Should I cancel?

boltonian

I have several Credit cards, some of which I have not used in many months. They have no money owed on them so are just sat in my kitchen drawer. My question......

Should I leave them, or cancel them? How will each option affect my credit score?

Oh, and how do I cancel them?

Thanks

smartsaver

There is a thread you can look at http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Questions;action=display;num=1098274470

You just need to ring the companies to cancel  :) Some might offer you 0% interest deals. If you read this site the word 'stoozer' will be repeated often. This may like to join us  ;)

boltonian

Thanks, but still not sure what cancelling cards I have had will do to my credit score?

Robert_Sterling_3

We do not actually have a credit score.
Experian will give you their score but I do not think they will lend you money.
Lenders have their own way of doing things.
They are all a law unto themselves in these matters.
Be lucky.

johnllew

Why not list the cards you have? Someone here may then be able to advise you which ones are worth keeping for possible repeat offers.

boltonian

Ok.....

Card Limit Money Owed

Barclaycard £5000 £0
Egg £4000 £0
MBNA £3000 £0
Virgin £5000 £0
Capital One £8000 £2000 6.9%
Lloyds TSB £4000 £1800 0%
Nationwide £1800 £0


I have just applied for a Halifax 0% card which I plan to use for Stoozing

smartsaver

I have several Credit cards, some of which I have not used in many months. They have no money owed on them so are just sat in my kitchen drawer. My question......
Thanks

Hmmm...  ??? So the capital one £2000 is the one you need to reduce to 0%

If you have enough 0% credit to BT capital one to a 0% deal - I'd cancel Barclaycard. If you are still paying a 6.9 rate ask Barclaycard if they can beat this.    :)

Ask MBNA & Virgin, as they are owned by MBNA, if there are any 0% deals going. Beware, they will most likely charge to BT or SBT.   Try to amalgamate ur credit to one card so at least you only pay once  

Keep EGG - you can use for SBT and may have anniversary offer.    ;D

If you travel abroad keep nationwide as they do not charge comission on foreign transactions.  

Not sure if everyone else will agree   ::)  

boltonian

Thanks

I'm not in a desperate need to get rid of any, just seems silly having them laying about doing nothing, and just worried that having 7 cards would affect my chances when applying for other deals.

I will move the capital one balance to my new Halifx Card (0%) if and when I get it

Gotabiscuit

You can also cancel by writing to them. There's normally an address for this in your t&cs.

They normally request that you include your card cut into at least two pieces.

deemy2004

Ok.....

Card                            Limit         Money Owed

Barclaycard                 £5000       £0
Egg                             £4000       £0
MBNA                          £3000        £0
Virgin                          £5000        £0
Capital One                £8000        £2000 6.9%
Lloyds TSB                 £4000        £1800 0%
Nationwide                £1800          £0


I have just applied for a Halifax 0% card which I plan to use for Stoozing

I don't get why your £2k on the cap one is not on the tsb card ?

You should have used up the full 4k on the tsb or as close as possible, even if you did not want to use EGG for SBT you could have transferred the credit to your spending card.

boltonian

Yeah I know. Didn't really give much thought until recently. Heard Martin on Radio 2, had a look at things, and realised I am not making it work for me.

I have a Halifax 0% on the way, so Capital One will get transfered to that, whatever is left will go to my new high interest A&L savings account.

Also, I am going to get Mint next month and put that in my A&L also

Might not make much, but better than nothing