What to do with old cards?

Former_MSE_Andrea

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avion660

I'd recommend keeping Nationwide's card after the 0% deals expire: they're much cheaper to use abroad than many others. I now use it only abroad, along with their Flex account card too of course!

fraser

thanks for this...

was wondering what to do with my lloyds gold card that is now clear but has 15k credit limit - thought this was going for me but seems to be the opposite...

reckon will cancel it unless they can offer me something nice

Tr@cker

Depends how many accounts you want. But if people are going to be restricted to 6 cards as is tipped, it's probably better to close the accounts when youv'e used up all the 0 % then apply for one with another provider.

MSE_Martin

Six is not true, it was hyperbole by sub-editors in the original article that detailed it. There is a possibility of some tightening obased on over-endebtedness, I'm talking to a couple of Treasury Select committee people next week to find the exact score - but discount the 6 number

martin

Robert_Sterling_3

Does discount the 6 number mean knock a bit off the number or should it be interpreted as meaning disregard the number?

MSE_Martin

Forgive me Robert, it means the six number is a pile of pants and should be ignored totally

deemy2004

The banks also take into account the quality and LENGTH of your credit history.

If you go and close all your disused cards, maybe taken out many years ago, then would that not hurt your credit score ?

sly_dog_jonah

If i remember rightly, settled accounts appear on your credit history for several years (currently at least) so any long-standing relationships would not be forgotten by your credit report within 6 months.

Galstonian

"The banks also take into account the quality and LENGTH of your credit history."

While this is certainly true in the US it does not appear to be the case here. Provided you have history that goes a long way back (it doesn't appear to have to be continuous with the same lender) it appears to be ok. I think that having a decent length of history with your current account might be more important than any particular credit card (it is asked about separately on many forms).

At the end of the day its all pretty much guess work based on experiences though. I've never has a rejection because I've not held an account for long enough but I have had one for apearing over committed, I draw my own conclusions from that.

Tr@cker

Yes, the 6 card notion might not apply to men of means (like Martin!) but for your everyday consumer-like the fork-lifter who incredibly was allowed to have100k of unsecured debt-well they must tighten things up i guess. Not least because they might not get their dosh back-ever.