Cancel old credit card???

Thelma3012

I’ve recently made a balance transfer from Capital One Credit Card to a 0% interest Halifax Card to save a bit of money & pay off quicker. I’ve cut my Capital One Card up but should I Close the account down? I’m not sure how it will affect my credit rating

molerat

It all depends on your overall credit situation. What do you do your day to day spending on ?

[Deleted User]

You don't have a credit rating to get affected.

I would keep the card - how long have you had it for and what is the limit on it?

[Deleted User]

Keep both cards, use the Cap One regularly and clear in full each month.

lisyloo

If you close the card it will stay on your credit report for 6 years, so the history will still be there.

T-G-C

lisyloo wrote: »

If you close the card it will stay on your credit report for 6 years, so the history will still be there.

You would be surprised how many people think that they can play Bonnie & Clyde with a lender and then close the account to “remove” history from their file...

Unfortunately the UK has, in my opinion, stupidly long retention periods which CRA’s can take full advantage of.

That Bonnie & Clyde history isn’t going anywhere for 6 years - not relating this to the OP’s post.

Dobbibill

If you have had the Cap1 CC for a while then closing it could reduce your average age of accounts.
If you are able to use and pay off in full each month this will demonstrate you are responsible with a credit facility. (setting up a DD is a good plan to make sure you don't forget to pay it on time).

It is a balancing act to get it all right - credit available vs used credit and/or available credit vs income ratio. Closing it will increase your credit utilisation. As I said, a balancing act