Credit Card closures

phillw

The biggest issue having lots of cards, is you have to look after them all.
I keep cards if there is some perk that I don't get elsewhere, i.e. new look give you 25% on your birthday and other discounts so I would keep it.
If it were me then I'd pick a card that had no bonus features and close it and open a 0% purchases card in it's place and match the spend in a savings account. I've kept my oldest card, which I was using for a direct debit every month until recently. I don't currently need it, but I'll probably maintain that one.

jonesMUFCforever

Thrugelmir said:

jonesMUFCforever said:

Thrugelmir said:

Why do you need so many accounts ? Close the ones you no longer need.   

Normally I would agree with you - but in today's climate obtaining new credit will become more difficult.
It is great that the OP has paid off his card debt - but having an emergency source of credit from different lenders may pay off long term.

Seems excessive to me requiring this level of instant credit.
Vanquis - £3000
Barclay - £5300
Aqua - £1700
Tesco - £1300

If you need finance for a particular purpose. Loans are a far better option. 

The credit limits may well get lopped as time passes anyway. 

Two of those cards you would have to say are sub prime Vanquis and Aqua - to me that says OP's credit history might not be squeaky clean (I acknowledge he seems to have turned the corner) so the law of sod says he needs credit instantly; but may be declined for that loan or new card.
That's why I would advise keeping them open for now.

BethArmett

jonesMUFCforever said:

Thrugelmir said:

jonesMUFCforever said:

Thrugelmir said:

Why do you need so many accounts ? Close the ones you no longer need.   

Normally I would agree with you - but in today's climate obtaining new credit will become more difficult.
It is great that the OP has paid off his card debt - but having an emergency source of credit from different lenders may pay off long term.

Seems excessive to me requiring this level of instant credit.
Vanquis - £3000
Barclay - £5300
Aqua - £1700
Tesco - £1300

If you need finance for a particular purpose. Loans are a far better option. 

The credit limits may well get lopped as time passes anyway. 

Two of those cards you would have to say are sub prime Vanquis and Aqua - to me that says OP's credit history might not be squeaky clean (I acknowledge he seems to have turned the corner) so the law of sod says he needs credit instantly; but may be declined for that loan or new card.
That's why I would advise keeping them open for now.

Vanquis was actually the first card I got many years ago. As I had no credit history at the time it was the only card that I could get. I know it has a high APR but is also my longest standing cc which I've read is a good sign with lenders, I. E having a good yet long standing history with them. I've never missed a payment and have six years worth of history with them showing on my credit reports