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Help with old cards
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AlpineF30
Posts: 20 Forumite
in Credit cards
Hi Guys,
Could I get some advice here.
I am a bit of a card tart.
I opened a capital one card a few years ago to boost my credit rating as I never had a credit card before. It has a limit of £1000 and has not been used it approx 2 years and the balance is 0.
I also have opened a Halifax credit account with a Credit Limit of £7000. I originally had a 0% purchase deal on the card for 20 months. The 0% deal has expired and the card balance is 0.
I have been approved for a new 0% card today for 30 months with a balance of £4000.
I don't like having that many credit cards so would it be worth cancelling the unused cards?
Thanks
Could I get some advice here.
I am a bit of a card tart.
I opened a capital one card a few years ago to boost my credit rating as I never had a credit card before. It has a limit of £1000 and has not been used it approx 2 years and the balance is 0.
I also have opened a Halifax credit account with a Credit Limit of £7000. I originally had a 0% purchase deal on the card for 20 months. The 0% deal has expired and the card balance is 0.
I have been approved for a new 0% card today for 30 months with a balance of £4000.
I don't like having that many credit cards so would it be worth cancelling the unused cards?
Thanks
0
Comments
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I don't like having that many credit cards so would it be worth cancelling the unused cards?
Thanks
If you only have those 3 cards then it's definitely worth closing the Cap One card as it's not doing you any favours and just eating up potential limit on a new card if you need another one in the future.
You could also reduce the limit on the Halifax one and keep it as a back-up/emergency card.I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
Having 3 cards is not excessive.
You will be doing yourself no favours by cancelling them or reducing limits.
From your OP it would appear that you don't actually do any spending on any credit cards but just get them to run up 0% debt (or to stooze - not sure which).
If you are so interested in boosting your credit rating, how about actually USING the cards? Do your spending on them; as much as you can. Pay in full each month. Take advantage of the 56 days interest free credit. Keep your money in your account and earn interest on it.
How do you imagine closing and/or not using the cards could possibly boost your credit rating as you put it?.0
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