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Keep multiple cards active or close down?
Taucher
Posts: 79 Forumite
in Credit cards
I have a Capital One CC with a high APR. I transferred the balance to a new CC with 0% on balance transfers. My instinct was to close the old CC account but I am wondering if it would be better to keep it open with a tiny amount paid off each month?
Thanks!
T
Thanks!
T
0
Comments
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It depends on how many other cards you have, your debts, limits and income.1
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As ZX81 said.
In principle, if you want to demonstrate that you can manage your finances well (say looking to apply for a mortgage in a few years as an example) it is useful to have a couple of cards that you spend on and pay off in full each month. Having a couple available means that you have backup in case you have a problem with one.
Please do not spend on the balance transfer card, it will cost you in interest1
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