What to do with old cards?

Smitty

 I think that having a decent length of history with your current account might be more important

Supposing you have more than 1 c/a

When asked the question 'How long have you held your current account for', do you think it's OK to answer it in relation any of your c/a's? Or does it have to be your main one (where salary etc is paid into)

:-/

Galstonian

I think a guarded "it depends" is about the best I could say to that one.

MSE_Martin

Hiya

OK let me finally clear up the 6 card thing. When i say its pants - i don't mean that the potential tightening up of credit is pants. Just the fact that it will be done based on a limit of the number of cards.

The total debt, available credit, frequency of searches, abilit yto repay - yes they're all what counts.

martin

Martinslovechild

That's put my mind at rest - i'm already up to 8 cards ;D

iceking

Quick question.

Does halving the available credit on your credit card substantially improve your credit rating?

janeemery

Definately worth cancelling your cards. I transfered my balance to a new credit card company and cut my old card up but did not tell the card company to acutally physically cancel the card account. I did not use the card again.

I had transferred the balance over in October 2003 but suddenly in January received a bill from the old company for over £1500.00 - somehow someone had got hold on my number and booked about 3 flights and various other things. Thankfully in my case I was not liable for the debt, it could have been a very different story.

So definately make sure that the credit card companys knows that you want it cancelled.

kati_reeve

This is my first ever post so I'm a bit nervous! My step-dad Iain told me about this website a few months ago and now I'm totally hooked!!!

I read Martin's article about cancelling old cards and like a lot of people I was surprised to find their were benefits. I thought if you had a card you weren't using it wasn't doing you any harm but now I know getting rid of them can do me good.

I cancelled my Capital One card today and they did nothing to try and make me stay!!! Don't they know what a valuable customer I am?!

My next call was to Lloyds TSB. I told them that the only credit card debt I have now is £400 on my Barclaycard (I went nuts at Christmas! Like always!) but they gave me the lovely 2.9% offer so I didn't see a reason to move the debt. At first the chap offered me 1.9% for twelve months but then said he could do 0% (oooh, magic words!) if I could clear the balance in six months. I've been paying about £37 a month to Barclaycard and I'm now going to have to pay £67 to Lloyds but I really wanted the debt gone by the end of the year so that offer is a great incentive.

So thank you to this wonderful website! I never would've thought to cancel old cards and now I've got me a lovely 0% deal!! Hooray for money saving!

TREVORCOLMAN

What a nice post!

TREVORCOLMAN

No thanks - wot a load of pants - I have been thanked loads of times

kati_reeve

Hi!

Just wanted to say thank you for your kind comment about my first ever post. I'm using my second ever post to thank you.

I've been in such a good mood today - I just keep saying to my boyfriend "0% for six months, how good is that?" He just smiles and nods.

Here's to a money saving future for me!