Managing 0% credit cards

feynman33

So im trying to manage my 0% borrowing.

I had 3 cards: 7.3k limit/2.5k balance, 3k limit/2.5k balance, 3k limit/0 balance.

I cancelled the card with 0 balance and next month i will transfer 2.5k to the 7.3k limit card so i will have 7.3 limit/5k balance, 3k limit/0 balance.

I will need a new card, and i want the maximum limit on it.

My question is: Should i cancel the remaining card with 0 balance to achieve this?

I assumed yes, because i would have an extra 3k available to me which they would see as a liability and reduce the limit they would offer me. But google suggests i may be wrong as my 'utilisation' would be high.

Please advise!

If it matters i also have a loan, and my credit score is excellent.

Cheers!

la531983

Have you factored in the possibility that you may not get another 0% card? 

th081

Why are u transfering the 2.5 to the card with the 7.5 limit , do you have a zero deal on that card and why are u looking for a new card. Generally you don't want to close the card as it will look like you have maxed out your cards and are wanting more.

martinbainbridge1975

have you looked at your online accounts to see if you have any offers where you can debt shift without the need for another card?  if nothing online maybe worth a call as i went to shut down a lloyds card and they offered ma an 18 month 0 percent offer on balance transfer but I had already took up another card 

feynman33

Thanks for your input all.

I havent concidered i wont get a new card, ill just have to suck it up in that case.

Yes i have rolling offers of 0% for new transfers to the 7.3k card, and the 0% expires on the 3k card next month hense the transfer.

However 0% expires at the end of the year for the current 2.5k balance on the 7.3k card, so ill be looking for a new card for that. I dont have 0% offer to transfer back to the 3k card, although i havent asked them if they'll give me one.

Hope that makes sense!

Cheers

daivid

Get eligibility scores for 0% cards before you do anything. Closing cards could tip the scale against you, but in the short term (IMO) it cannot help. Use an aggregator (MSE, MSE credit club, money supermarket…) by all means to get a rough idea of what is there but always use the provider’s own eligibility check (if offered) before applying. 

feynman33

Thanks, im not going to cancel the card...