Credit Card Closing Help

Elaniel

Hello.
Just after some advice here. I feel one of those, damned if you don't damned if you do moments is happening here.

I've always thought that having too many accounts and credit looked badly to lenders. Now, I've discovered that cancelling the accounts looks bad as well.

Here is a breakdown of my current credit:

Great Universal account I have had for 1 1/2 years and £1400 credit. I only have £100 left to pay on the account and reduced the credit to £100.

An Egg credit card, since 2004, however I was one of the "Lucky" customers to have their account closed a while back. This card has about £1,000 left to pay.

A Vanquis (credit building) card I have had for 1 1/2 years and have a limit of £1400 (started out at £250 and kept on going up.). I owe about £400 now, which I can pay off easy soon enough. I only applied for this card due to the fact that I couldn't get a card elsewhere.

My Capital One (credit building) card I have a limit of £300, always pay off this balance. This card, I have had for a year.

I have just contacted my council to be put on Electoral Roll. I also, have a Default for £62 from about 3 years ago. (Experian Rating 749)

Now, to the point. :j
I want to get a half decent card, move the Egg balance over, and have some credit to spend on. In August, the only thing I will owe is on my Egg Card.

What advice could you give on what I should do? (What I should cancel). I'm worried about when the Egg card gets knocked off, as that is the only "normal" card I have (and longest), that when it's paid off, it could hurt my credit score.


Thanks so much for everyone who took the time to read and help me out.

Robert_Sterling_3

I will get to the point more quickly than you did.
My advice is give up using credit cards and use a debit card instead.

Elaniel

I do use a debit card for purchases in the UK. I do just happen to buy a lot of stuff from the US, Japan, etc.

I do apologise for my babbling though above.

Elaniel

Does anyone have any advice for me? On which would be best to cancel, and any other cards that would be good for a balance transfer in my situation?

Andy_Ches

I always cancel my un-used accounts. I recently got a 0% barclaycard to transfer my balance to :-)
p.s. my experian score is 972 and that is with lots of closed accounts.

Elaniel

Andy_Ches wrote: »

I always cancel my un-used accounts. I recently got a 0% barclaycard to transfer my balance to :-)
p.s. my experian score is 972 and that is with lots of closed accounts.

That's awesome to hear!
Guess I can be less worried now about cancelling the cards. Thanks.

Anastasia

Not an expert but if it was me I would pay off Great Universal and Vanquis and get rid of them. Then aim to pay off EGG and at the same time put some money aside into an ISA so that you have some emergency funds. That way you don't need credit. You have the Capital One card for online purchases etc. Don't use a debit card online.

Try to get out of the credit card mentality. Credit scores are based on much more e.g. the fact that you are not on the Electoral Roll.

Ana

Elaniel

Thanks for the reply.
That was originally what I was thinking to do, just get rid of my excess credit, as I only use the card now to spend what I have in my bank account.

My other thought was to keep Vanquis, cancel GU and Capital One. Then reapply for a lower interest Capital One with balance transfer so I can clear off the Egg balance without the interest. But I don't know how successful I'd be with my credit score. (Reason I would want to keep the Vanquis)