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sonia
Newbie
Joined: 21 Oct 2004
Posts: 19
Cash Points ££ 65.00
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 Posted: Thu Oct 21, 2004 9:55 am Post subject: What to do with old credit cards ? |
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What shall I do with my old credit cards i.e. after the 0% balance transfer period has finished.
Should I keep it for the credit history or should I close it ?
Sonia.. |
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techman
Money Saver
Joined: 08 Sep 2004
Posts: 106
Cash Points ££ 328.00
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| Posted: Fri Oct 22, 2004 1:43 pm Post subject: |
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| You should cancel it becuase you will have too much credit limit outstanding and so future cards may give you a lower limit or not give you a card at all |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Sat Oct 23, 2004 5:31 pm Post subject: |
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| techman wrote: | | You should cancel it becuase you will have too much credit limit outstanding and so future cards may give you a lower limit or not give you a card at all |
You also need to preserve your credit history, so should not close all the old cards, i.e. try and keep the longest running cards open.
Also any SBT cards you have also open. |
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cardjunkie
Professional Investor
Joined: 24 Jul 2004
Posts: 311
Cash Points ££ 2248.20
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| Posted: Sat Oct 23, 2004 11:06 pm Post subject: |
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| Theres been news in the press recently that the credit card companies are going to put a cap of 6 cards per person. so its probably best to cancel the cards you no longer need before applying for new cards |
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Deborah
Veteran Investor
Joined: 12 Jul 2004
Posts: 418
Cash Points ££ 1730.36
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| Posted: Sun Oct 24, 2004 7:28 am Post subject: |
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| Its not entirely true that they WILL limit it to 6, its just speculation in the media, personally I don't see it happening. |
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sonia
Newbie
Joined: 21 Oct 2004
Posts: 19
Cash Points ££ 65.00
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| Posted: Fri Jan 07, 2005 4:56 am Post subject: |
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6 cards !
Oh well that means i can still go for another 3  |
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dula
Stranger
Joined: 20 Jun 2006
Posts: 1
Cash Points ££ 13.22
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| Posted: Tue Jun 20, 2006 1:08 am Post subject: |
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i have one credit card, i want more credit, what do you recommend shall i go for new card or shall i ask my bank to incrase credit limit.
any advice??
Cheers |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Tue Jun 20, 2006 2:44 pm Post subject: |
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Go for a new one, especially since you can get some sort of deal on a new card application i.e. either a low interest rate, or 0% on spending etc.
The optimum number is about 5 cards. |
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