Keep old credit card?

edited 17 February 2019 at 10:00PM in Stoozing: free cash from credit cards
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pinknsparklypinknsparkly Forumite
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Hi all,

My husband has two credit cards with the same lender - one is an old 0% credit card that is no longer interest free and the other is 2 year+ 0% interest free purchase one that we are currently using for stoozing.

Given that he will have held this new card for over 2 years by the time he next applies for a credit card, is there likely to be much benefit to his credit history in him also holding onto the older credit card (he's had it a little over 3 years, so will be around 5.5 years when he'll next be applying)? If there is then we can certainly ensure that we use it once a month to keep it active, but if there's not likely to be much benefit then it's one less thing to do each month :)

Thanks!
MFW2022 challenge #99: £2,081.15 / £4,200
MFiT-T6 (Jan 2022 - Jan 2025) challenge #99: £3,064.78 / £29,256.50
Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Aug 2046
Last updated: 23/04/2022

Replies

  • zx81zx81 Forumite
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    How many other cards does he have?

    I wouldn't drop below three or four, nad don't close anything shortly before applying for further credit.
  • pinknsparklypinknsparkly Forumite
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    Hi zx81. These are the only credit cards he has (and has ever had) - so two credit cards in total. We opened the first one for him specifically to build up some credit history a few years prior to applying for a mortgage as up to that point that he had no credit history beyond an overdraft on a student account. If it was advisable to close the older card then I would do it soon rather than leaving it until close to the time of wanting to apply for another one in a couple of years time.
    MFW2022 challenge #99: £2,081.15 / £4,200
    MFiT-T6 (Jan 2022 - Jan 2025) challenge #99: £3,064.78 / £29,256.50
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Aug 2046
    Last updated: 23/04/2022
  • zx81zx81 Forumite
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    Keep them both and consider getting at least one more from a different provider.
  • pinknsparklypinknsparkly Forumite
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    Lovely, thanks so much zx81. Presumably making a single purchase on the older card (and new one if he applies for a third) each month and paying it off in full via direct debit is sufficient?
    MFW2022 challenge #99: £2,081.15 / £4,200
    MFiT-T6 (Jan 2022 - Jan 2025) challenge #99: £3,064.78 / £29,256.50
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Aug 2046
    Last updated: 23/04/2022
  • zx81zx81 Forumite
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    Yes - not even that frequently will be fine. Three of four times a year will be enough to keep them ticking over.
  • pinknsparklypinknsparkly Forumite
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    Thanks zx81, that's very helpful - I'm glad I asked the question!
    MFW2022 challenge #99: £2,081.15 / £4,200
    MFiT-T6 (Jan 2022 - Jan 2025) challenge #99: £3,064.78 / £29,256.50
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Aug 2046
    Last updated: 23/04/2022
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