Should I cancel cards?

grebbo

Hello everyone

Over the last few years I have been a rate tart and swapped balances to 0% credit cards. I now have 6 cards where the 0% interest period has run out and they're just sitting in my safe not doing anything (no balance on them).

Should I cancel these cards? Does it improve my credit rating if I cancel them? Are there any downsides to cancelling them? I take it if I cancelled a card I wouldn't be able to take advantage of any future advertised 0% interest deals?

The only card I can see worth hanging onto is the Egg one as it gives you an anniversary 0% balance transfer.

Your thoughts

Thanks

Reaper

Yes you should cancel them but keep Egg.

When deciding whether to give you a new card one thing lenders will do is add up all your current credit limits and compare them to your income. If it is too high it will count against you in the credit scoring.

You can take advantage of future 0% deals when you have cancelled because after a certain length of time they will consider you to be a new customer again. Usually 6 months - 1 year.

Existing customers hardly ever get new 0% deals.

Cardinal-Red

Grebbo,

Take a little read of this article fella... (from the big man himself!)

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1098274211,85485,

grebbo

Thanks for the link! Says it all