Consolidated -Almost-Cancel All Cards or keep one.

cymruchris

I hope you're going to keep one or two of your oldest cards open for a while? To help demonstrate account stability and keep your average account age higher?

Dandytf

Cymruchris,
Maybe though oldest cards would be Cap1 or Aqua.
I think then Aqua could be kept open, though don't think I'll see any new 0% existing offers when I'm not using it.
Is account stability very important considering I have returned to mainstream cards.

cymruchris

Dandytf said:

Cymruchris,
Maybe though oldest cards would be Cap1 or Aqua.
I think then Aqua could be kept open, though don't think I'll see any new 0% existing offers when I'm not using it.
Is account stability very important considering I have returned to mainstream cards.

For the short-term - as in the next year or two - I would always keep my oldest accounts open, even if I didn't intend to use them. I might pop a small purchase on them from time to time to keep them active - but we are heading into uncharted waters when it comes to credit. Nobody knows what'll happen in the coming  months. You're doing the same as me - moving to cards with better limits and better APR's - although the APR shouldn't matter as you should be paying it all off each month hopefully. But there is a positive factor in having older accounts. Will you be getting any big finance in the near future? Mortgage?

Dandytf

@cymruchris
No new Mortgage.
I'll use latest Cards when required.
My existing Mortgage should show account stability,
thanks anyway

Dandytf

Think I'm going to transfer 600 from Aqua to rbs or Amex.
Only to allow me to close this 2nd Aqua Card.
rbs is almost 15 mths 0% balance transfer (in 3 mths from opening/) Zero fees.
Though i'll repay sooner rather than later, and don't use rbs for purchases until Zero balance

Dandytf

Aqua 2nd card closed tonight, transfer 618 to rbs 0% 18 mths 0 fees.
Only 100 pounds to pay Cap1.2
Do NewDay know of their flaw in allowing multiple Aqua cards to be opened.

Dandytf

Final Cap One-2 Card closed today.
that completes this re shaping of Credit Cards.
New way forward with rbs/Amex/amazon/Barclays.
Though possibly continue with Tesco for Groceries which is working well.

[Deleted User]

It's good to see your progress out of the DMP and thank you for the updates but at the same time, are you not a little concerned about all the possible credit you are now applying for / holding, when you could end up in a problem again? 5 credit cards that you had 5.6k on replaced by 5k consolidation lendable loan (14.64%), a laptop on finance (albeit 0%), a mortgage etc. I think everyone on here wishes you the best to complete your debt free journey but won't want you back in the red if something goes wrong.

Dandytf

@Deleted_User
valid points thanks, hopefully new job works well.
I don't have any plans of multi Cards spends, though can manage one or two home/motoring costs.
Quite amazing Not reading constant high balances.
Though mser's has been very useful when required.
Thanks

zzyzx1221

Dandytf said:

@Deleted_User
valid points thanks, hopefully new job works well.
I don't have any plans of multi Cards spends, though can manage one or two home/motoring costs.
Quite amazing Not reading constant high balances.
Though mser's has been very useful when required.
Thanks

But there is still a high balance, it's just not on your credit card statements anymore.