Pay Barclaycard Off in Full?

reidy100_2

Hi, I have a BCard account, with which I have an monthly agreement on the balance of 900 pounds. I pay 30 pounds a month they charge 10 pounds a month interest.

On my credit file the account is registered as being on a payment plan.
Today I have paid off 8xx pounds leaving over 50 pounds balance.


Trying to improve my credit file

Do I pay off in full, and close account?

Or leave the balance at 50+ pounds. see if they will liven up the card, and make regular payments, so I am seen to be making regular payments, and I am not in a repayment plan (for my credit file) ?

Any other suggestions?

izools

If barclaycard let you re-instate the account and continue using it after clearing the balance then it would be a good idea to leave it open, although they would probably have raised your APR a fair bit because of the higher risk you present, so it would be a good ideal to clear the balance in full for the first six to twelve months until you can argue a lower APR out of them

It is best to have two or three running, active credit accounts on your credit file if you want to optimise your credit score.

reidy100_2

izools wrote: »

If barclaycard let you re-instate the account and continue using it after clearing the balance then it would be a good idea to leave it open, although they would probably have raised your APR a fair bit because of the higher risk you present, so it would be a good ideal to clear the balance in full for the first six to twelve months until you can argue a lower APR out of them

It is best to have two or three running, active credit accounts on your credit file if you want to optimise your credit score.

That is what I was thinking. I intend to have minimal use and pay back in full every month.

You seem to have done very well with your credit score increase :T

izools

Wierd thing is my last increase I'm no longer on the electoral role as I've just moved!

So I should be set for another increase in December / Jan when my ER registration goes through

Long way to go though... 880+ is considered "Good"

The Experian score doesn't really mean much though, it's just a rough guideline to suggest whether or not you're going in the right direction. Which I appear to be

Good luck with Barclaycard