Do I close my Capital One card?
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kinsae112
Posts: 46 Forumite
in Credit cards
Hello all,
I have just been approved for Barclaycards' 0% balance transfer. This will enable me transfer the balance from my Capital One card so I can pay off the balance within 6 months and be debt free (well, except our mortgage).
Speaking from past experience, I really don't want to be tempted to use the Capital One card for any 'emergencies' so I'd like to get rid of it completely. It is advisable to close the Capital One account? I really want to do so if it wont seriously impact my credit rating.
(In case this is relevant, our 2-year fixed mortgage is up end this year so we'll be apply for a remortage then).
Thank you
I have just been approved for Barclaycards' 0% balance transfer. This will enable me transfer the balance from my Capital One card so I can pay off the balance within 6 months and be debt free (well, except our mortgage).
Speaking from past experience, I really don't want to be tempted to use the Capital One card for any 'emergencies' so I'd like to get rid of it completely. It is advisable to close the Capital One account? I really want to do so if it wont seriously impact my credit rating.
(In case this is relevant, our 2-year fixed mortgage is up end this year so we'll be apply for a remortage then).
Thank you
0
Comments
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It is good to keep an aged account open as it demonstrates stability and a long-term ability to successfully manage credit accounts. Lenders like to see this. If you are worried about temptation to use the old card for stuff you have not budgeted for, then I would suggest closing the account.
Ignore your score. Lenders neither see nor use it, so when it goes down because of the new card account, you don't have to worry. Lenders score you independently against their own criteria and polices using the data in your credit files, added to the data you submit in a credit application.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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Just cut up the card and leave the account open.
The ongoing length of time the account is open will help your credit history and the availabe credit will help reduce your debt to available credit ratio.
Also.... set your Capital One card to pay in full by direct debit. Still check your statements or online account on a monthly basis.0 -
Thanks. Cant pay Cap One in full but with the new 0% interest Barclaycard, I can now settle the balanace with a fixed plan and clear all before summer.maxximus75 wrote: »Just cut up the card and leave the account open.
The ongoing length of time the account is open will help your credit history and the availabe credit will help reduce your debt to available credit ratio.
Also.... set your Capital One card to pay in full by direct debit. Still check your statements or online account on a monthly basis.0
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