now, so in two minds, close them out as they are not being used but then perhaps leave them open to show longevity in terms of account history.

I’ve listed my cards in order of most used, along with Limit/Bal/APR

1. Amex Charge NPSL/1400/Charge Card
2. Tesco Club Card 4000/700/18%
3. Amex Nectar 1700/0/19%
4. Capital One Aspire Business 2000/0/17%
5. Barclaycard Initial 800/0/34%
6. Capital One 1000/0/34%

Despite what everyone says about Amex not being accepted many places, I find the opposite and use it regularly and find it the first card I reach for from my wallet when paying for most things.

The Barclaycard and the Capital One cards are the oldest accounts as I previously mentioned, but I rarely if ever use them now, due to low credit limit, which my spending pattern always puts me near the limit on these cards for monthly spending. Presently they sit in a locked drawer and don’t ever see the light of day, with the exception of a recurring membership charge on the Cap1. So I am thinking of closing these two cards.

Tixy

How long have you had the other accounts compared to these 2?

Unless all your other accounts have been open less than a year then I would probably cancel them both in your situation.

Aquamania

VespaRick wrote: »

I am Thinking of closing the two cards that I used to build my credit history but am not using, have had them for a while now, so in two minds, close them out as they are not being used but then perhaps leave them open to show longevity in terms of account history.

I’ve listed my cards in order of most used, along with Limit/Bal/APR

1. Amex Charge NPSL/1400/Charge Card
2. Tesco Club Card 4000/700/18%
3. Amex Nectar 1700/0/19%
4. Capital One Aspire Business 2000/0/17%
5. Barclaycard Initial 800/0/34%
6. Capital One 1000/0/34%

Despite what everyone says about Amex not being accepted many places, I find the opposite and use it regularly and find it the first card I reach for from my wallet when paying for most things.

The Barclaycard and the Capital One cards are the oldest accounts as I previously mentioned, but I rarely if ever use them now, due to low credit limit, which my spending pattern always puts me near the limit on these cards for monthly spending. Presently they sit in a locked drawer and don’t ever see the light of day, with the exception of a recurring membership charge on the Cap1. So I am thinking of closing these two cards.

In the grand scheme of things, you don't have much credit anyway, and despite the limited places you appear to shop, Amex is not that widely accepted due to their horrendous charges they incur the retailer in.

But if you really have no future need for the limited lines of credit you do currently have, close out the one extraneous ones, if only for security reasons.
(Drawers can easily be forced, even when locked )

leeroy2009

close cap 1, and get a nice settled account marker on your credit file, contact Barclaycard and ask for a account up grade to a platinum, with a lower apr, if they say no ask to be put through to cancelations and try again with the cancelations advisor.


if they agree to the above you will be able to apply online for a credit limit increase every 4 months, you stand a high chance of them upgrading you and maybe even giving you a credit on your account - if they refuse to do anything then proceed to cancel that card too.

VespaRick

Tixy wrote: »

How long have you had the other accounts compared to these 2?

Unless all your other accounts have been open less than a year then I would probably cancel them both in your situation.

Amex - 10 months
Tesco - 2 years
Amex/Nectar - 1 year
Cap1 Business - 6 months
Barclaycard - 2 years
Cap1- 2 years