Credit Report Implications (when cancelling credit cards)

milkshake_2

Hi,

This is my first post on here, so I hope I'm doing everything right. I've had a search to see if this query had already been posted, but I couldn't find anything...

Basically I am getting into the habit (thanks to this site) of balance transfering all my credit card debt onto interest free credit cards, as soon as current offers run out. However, this is leaving me with a ever growing stack of credit cards that I no longer use.

I'm aware that we are all limitied to the amount of credit checks per year, however I was wondering how the cancellation of a credit card was dealt with, on my credit report...am I going to be better off just to leave the credit cards unused at home, or is cancelling them the way to go, as it won't have any negative effects?

Thanks in advance to all that take the time to read and respond to this.

fatboyonadiet

Cancel them, it's no good for your credit file. What cards have you got? If you've got an Egg keep it for SBT and the anniversary offers. Welcome to the boards too!

jeeves_2

I cancel mine and put it in writing asking the CC company to confirm back in writing that is cancelled and also notify the relevant agaencies (Experian & Equifax) that the account is closed.

smartsaver

milkshake wrote:

Hi,

This is my first post on here, so I hope I'm doing everything right. I've had a search to see if this query had already been posted, but I couldn't find anything...

Basically I am getting into the habit (thanks to this site) of balance transfering all my credit card debt onto interest free credit cards, as soon as current offers run out. However, this is leaving me with a ever growing stack of credit cards that I no longer use.

I'm aware that we are all limitied to the amount of credit checks per year, however I was wondering how the cancellation of a credit card was dealt with, on my credit report...am I going to be better off just to leave the credit cards unused at home, or is cancelling them the way to go, as it won't have any negative effects?

Thanks in advance to all that take the time to read and respond to this.

Hi Milkshake

Have a read here. http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1098274211,85485,Hope it helps

milkshake_2

Thanks for all your replies guys...am off to cancel (some) of my cards now )