Cancelling credit cards

suzyp1982

Ive got 2 credit cards that i dont use anymore, how do i cancel them? can i just ring the company and let them know?

Plus when does it start giving you a bad credit rating? ie ive been getting a new credit card when the 0% runs out, (im on my third at the moment)

silkglade

Hi.

Yes you can ring them up and cancel them, but be advised they will try to talk you out of it. just keep telling them that you are sure that you want to cancel (unless they give you an amazing offer that is)

I am on my 5th 0% card and had no problems as yet. I do still tend to use the older ones sometimes just to keep them going (but only amounts I can pay straight off when the statement comes through)

I keep different ones for different reasons, 1 that is good for using on the hols as no charge to use abroad. 1 for spending on for reward points in the form of vouchers, 1 for the egg money manager etc.. any others that I got for the 0% deals that offer no further rewards are cancelled.

Hope that helps

julie1075

I've never rung, I just send them a letter asking them to close the account. They always do this no problem and usually just send a confirmation letter back.
Also I must have done this between 6-10 times in the past 4 years or so and it has not affected my credit rating at all. Try not to do them all at once and it shoudn't have an effect, once every 6 months should be ok.

Tom_Williams

suzy, I cancelled 4 credit cards last week, yes I know not clever having that much but I just rung the companies, took the name of the person I spoke to and there extension number so I can refer back if needed, and they took cancellation or closure instructions from me over the phone.

Tom

nickmack

suzyp1982 wrote: »

Ive got 2 credit cards that i dont use anymore, how do i cancel them? can i just ring the company and let them know?

You can ring, but make sure you get the confirmation in writing. There have been instances where the card has not actually been closed and sits on your credit file as available credit. Check that it has a status of 'settled'.