Cancelling credit cards?

evilhing

(My first post, love the site..)

I decided to cancel my Barclaycard after reading the cancelling credit cards article. I try not to put any debt on credit cards, just spend on them so the balance transfer thing isn't of much use. Anyway, after ages on hold the woman suggested putting it on hold and they would still answer credit references for me and she went on about keeping my credit history. I just said no and cancelled it.

I just wondered as this seems to be the opposite of what the article says?

eagle

evilhing wrote:

(My first post, love the site..)

I decided to cancel my Barclaycard after reading the cancelling credit cards article. I try not to put any debt on credit cards, just spend on them so the balance transfer thing isn't of much use. Anyway, after ages on hold the woman suggested putting it on hold and they would still answer credit references for me and she went on about keeping my credit history. I just said no and cancelled it.

I just wondered as this seems to be the opposite of what the article says?

Best thing to do in my opinion is to write them a letter that you want to cancel. They're bound to give you some rubbish over the phone if you call. But by sending them a letter they have very few options available to them. It's also a good idea to get them to confirm in writing that the card(s) has/have indeed been cancelled.

fatboyonadiet

She's confusing the 2 issues here, if you need to build up a good credit history it is worth having a card and paying off regularly etc but if you have too many cards it's bad for your file. If you've only got the one might have been better to keep it but not that many benefits really, unless you have a credit history that needs repairing.

HTH.

lou_martin

I sent Barclaycard a letter cancelling my card (after paying off the balance obviously) at the beginning of May along with a few other credit card cancellations to other companies. Barclaycard are the only ones not to have written back confirming this has been done. I haven't heard a dickie bird from them.

I guess I should either ring them or write again just in case they didn't get the letter...
but i think eagle is right, you should probably send a letter as they will try and keep your custom if they have you on the phone by any means necessary!!

mrcow

Good for you for cancelling.

I'd agree, I think the woman was maybe a bit confused, or maybe they have to try and retain any cancelling customers as part of their script? (Or was it an 0870 number? in which case maybe they just try and keep you on the phone for as long as possible....cynical arent I!)

Even if you cancelled it, it will remain on your credit file for the next six years and will show to all that you had the card and kept it in good account.

evilhing

Thanks all.

I do have other cards and my credit history should be ok (ish)..