Adam M

Was always told never to cancel a credit card, but I need a new one with 0% interest and don't want to have too many outstanding ones.

Any ideas if the rummours are true?

Fangoria

iTrader: (1)

I've cancelled about 10 credit cards over the last few yrs and never seems to have affected my credit rating

Its always good from a credit perspective that you have a number of cards and other companies can use this to assess the limit you were given by other companies and the o/s balances and whether you paid on time but as for cancelling I've not known anyone whose suffered as a result - doesnt really come up as adverse - given the amount of people that take out the 0% deals - I'm on Egg but am moving to First Direct when this one ends and cancelling Egg............

i.e. there'd be several million people that would be adversely affected and thats not just the case. Credit scoring that I've seen has never included the cancellation of cards as a variable..............

Puff The Magic Wagon!

iTrader: (2)

I very much doubt it.

They build up payment profiles and data on whether you've defaulted/been late/CCJs etc.

Never ever heard of them doing that, otherwise no-one would ever change cards - self-defeating I'd've thought.

Nick100

Something on MSN money on Friday (I think) was talking about this. It said cancelling cards does not cause a problem, but having too many cards at one time will affect your credit rating - recommended no more than four.

pugoetru

I agree cancelling a card is actually a good thing as you will be more likely to get another if you only have 1 or 2 rather than 10 or 20

I applied for a card 6 months ago when we already had a few 7 i think transfered the balances got it down to 3 new card no problem