Should I cancel second CC before applying for a new one?

Tunstallstoven

Hi all

I currently have a Tesco CC which I took out last August with 12 months 0%... So the deal is soon coming to an end and I have over £2000 which I want to balance transfer.

I also have a Santander Zero card which I have had for quite a few years now. I've always kept it for when making overseas payments. The balance on this one is £0.

My question is this..... When I make an application for a new card (to do the BT to) am I more likely to be accepted - and more likely to get a higher credit limit - if I cancel/close my Santander card first? Or would I be better off keeping it open? Or does it make no difference?

In case it is relevant, the new card is likely to be the Post Office card with 0.7% fee for 18 month transfers.

Many thanks for any help

Max

Aquamania

Seagull27 wrote: »

Hi all

I currently have a Tesco CC which I took out last August with 12 months 0%... So the deal is soon coming to an end and I have over £2000 which I want to balance transfer.

I also have a Santander Zero card which I have had for quite a few years now. I've always kept it for when making overseas payments. The balance on this one is £0.

My question is this..... When I make an application for a new card (to do the BT to) am I more likely to be accepted - and more likely to get a higher credit limit - if I cancel/close my Santander card first? Or would I be better off keeping it open? Or does it make no difference?

In case it is relevant, the new card is likely to be the Post Office card with 0.7% fee for 18 month transfers.

Many thanks for any help

Max

The answer is, it depends (on your credit profile)

thebritishbloke

If you have a gigantic credit limit on it, it could hinder the credit limit that the post office will give you. If it's only a couple of grand, I wouldn't think too much of it.

If you're not using it anyway, then close it.

Tunstallstoven

Many thanks for the replies.

The credit limit on the Santander is only £1000. On the Tesco card it is £5000 (but of course I cannot close that until the transfer is done).

thebritishbloke wrote: »

If you're not using it anyway, then close it.

Yep, that's what i thought and what I as about to do this morning. But then I suddenly thought that I did not want to "shoot myself in the foot".... Which is what led to this post/thread....

Thanks again for the help

Max

System

I'd be inclined to keep it until you do the application as otherwise the Post Office may think your average credit limit is £1000.

Assuming the Post Office meets your needs, I'd then close the Tesco one.

Santander Zero is useful to keep for ATM use abroad.

Seagull27 wrote: »

Many thanks for the replies.

The credit limit on the Santander is only £1000. On the Tesco card it is £5000 (but of course I cannot close that until the transfer is done).

Yep, that's what i thought and what I as about to do this morning. But then I suddenly thought that I did not want to "shoot myself in the foot".... Which is what led to this post/thread....

Thanks again for the help

Max

planteria

as others, i suspect that the Santander card will do no harm. it will take a while to disappear from your file anyway.
just a thought, but perhaps Santander will even offer you a deal on that card to move the Tesco debt across, increasing your limit in the process. i doubt it, but it's worth asking as you already have that line of credit in place.