What to do with old cards?

satish_141

Recently I got refused one credit card and I was surprised!!! as I was expecting my credit rating to be good as I never miss a payment etc...but then when I got the credit reports from Experian and Equifax, both of them showed that me and roja's names are not there in the electoral roll..when I called up the council they told me that both our names have been entered wrongly...

I mean they have my surname as Satish and Roja's surname and Roja where as they are our first names..I told them to change and they changed...but it may take a while for the credit ref agencies to pick up this change..anyway I am in no hurry to get a new credit card...

but one more doubt is

I have 3 current accounts

1 Barclays, 1 HSBC and 1 Halifax which I use regularly..

the Barclays one and the HSBC one I don't use them and they are inactive...would having inactive current account reduce credit scoring any ideas ? if so I will close my Barclays and also the HSBC accounts today...

pls suggest...



Regards,

Satish

virtual_taipan

Hello,

New here, but have been studying the articles diligently.

Could a MSE please offer a "definitive" opinion on the threshold number of credit cards that positively impact credit scoring, beyond which too many cards becomes a negative factor?

If the issue is more accurately defined as aggregate credit card limit relative to income, is there an ideal % balance?

Thank you.

rubytues_2

Hi, I have had so many credit cards over the years and when the 0% offer has finished I simply cut them up and applied for a new one. I don't get sent a statement anymore for 95% of them but when I went on checkmyfile there were loads that looked like they were still active. Its been such a long time I don't have account numbers or details anymore so therefor can't get past security questions especially if automated service to cancel them. What should I do as I think this is effecting my credit rating ?

Ruby

Moggles_2

Hi rubytues

Welcome to MSE & the credit card board!

As you now realise, cutting up a credit card is not the same as cancelling or closing the account. Unless your old cards are marked 'settled' on your credit file, they're still active.

At least you now have a list of all your old cards to work from. If you decide to cancel some, the card number is all that's required.

If you cannot dig out the original paperwork, your only option is to phone the card company concerned. Take-overs and name changes can complicate matters. If you have difficulty finding the phone number to call, you can post the name of the card here and we'll try to help.

garylee55

i use another forum similar to this, (unfair bank charges) it helped me greatly, i won with one bank and still fighting the other.
this site has a library of letter templates, sorry to sound stupid but is there one on this forum regarding the closing credit cards.

I have noticed on credit file all past and unused cards are on there,
would writing to these companies and asking to delete my details and cancel my cards, (even thou they have not been used for over 3 years, in fact i dont even have them) anyway, would this help my credit score to do this or are they there for good. ??? any help would be great.

thanks

Phoenix79_2

You can't selectively delete your credit history. Everything good and bad stays on for 6 years. Certainly if old CC's are on there and not marked as settled then contact them and ask to close the accounts.

sults

First timer......!!! I follow many of the tips on here and find this to be a friendly and helpful community, so thanks.
My questions is, I want to pay off outstanding debt on all 4 of my Credit Cards. Then want to keep 2 and cancel 2. Which way around should I do it ? If I pay off the balances then call to cancel then any incentive I may be offered (e.g. 0% balance transfer) will be useless to me as I'll have no debts to transfer..... or am I being optimistic.
I have a Barclaycard, Halifax, Nectar and Virgin. I am using my savings to pay off all the debt on these cards. Keeping Nectar (for the points) and Barclaycard (long standing relationship). Any advise would be appreciated......

herbalrems

I kept my halifax card after the 0% ran out, about a year later they gave another 0% deal without having to apply! Just in time, cos My ABBEY card has just come to an end with its deal!

GeordieBird

Has anyone cancelled a card still owing money?

I want to cancel one of my two cards as I don't really think I should have more than one cos it is meant to be for emergencies!

I'd rather keep the one that's with my bank as the % is better.

Do they always want the balance straight away?

Any experience/ thoughts MUCh appreciated :rolleyes:

angelavdavis

garylee55 wrote:

this site has a library of letter templates, sorry to sound stupid but is there one on this forum regarding the closing credit cards.

I have noticed on credit file all past and unused cards are on there,
would writing to these companies and asking to delete my details and cancel my cards, (even thou they have not been used for over 3 years, in fact i dont even have them) anyway, would this help my credit score to do this or are they there for good. ??? any help would be great.

thanks

Not an official template, but one I have used many times to cancel store/credit cards (please bear in mind I don't use PPI - you will need to ask to cancel this at the same time if this is the case as some people have been caught out)

Account Closures
X Credit Card
XXXXXXXXX
XXXXXXXXX
XXXXXXXXX

Dear Sir/Madam

Ref: (Credit Card Account No)

I am writing to request cancellation of the above credit card and credit agreement with you as from the above date.

I believe this card currently has a zero balance and confirm I have destroyed my credit card to prevent mis-use elsewhere.

I would appreciate written confirmation that this process has been completed.

Many thanks

Yours faithfully