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Should I Cancel Old Card
YB1980YIKES
Posts: 32 Forumite
in Credit cards
I have an old card that has a low credit limit and newer cards that have much higher limits. Will it affect anything if I close the low limit card and therefore have the record of a low limit on my credit file history for six years - will the record of the low limit affect lending decisions?
i.e. instead I could try over time to get an increase and then close it so the final credit limit is higher.
I have another card that is almost as old so I'll still have years of history if I do close it.
Thanks
i.e. instead I could try over time to get an increase and then close it so the final credit limit is higher.
I have another card that is almost as old so I'll still have years of history if I do close it.
Thanks
0
Comments
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I’ve had a few cards this have had low limits and it’s never made any difference.
I had an outfit credit card that had £750 limit and applied for a Halifax card that came with a £14k limit..the outfit card was later increased to £3600 as I tend it use it for the points you can spend on new clothes.
I think your overthinking it. Just pay on time every time and try not to run up too much debt.0 -
I don't have any debt and pay in full every month, I'm just thinking about the future if I want to apply for credit again0
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Who is the low limit card with?
Is it the same lever as any of your other cards?0 -
Tesco and yes0
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Not sure where lever came from - supposed to say lender.
Is the old card with any of your other current lenders?0 -
yes, tesco0
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If you have 2 cards with Tesco ask them to consolidate them to one card.
What’s the limits, age and apr on each card?0 -
That brings me back to my original question: If I close a credit card that has a very low limit, it will stay on my record for six years and I'm curious as to whether that could be negative for any future applications if they say a low limit history0
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No it won’t0
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won't they potentially wonder why it was so low?0
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