Should I close them?

LimeTrees

I have just done a balance transfer onto a new credit card with 0%. So now my old card is clear; the question what would be better for my credit report - should I leave it open (with £0 on it) or should I close it? (I have no use for it).


Thank you

[Deleted User]

What's the limit?

How long have you had it for?

GM1880

Funny, I'm not sure either. I suppose it depends on what lenders look at more favourable and I suppose they vary.

I've just opened up an Amex (£5700 limit), HSBC (£3000 limit) to go alongside a Vanquis (£1500 limit) and a Barclaycard (£1200 limit). I've only had the last two for about a year, so not sure whether it'd be wise to close the Vanquis in particular which I'll now never really use. Or whether it's worth keeping open given it's the longest running credit card I have.

radoslaff

Are there any perks on the old card, points or cashback? How do you do your everyday spending? A lot of things to consider.

LimeTrees

I had the card for four/five years it was only a transfer of £1800 from Barclaycard. So now that it has a nil balance I am wondering if I should leave it open and not use it or close it. Which would look better on my credit report?

LimeTrees

There are no perks on the Barclaycard apart from the high-interest rates!

Alexd52

Regular use of a card, remembering to pay off in full each month, is a positive and shows good habits credit wise. Keeping cards open to give a low credit utilisation can be a positive. Having one for s75 protection for larger purchases can be an advantage for you. How many you have open doesn't make a big difference, many on here have several with no adverse effect.
What you are looking at will not make much difference either way.

[Deleted User]

Keep it as a backup, should your other one not work for any reason

maxximus75

Personally, I would leave it open. Set-up a direct debit for full payments and just put the odd purchase or two through every couple of months to keep it active.

Dobbibill

If you only have 2 and your oldest card is only 4 or 5yrs old then keep it open.

It will demonstrate a long standing relationship with that company and BC are known for existing customer offers like BTs and MTs.

Use it occasionally so it doesn't go dormant. A back up is always handy.