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  • FIRST POST
    • LimeTrees
    • By LimeTrees 11th May 18, 4:19 PM
    • 3Posts
    • 1Thanks
    LimeTrees
    Should I close them?
    • #1
    • 11th May 18, 4:19 PM
    Should I close them? 11th May 18 at 4:19 PM
    I have just done a balance transfer onto a new credit card with 0%. So now my old card is clear; the question what would be better for my credit report - should I leave it open (with 0 on it) or should I close it? (I have no use for it).


    Thank you
Page 1
    • Gary_Dexter
    • By Gary_Dexter 11th May 18, 4:23 PM
    • 2,605 Posts
    • 1,469 Thanks
    Gary_Dexter
    • #2
    • 11th May 18, 4:23 PM
    • #2
    • 11th May 18, 4:23 PM
    What's the limit?

    How long have you had it for?
    • GM1880
    • By GM1880 11th May 18, 4:25 PM
    • 162 Posts
    • 59 Thanks
    GM1880
    • #3
    • 11th May 18, 4:25 PM
    • #3
    • 11th May 18, 4:25 PM
    Funny, I'm not sure either. I suppose it depends on what lenders look at more favourable and I suppose they vary.

    I've just opened up an Amex (5700 limit), HSBC (3000 limit) to go alongside a Vanquis (1500 limit) and a Barclaycard (1200 limit). I've only had the last two for about a year, so not sure whether it'd be wise to close the Vanquis in particular which I'll now never really use. Or whether it's worth keeping open given it's the longest running credit card I have.
    • radoslaff
    • By radoslaff 11th May 18, 4:26 PM
    • 140 Posts
    • 50 Thanks
    radoslaff
    • #4
    • 11th May 18, 4:26 PM
    • #4
    • 11th May 18, 4:26 PM
    Are there any perks on the old card, points or cashback? How do you do your everyday spending? A lot of things to consider.
    The journey of a thousand miles begins with one step.
    • LimeTrees
    • By LimeTrees 11th May 18, 4:26 PM
    • 3 Posts
    • 1 Thanks
    LimeTrees
    • #5
    • 11th May 18, 4:26 PM
    • #5
    • 11th May 18, 4:26 PM
    I had the card for four/five years it was only a transfer of 1800 from Barclaycard. So now that it has a nil balance I am wondering if I should leave it open and not use it or close it. Which would look better on my credit report?
    • LimeTrees
    • By LimeTrees 11th May 18, 4:29 PM
    • 3 Posts
    • 1 Thanks
    LimeTrees
    • #6
    • 11th May 18, 4:29 PM
    • #6
    • 11th May 18, 4:29 PM
    There are no perks on the Barclaycard apart from the high-interest rates!
    • Alexd52
    • By Alexd52 11th May 18, 4:44 PM
    • 201 Posts
    • 103 Thanks
    Alexd52
    • #7
    • 11th May 18, 4:44 PM
    • #7
    • 11th May 18, 4:44 PM
    Regular use of a card, remembering to pay off in full each month, is a positive and shows good habits credit wise. Keeping cards open to give a low credit utilisation can be a positive. Having one for s75 protection for larger purchases can be an advantage for you. How many you have open doesn't make a big difference, many on here have several with no adverse effect.
    What you are looking at will not make much difference either way.
    • Gary_Dexter
    • By Gary_Dexter 11th May 18, 4:59 PM
    • 2,605 Posts
    • 1,469 Thanks
    Gary_Dexter
    • #8
    • 11th May 18, 4:59 PM
    • #8
    • 11th May 18, 4:59 PM
    Keep it as a backup, should your other one not work for any reason
    • maxximus75
    • By maxximus75 11th May 18, 8:18 PM
    • 148 Posts
    • 48 Thanks
    maxximus75
    • #9
    • 11th May 18, 8:18 PM
    • #9
    • 11th May 18, 8:18 PM
    Personally, I would leave it open. Set-up a direct debit for full payments and just put the odd purchase or two through every couple of months to keep it active.
    • Dobbibill
    • By Dobbibill 11th May 18, 9:27 PM
    • 3,398 Posts
    • 4,383 Thanks
    Dobbibill
    If you only have 2 and your oldest card is only 4 or 5yrs old then keep it open.

    It will demonstrate a long standing relationship with that company and BC are known for existing customer offers like BTs and MTs.

    Use it occasionally so it doesn't go dormant. A back up is always handy.
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