Barclaycard closing account?

Wellard_Mann

The terms of my Santander Zero card are that they can provide two months’ notice of closure of account if there have been no transactions or a zero balance for a period of 6 months or more. Before doing so they undertake to contact cardholders to determine whether they intend to make any further transactions on the card. Seems reasonable to me.

fozmcfc

I also got the same email, about dropping my limit to £50 and it also said something about texting a code, if you want to continue using it. I don't want it anymore so thought I'll just let it get closed.

The next day, I got a further email to say, they send me an email previously with wrong information about the new limit which should have said £250 and also the previous email had omitted the code needed for keeping it open.

I'm still closing it as I never used my Barclaycard, after they took over my account from Egg.

I had dropped it down to a £500 limit with Egg, after transferring a £3k + balance away and not wanting to run it up again. It was at the time I started to get myself debt free and also became much more credit card savvy.

With hindsight as I'm still credit card savvy and completely debt free, I wished I'd kept the limit as they have offered a few decent balance/money transfers offers, but not worth it with a £500 limit.

Yet_More_Puddylove

Hi all
I've just had the same e-mail regarding Barclaycard. I haven't used it for maybe four or five years - and then it was just for BTs. I don't want the account, to be honest as I just worry about fraud (I've a hefty credit limit of £10k plus) - but will closing it affect my chances of a mortgage?

[Deleted User]

There's no reason why it should.

Yet_More_Puddylove

I have 2 other cards - one on my main account (empty aside from Netflix every month) and one which I've had for so long it doesn't appear on any credit checks (25 years) which I use and pay off monthly. They have a combined credit limit of £20k plus. I can't think of any good reason to keep BC open - am I missing anything?
I have emergency and other savings...

And is it best for me to contact them to close it, or to let them close it - or no difference?
Thanks!

8ofspades

Yet_More_Puddylove wrote: »

I have 2 other cards - one on my main account (empty aside from Netflix every month) and one which I've had for so long it doesn't appear on any credit checks (25 years) which I use and pay off monthly. They have a combined credit limit of £20k plus. I can't think of any good reason to keep BC open - am I missing anything?
I have emergency and other savings...

And is it best for me to contact them to close it, or to let them close it - or no difference?
Thanks!

You should be fine - we got a mortgage last year (first time) and I had 4 cards, 3 of which were inactive. Mortgage advisor told me to close at least two as lenders wouldn't like that I had so much credit available to me, even if I wasn't using it (the only card I use I pay off in full monthly - and get vouchers/protection in return!)

As for whether you contact them to close or not, it depends when you're planning on getting the mortgage. If before the date of automatic closure, I'd contact them. If not, leaving it shouldn't be an issue.


Hilariously, I just got the email about my Barclaycard closing!

[Deleted User]

Yet_More_Puddylove wrote: »

I have 2 other cards - one on my main account (empty aside from Netflix every month) and one which I've had for so long it doesn't appear on any credit checks (25 years) which I use and pay off monthly. They have a combined credit limit of £20k plus. I can't think of any good reason to keep BC open - am I missing anything?
I have emergency and other savings...

And is it best for me to contact them to close it, or to let them close it - or no difference?
Thanks!

I'd always keep three or more cards, making sure they're used at least occasionally., both for credit history purposes and for available credit.

Yet_More_Puddylove

Hmmm now I'm torn.
On the one hand, I can see that mortgage lenders won't like me having £35k of credit available to spend on chocolate and perhaps puppies/kittens.
On the other hand they probably can't see one of my cards, so if I close this BC, that looks like I've only got one...

8ofspades

Yet_More_Puddylove wrote: »

Hmmm now I'm torn.
On the one hand, I can see that mortgage lenders won't like me having £35k of credit available to spend on chocolate and perhaps puppies/kittens.
On the other hand they probably can't see one of my cards, so if I close this BC, that looks like I've only got one...

When are you planning to get a mortgage? Will you seek advice? If so, maybe keep it open until then and they can advise on your specific situation.

I don't know if keeping the two cards open would have negatively impacted the application, but closing them didn't harm it either. Between us, I had two cards open and a long credit history of cards and mobile contracts, my husband only had one credit card from a few years ago that he had used a handful of times and no other credit history. Just to reassure you.. I would have thought closing my credit cards would be a big no-no to my credit file but it all turned out OK. My rating only dropped after we moved when I completely forgot to update the electoral roll :doh:

Yet_More_Puddylove

Whenever my partner manages to sell his house (it's not moving!)
I might keep it open for the time being, then close it after (if ever) I buy a house with him.
Or I may go on that puppy buying spree!