I've had about 6 different Credit Cards over the last 3 years due to 0% balance transfer offers but i've never cancelled any once i've cleared & transfered the balance.

Does an inactive card automatically get cancelled after a time or is it best to phone and cancel manually? Or, carry on as I do and just cut the card up once cleared and transfered balance and forget about it?

Also, when applying for a new CC, if your application is successful but you choose not to go ahead owing to too lower offer of spending limit for example. Would this go for or against you on your credit score?

Alex.

[Edited by Biggins - 12/18/2003 1:10:39 PM]

Post the numbers up on here. We'll soon tell you if they're not active.

If you don't hear from us again, and you get a big bill, it means they probably ARE active.

The cards remain active untill you cancel them. It costs the company noting to keep the account open and there's always a chance the customer will use it.

You've already got a poor credit score if they're imposing a low limit on the card.



[Edited by V45DSM - 12/18/2003 1:15:10 PM]

AFAIK, there's a sweet spot of 1 to 6 store / credit cards to have open. Show's potential new credit lenders you're good for credit but more than six and they worry you are over exposed.

Best to cut up the old ones, write to the card company saying you wish to close your account and terminate the contract you had with them.

good house keeping- always cancel, takes a two line letter.

you do not want to end up with 20 cards floating round that you have no idea about- also, when the card reaches its 4 year expiry they will post you a new one0 if you have moved your blank will never get to you...not ideal.

Your credit record will keep all you cc history for 6?? years even when closed.