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  • FIRST POST
    • Thelma3012
    • By Thelma3012 14th Feb 18, 3:14 PM
    • 1Posts
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    Thelma3012
    Cancel old credit card???
    • #1
    • 14th Feb 18, 3:14 PM
    Cancel old credit card??? 14th Feb 18 at 3:14 PM
    Iíve recently made a balance transfer from Capital One Credit Card to a 0% interest Halifax Card to save a bit of money & pay off quicker. Iíve cut my Capital One Card up but should I Close the account down? Iím not sure how it will affect my credit rating
Page 1
    • molerat
    • By molerat 14th Feb 18, 3:33 PM
    • 18,365 Posts
    • 12,535 Thanks
    molerat
    • #2
    • 14th Feb 18, 3:33 PM
    • #2
    • 14th Feb 18, 3:33 PM
    It all depends on your overall credit situation. What do you do your day to day spending on ?
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    • Gary_Dexter
    • By Gary_Dexter 14th Feb 18, 3:38 PM
    • 920 Posts
    • 505 Thanks
    Gary_Dexter
    • #3
    • 14th Feb 18, 3:38 PM
    • #3
    • 14th Feb 18, 3:38 PM
    You don't have a credit rating to get affected.

    I would keep the card - how long have you had it for and what is the limit on it?
    • zx81
    • By zx81 14th Feb 18, 3:39 PM
    • 16,408 Posts
    • 17,464 Thanks
    zx81
    • #4
    • 14th Feb 18, 3:39 PM
    • #4
    • 14th Feb 18, 3:39 PM
    Keep both cards, use the Cap One regularly and clear in full each month.
    • lisyloo
    • By lisyloo 14th Feb 18, 4:26 PM
    • 21,717 Posts
    • 10,499 Thanks
    lisyloo
    • #5
    • 14th Feb 18, 4:26 PM
    • #5
    • 14th Feb 18, 4:26 PM
    If you close the card it will stay on your credit report for 6 years, so the history will still be there.
    • T-G-C
    • By T-G-C 14th Feb 18, 10:15 PM
    • 129 Posts
    • 57 Thanks
    T-G-C
    • #6
    • 14th Feb 18, 10:15 PM
    • #6
    • 14th Feb 18, 10:15 PM
    If you close the card it will stay on your credit report for 6 years, so the history will still be there.
    Originally posted by lisyloo
    You would be surprised how many people think that they can play Bonnie & Clyde with a lender and then close the account to ďremoveĒ history from their file...

    Unfortunately the UK has, in my opinion, stupidly long retention periods which CRAís can take full advantage of.

    That Bonnie & Clyde history isnít going anywhere for 6 years - not relating this to the OPís post.
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
    • Dobbibill
    • By Dobbibill 15th Feb 18, 8:43 AM
    • 2,918 Posts
    • 3,905 Thanks
    Dobbibill
    • #7
    • 15th Feb 18, 8:43 AM
    • #7
    • 15th Feb 18, 8:43 AM
    If you have had the Cap1 CC for a while then closing it could reduce your average age of accounts.
    If you are able to use and pay off in full each month this will demonstrate you are responsible with a credit facility. (setting up a DD is a good plan to make sure you don't forget to pay it on time).

    It is a balancing act to get it all right - credit available vs used credit and/or available credit vs income ratio. Closing it will increase your credit utilisation. As I said, a balancing act
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