Should I close 1 of my 2 credit cards

edited 26 April 2021 at 12:42PM in Credit cards
4 replies 321 views
pioneer22pioneer22 Forumite
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edited 26 April 2021 at 12:42PM in Credit cards
I've got 2 CC's one with Barclaycard and has a 5100 balance and one with 0 balance and a limit of £4000 with Vanquis

If I close the Vanquis one, is this likely to open up the credit market for a balance transfer card? I want to clear the Barclaycard one as the interest is quite high. 

Replies

  • maxximus75maxximus75 Forumite
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    I'd keep both cards...... if you close the unused one. your credit utilization will go through the roof.
  • RBYHSRBYHS Forumite
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    Leave them open. Run an eligibility checker and see if you if you are eligible for a balance transfer card. 
  • RandyGoldRandyGold Forumite
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    I am also thinking that it will be better to leave them open
  • datlexdatlex Forumite
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    If you have are paying interest might be worth looking at balance transfers.  Also,  if you don't have a Mastercard backed card you might want to see if can change one of cards for one of those.  Not for extra spending but so you have options if the visa card system goes down.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
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