Is it best to close credit cards that are not used any more?

planteria

but i think dekoder's debt balance is already on the Barclaycard, is that right?
if so, fwiw, i wouldn't reduce it. i would leave it there. maturing. and look to build up my CL with Barclaycard over time, not reduce it.

blenz101

I've heard cases where customers who proactively reduced their credit limits have had this viewed as a negative when a new lender searches their credit records.

There is no way to indicate on your file if it was your current lender or yourself who reduced the limit.

Some new lenders may rightly question why someone who has had their credit limit sharply reduced elsewhere is applying for new credit with themselves.

If you are not a slam dunk for online approval when applying for new credit and are likely to be referred to underwriters then I would take this into consideration when considering if you wish to reduce limits or simply close the line of credit.

dekoder

planteria wrote: »

but i think dekoder's debt balance is already on the Barclaycard, is that right?
if so, fwiw, i wouldn't reduce it. i would leave it there. maturing. and look to build up my CL with Barclaycard over time, not reduce it.

Yes, 3,5k is already on the barclaycard with 3k more available but since I only have 60 days to do BTs I won't be able to use the rest. (unless I try the positive balance transfer trick I've read about here? though thats a risk...)

I'd like to take a 0% purchase CC next to build up the stooze pot a bit more.

planteria

if the deal is right for you, then do the +balance method?

and yes, spending for points/cashback has to be a good idea:)

Xian87

Hi,

OP

I've got three 'dead' cards all with high limits on. I've never thought to close them. All cards have been destroyed so I can't use them if needed. I am always getting emails and offers for 0% transfers for 12-18 months.

I don't see them as a temptation, so hence left open. I log in online once a month to check for fraud and they are all at £0

Good luck with your decision.

steve_ben

The letter I received from Nationwide confirming that the account had been closed clearly stated :-
If at some futuretime, you wish to apply for another Nationwide card, we will consider your application, subject to status. However, please note that any new card will be at the relevant interest rates and will not be eligible for any introductory discounts.

I think that is pretty clear, dont you ?

planteria

Xian87 wrote: »

I've got three 'dead' cards all with high limits on. I've never thought to close them. All cards have been destroyed so I can't use them if needed. I am always getting emails and offers for 0% transfers for 12-18 months.

who are the 'dead' cards with Xian? are the deals offered not worth taking up? and do you use another card for your spending?

joe134

planteria wrote: »

who are the 'dead' cards with Xian? are the deals offered not worth taking up? and do you use another card for your spending?

I will have 4 dead cards come the month end with Capone What to do???.:rotfl:
2 with Hsbc, dead for years. not closed.
2 with Amex mbna still .use
2 with amex,plat. still use
now 2 more with M&S, to replace, capone.
Rather a lot. and not closing," could" leave me open to fraud,, so, why take the risk?,I intend to close capone, but, as Hsbc is my main bank,( among several others ) may just leave them open;
Didn't know you were penalised for closing, just don't apply again with same bank.There must be a time to close accounts, too many cannot be good.:rotfl::rotfl:

planteria

ime HSBC don't offer repeat deals joe, so i can't see any point keeping them open. can you?
if CapOne pull my cashback i won't have that as a backup to my Amex spending card. and just retain Barclaycard and MBNA then. currently a BT deal on my Barclaycard, with the option to move it to MBNA in January.
not much appealing around as an Amex backup nowadays:think:

joe134

planteria wrote: »

ime HSBC don't offer repeat deals joe, so i can't see any point keeping them open. can you?
if CapOne pull my cashback i won't have that as a backup to my Amex spending card. and just retain Barclaycard and MBNA then. currently a BT deal on my Barclaycard, with the option to move it to MBNA in January.
not much appealing around as an Amex backup nowadays:think:

I think they are gonna let you off, no letter yet?:T
I got m/s as a backup.0.5% is better than nothing.wife uses m/s a lot, she can have c/b or vouchers there 1%, and get her tea/cake there with them.etc probably she will still use amex there.
I have never had any cb on hsbc, or, any benefits,in 20 years of having it, except when I was in the Premier a/c, never used it since.was my first cc.
may close it, but, after capone, too many at once doesn't look good, although . I aint bothered about credit rating, at my age,I only use cards for cashback.
use amex all the time, but, occasionally have to use backup.
fingers crossed, you get let off;) or, even 0.5%.