closing credit card and my credit rating

Hi there,

This is a quick question:

I want to get a new credit card with 0% (on bal transfers) for 6 months but I'm wondering whether to close my existing card first, or will this have a bad effect on my credit rating?

I have 2,500 on an egg card that is still 0% for another month, I also have an HSBC Visa and an MBNA Visa that are both empty and with no special rates.

Also if i re-apply to MBNA will they treat me as a completely different customer applying for a new account, or will they take me into account for cancelling my old card?

Cheers for any input,

Pete

Reply to
Peter Mulhearn
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Depends how good their systems whether they notice you applying while you already have a card. If they are any good they will turn you down while you already have one with them. Wont affect your credit rating though.

Reply to
Tumbleweed

I had an Abbey National credit card (adminstered by MBNA) and a normal MBNA VISA card - I recently applied for an MBNA Mastercard on their 9 month 0% deal. I was offered the Mastercard and when I received it I asked for the credit limits for my other two MBNA cards to be consolidated on to the new card, giving me a combined credit limit of 13K, which I have taken as a full balance transfer to my bank account and it's now sitting between an ISA at 3.95% and an ING Direct account at 4.1% (gross).

MBNA then sent me a personal CD player to thank me for applying for their card! Amazing!

Reply to
Dudley

I've had two MBNA cards for a while, neither of which I've used for more than a year, and they still write to me every month or so, trying to persuade me to apply for a third !

Nick

Reply to
Nick Read

Even if he closes the account, MBNA will, if they have any sense, check to see whether he'd previously held a card with them. I expect there are lots of people who've had the same idea of closing accounts and re-applying to benefit again from the 0% offers. I'd by surprised if most credit card companies hadn't that loophole already.

Reply to
Chris Blunt

"Chris Blunt" wrote

Well - you might think that(!), but MBNA will actually let people have 0% deals even after having multiple cards with them, close them or not! :-))

Reply to
Tim

The message is for people with existing MBNA cards is to consolidate credit limits, not close existing cards. That way you can make best use of the 0% deal on the new card. It's not difficult.

Reply to
Dudley

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