What to do?

louisehj

Hi, I have a number of credit cards listed below and not sure which to close etc. With companies seemingly cracking down on credit I want to try and make sure I am not affected by this so any advice would be much appreciated!!

Me (employed 30 hrs per month currently, dropping down to 20 hrs from next month on return from maternity leave)

Tesco CC - £2502.53 bal, Credit limit - £3000 0% interest free 12 months remaining
Barclaycard - £1279.20 bal, Credit limit - £2900 lifetime balance transfer rate, cant remember for sure what it is, did this in march 09
Virgin - £0.00 bal, Credit limit - £5800

Husband (employed full time)

Tesco CC - £1433.56 bal, Credit limit - £3500 0% interest free 12 months remaining
Virgin - £0.00 bal, Credit limit - £4500
Halifax - £0.00 bal, Credit limit - £3650
Egg - £0.00 bal, Credit limit -£3350

Many thanks! Louise

Moggles_2

Well, Virgin's the only one you're not using at the mo. In closing your Virgin account, you would lose one of the few credit cards which allows you to route money through your bank account at balance transfer rates. With its market-leading follow-on offers, this card is worth keeping in your deck, IMO.

If you have say three credit cards in total, this isn't excessive. I believe the national average is five and many of us here have twice that number on the go.

Btw, each applicant is scored individually, so the fact that your husband has four cards neither helps nor hinders your chances, should you wish to apply for another credit card

louisehj

Many thanks, I will leave it as it is for the time being then.