Closing multiple accounts

magpies79

So I now have all debt on 0% with plans in place to pay them off by the end of the deals.

I have a £1000 limit Halifax credit card for using and paying off in full each month.

now I want to close all the following cards and store cards 
NEXT I’ve not used for years and has a 0 balance close  
VERY been at 0 for a few months want to close 
and the following cards have hike all there aprs All 40%+ apr cards all have 0 balances but don’t want them around as I know at some point the restraint on using and paying off will no doubt lead to carrying balances and it’s a road I no longer want to go down.
so.

118  0/3500
fliud 0/3400
marbles 0/4500
capital one 0/2000
capital one 0/2000
very 0/3500
next 0/1000

will this have a negative affect if I was to close all these at once or should I do 2 at a time as I mentioned don’t want to keep them open at all 

Hoenir

Any negative impact of closure will be shortlived. Best just to get on with the process. Good housekeeping has no long term impact. 

magpies79

Appreciate the advice and that is exactly it want to get things looking neat and tidy juggling to many cards for no reason at all and don’t want the temptation of running up balances either I’ll get on it 

Brie

Agree it's best to get rid particularly as the high APRs will not be helpful in the long run.  And any negative impact will be countered by the fact that they are cards that are not highly regarded by banks, i.e. cards given to people who are high risk.  The sooner gone the better.

I can see from your signature that you have some good quality cards still in your wallet.  My inclination might be to pay off the RBS card a bit quicker in case you need some extra credit in a year's time.  And it might offer you another 0% BT deal which would be handy if your pay off plan goes a bit pear shaped.  

But also want to say well done for getting this sorted - it must be a big relief, it certainly was with me!

magpies79

Thank you appreciate that yeah that was my only worry I’m basically left with a credit card with £1,000 to spend on as all the others are 0% so can’t put on them but at the same time will maybe help keep me in check a little more.

but yeah it’s been a long journey from a divorce to 3 CCJs and 2 defaults to well no missed payments in 6 years now and all CCJs cleared and gone.

but Yeah I’ll get closing tomorrow.
 some cards have only recently been cleared so will need to wait for there next statement won’t I to make sure there’s no interest added.

magpies79

Sorry another question credit utilisation closing them accounts is going to get rid of potentially 15k of credit and all my others cards are on the high side as there are 0% offers so my utilisation is going to be high will this effect me further down the line to get better offers if needed or is this another gimmick along with my credit score 

steven141

magpies79 said:

Sorry another question credit utilisation closing them accounts is going to get rid of potentially 15k of credit and all my others cards are on the high side as there are 0% offers so my utilisation is going to be high will this effect me further down the line to get better offers if needed or is this another gimmick along with my credit score 

I’ve previously closed credit cards and my credit score drops due to my available credit limit dropping but eventually it has sorted itself. It may be worthwhile seeing if you can increase the credit limit on an existing card that you want to keep if you are worried about having a smaller limit but only if you feel that this will benefit you as it will most likely result in a hard credit search.  

magpies79

Yeah I’m not bothered about the score could drop 1,000 as it doesn’t mean anything it’s more the how will it look later on when I close them I’m I going to look like I’m stretching things because I’ll be using a lot of credit compared to my limits will that impact potential offers 

ManyWays

will that impact potential offers? 
Probably but if you are clearing all the current cards within the terms then you dont need other offers and your credit utilisation will improve each month as the balances drop. So I too suggest you take the hit to your score now by closing those unwanted cards.

magpies79

Thanks that’s my thinking to I’ll crack on with it 

Hitsville22

I actually just browsed the forum before creating my own post that was pretty much going to ask the same question. So thanks to the OP.
In a similar situation the the OP I have/had several cards and mostly all “lower tier” things like 
Fluid
CashPlus 
Vanquis etc…
They’re all paid off and Fluid & CashPlus are in the process of being closed.
I was a little wary of closing the Vanquis account as it’s my oldest line of credit (around 10 years). But at something like 30% APR I guess that can go to.