Discussion
Hello all,
Having recenlty learned that my Virgin credit card wanted to charge me over 30% per annum for my modest debt with them, I have made plans. I have sorted a 15 month deal at 0% with natwest, so I am happy, as I will clear the debt at my own pace without getting done.
The question I put to the floor is this, I have a few cards (3) that will be all cleared very soon, the credit limit on them totals about £5k. £500 , £1000, £3600, is the breakdown..So do I keep them? Do I cancel them?
All I want is the best thing for my rating
Hope you can help..
Having recenlty learned that my Virgin credit card wanted to charge me over 30% per annum for my modest debt with them, I have made plans. I have sorted a 15 month deal at 0% with natwest, so I am happy, as I will clear the debt at my own pace without getting done.
The question I put to the floor is this, I have a few cards (3) that will be all cleared very soon, the credit limit on them totals about £5k. £500 , £1000, £3600, is the breakdown..So do I keep them? Do I cancel them?
All I want is the best thing for my rating
Hope you can help..
I'd keep two of them and get rid of the third. To build you credit score you'll need to use you card(s) regulary, for instance for all purchases I use a CC and pay it off in full each month (essentailly using my CC as a debit card). I just use my debit card for cash when needed.
This is building my credit file each month, and eventually I'll apply for a cash back card and get paid for using it
I have my CC that I use daily, and I'm about to get one more for a backup, I'll use this backup ever so often as well (but still pay the balance off in full each month). With these "regular" cards I'll aim to keep them for a long time (a number of years) to show that I'm a stable individual.
I wouldn't want 3 or 4 cars like this though as having too many cards means you've access to more credit, which can sometimes count against you. (but so can not having any crdit history!)
If your regular monthly spending would not exceed £1000 then I'd get rid of the card with the £3600 limit (therefore less access to credit, so in the future more likely to get the cards/rates you want)
Hope this is of some help..
This is building my credit file each month, and eventually I'll apply for a cash back card and get paid for using it
I have my CC that I use daily, and I'm about to get one more for a backup, I'll use this backup ever so often as well (but still pay the balance off in full each month). With these "regular" cards I'll aim to keep them for a long time (a number of years) to show that I'm a stable individual.
I wouldn't want 3 or 4 cars like this though as having too many cards means you've access to more credit, which can sometimes count against you. (but so can not having any crdit history!)
If your regular monthly spending would not exceed £1000 then I'd get rid of the card with the £3600 limit (therefore less access to credit, so in the future more likely to get the cards/rates you want)
Hope this is of some help..
But would you ever want access to that large a sum of money with a high interest rate attached?
If I was planning a big purchase (to me a few grand is large) then I'd apply for a seperate CC that suited my situation at the time (a 0% on purchase card for as long a term as possible im assuming)
This is all imo, i'm sure others will be along tomorrow with more experience/knowledge than me
If I was planning a big purchase (to me a few grand is large) then I'd apply for a seperate CC that suited my situation at the time (a 0% on purchase card for as long a term as possible im assuming)
This is all imo, i'm sure others will be along tomorrow with more experience/knowledge than me
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