Closing down credit cards

typod

Over the years for one reason or another I have built up quite a collection of credit cards. I have no problems making the payments on them so I have just let them sit there, although I don't really use them anymore.

I have about 5 cards with varying amounts on them, from 0 to £4000 in total I guess it's about £9000 of debt. As I have a child on the way now I have been starting to think seriously about this. I have transferred the largest balance to two cards (included in the 5 mentioned) (M&S 3.9 for life of balance and Morgan Stanley 0% until October).

So should I look at closing down the ones with a 0 balance, one has a balance of around £80 which I can clear off as well without issue. Would I clear and close these cards? In October I will want to move as the 0% offer will have expired. Will closing or keeping those accounts make things easier for me?

Any advice would be good.

Thanks in advance.

typod

Typod,

I have just answered my own quesiton by reading the site a bit better

http://www.moneysavingexpert.com/cards/cancel-unused-cards

I will look more throughly next time.

plymouth_janner_boy

in addition to the article linked above, i have found it useful to keep my 0 balance cards open as the companies they are with (virgin, egg, hsbc,) keep offering either low interest or no interest blance transfers, virgin did a particularly good offer recently where the cost of balance transfer was capped at £35, and i transferred almost £5k.

This is particluarly useful for me as i keep getting refused for new cards (although i've never missed a payment for anything).

Tesco_points_addict

plymouth_janner_boy wrote: »

Just read your sig. plymouth...well done, keep u the good work x