closing\applying?

cjdavid

Hi there,

I am interested in applying for a new spending credit card. But before I do so, I would like to close my existing credit card first.

Once I close it, how long should I wait before applying for another provider?

[Deleted User]

It would be wiser to apply for the new one first, even if you are on a very low income.

Dobbibill

Not necessarily a good idea to close it if it's the only/long standing CC account you have. Lenders like stability and this evidences that.

As zx81 said, apply for the new one first.....then consider your options.

cjdavid

Thanks, I didn't consider that. I could probably transfer the tiny amount I owe, to the new one.

dresdendave

cjdavid wrote: »

Thanks, I didn't consider that. I could probably transfer the tiny amount I owe, to the new one.

Surely just paying off the "tiny amount" would be simpler.

ironagedave

The only reason to consider closing that account is if it was a balance transfer card and there was a better spending card offered by the same provider but it would be best to contact them directly as to how it would be best to proceed.


If you apply within days of closing credit card (as long as the difference doesn't overlap on the credit report day) your old card will still show up on the credit file when it is checked, so there actually is no benefit to closing the account prematurely. If you have multiple credit cards that becomes more of a moveable feast due to credit limit to annual salary ratio amongst many other factors.