0% ending - do I close the card?

adaze

I have just transferred £3000 from my 0% Capital One Platinum card to an Ulster Gold card (0% for 6 months, no fee). The Ulster card is now "full" as it only has a £3000 limit. I also have a NatWest card that I use for expenses for work (always paid in full) and a Barclaycard for day to day purchases (always paid in full too).

My real question is I have a limit of £9800 on the Capital One card, far higher than any other cards I have, do I close the card now as the offer is up or keep it?

I remember when I applied for the Capital One card that in the application one of the questions, was do you have a card with a limit over £5000, I ticked yes even though I didn't, does the size of your credit limit act positively for other applications?

My cards are:

NW - £2800
BC - £4050
Ulster - £3000 at 0%
C1 - £9800

missile

I think you will find it can work to your disadvantage, if you have too much available credit.

Try to change it to a 1% cash back card.

Bokkens

You can close the card but why not ask them for another 0% deal for say 9months with no fee and see what kind of response you get .Don't speak with the calltaker ask to speak with the customer retentions department if the offer is acceptable to you take it if not then close the card.
The amount of credit you have is a factor but so is the ability to repay it so if you are on a 100k p.a. your limit will be higher,if you have shown consitantly that you are managing your cards well with no defaults or late payments then your limit will be increased as you are less of a risk than someone else who misses payments each month.
Move over to stoozing.com and read Clarimans article on credit scoring for more reasoning.

adaze

"So, as well as making sure you make all your payments on time, it's important you close down any credit cards that you no longer use, otherwise new lenders might be unwilling to give you further credit."

Think I'll see if they can give me a deal otherwise I'll close it!

Bokkens

You have nothing to loose as there are other avenues of credit available.You just have to be cheeky enough to ask and ask several times it is just like haggling,don't accept a 0% BT deal below 6months unless it is fee free as you won't actually make any money on it go for longer offers like Virgins 15months @ 0%.