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closing\applying?
Options

cjdavid
Posts: 2 Newbie
in Credit cards
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?
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?
0
Comments
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It would be wiser to apply for the new one first, even if you are on a very low income.0
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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.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
Thanks, I didn't consider that. I could probably transfer the tiny amount I owe, to the new one.0
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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.0
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