We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Should I cancel an unused credit card before or after applying for a new one?
Options
Comments
-
purplebanna said:Thanks for the feedback all.I am surprised the consensus is to keep all three, so I will go with the advice.P.S. Last night I tried their eligibility checker and it says I am pre-approved. Happy days.0
-
purplebanna said:Reading on the Experian website it says:Try to keep old, well-managed accounts. Credit scoring looks at the average age of your credit accounts, so try not to chop and change too much.So on that basis, maybe I should keep it, and worry about my credit limit once I've got the card!0
-
daivid said:purplebanna said:Reading on the Experian website it says:Try to keep old, well-managed accounts. Credit scoring looks at the average age of your credit accounts, so try not to chop and change too much.So on that basis, maybe I should keep it, and worry about my credit limit once I've got the card!Actually, you need to repay the full amount each month, not just "in excess of the minimum", in order to maximise the "positive ticks" on your credit record - and to avoid paying interest. Paying anything less than the full amount can give the impression that you're struggling to repay what you owe (this applies to an ordinary interest-bearing debt - if you've got a 0% promotion then paying the minimum as fine, as long as you clear it when the promotional rate expires).daivid said:purplebanna said:Reading on the Experian website it says:Try to keep old, well-managed accounts. Credit scoring looks at the average age of your credit accounts, so try not to chop and change too much.So on that basis, maybe I should keep it, and worry about my credit limit once I've got the card!
0 -
My experience is that I haven't bothered to close, over the last 10 or so years, any existing credit cards when applying for new ones. Some have been closed by the provider due to lack of use.
I currently have 18 CC accounts only 3 are used regulary total limit is around £115k which is nearly 400% of my income.
There are not many cards I can apply for that I haven't already got but i still seem able to get new CC accounts if I apply which I do from time to time if there is a 0% offer from a provider I have not got an account with..
I do need to get round to closing some of the accounts!
It's not the number of cards you hold it's the lenders assesment of your credit history that matters.
0 -
Ebe_Scrooge said:daivid said:purplebanna said:Reading on the Experian website it says:Try to keep old, well-managed accounts. Credit scoring looks at the average age of your credit accounts, so try not to chop and change too much.So on that basis, maybe I should keep it, and worry about my credit limit once I've got the card!Actually, you need to repay the full amount each month, not just "in excess of the minimum", in order to maximise the "positive ticks" on your credit record - and to avoid paying interest. Paying anything less than the full amount can give the impression that you're struggling to repay what you owe (this applies to an ordinary interest-bearing debt - if you've got a 0% promotion then paying the minimum as fine, as long as you clear it when the promotional rate expires).daivid said:purplebanna said:Reading on the Experian website it says:Try to keep old, well-managed accounts. Credit scoring looks at the average age of your credit accounts, so try not to chop and change too much.So on that basis, maybe I should keep it, and worry about my credit limit once I've got the card!As a matter of fact I have just checked my Experian reports and in the last three years have three “Minimum” payment flags in my records for the Amex account, and all three times it was when the balance was approximately £5 or less, which meant that the minimum payment on the statement was equal to the full balance, and they still put the min payment flag!0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards