Should I cancel an unused credit card before or after applying for a new one?
in Credit cards
15 replies 597 views
in Credit cards
I have two credit cards, one from Natwest which I used for a 0% purchase (stoozing), and one from Lloyds which I have had for 13 years which I very rarely use (the occasional purchase where I want consumer protection).
I now want to get a rewards card from Virgin, but I'm conscious having two credit cards already may impact the amount of credit they give me.
If I close the Lloyds account, will this increase my chances of acceptance/the amount of credit they offer me, or will closing it ruin my 13-year history of on-time repayments in full?
I'd hate to close it, only to be rejected by Virgin, and be without a card.
Latest MSE News and Guides
Did you know there's an MSE app?
It's free & available on iOS & AndroidMSE App
Regifting: good idea or not?
Add your two cents to the discussionMSE Forum
Energy Price Guarantee calculator
How much you'll likely pay from AprilMSE Tools
Once you get to nine or ten cards, you could think about closing one if you really felt the need
I wouldn't close either of your two existing cards even after getting a new one.
I prefer to use a credit card also for purchases where I may want to rely on Section 75 in the future, you never know. I did once have a (successful) claim so it's worth doing. As long as the balance is paid off in full every month, as always.
What cymruchris also says above, about not using comparison sites but using the credit provider's own website, is good advice.