We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
NEXT card.. do i cancell it?
captaincurry79
Posts: 5 Forumite
in Credit cards
I have a next card £3500 limit, never really spend it.. it has £50 owing on it, will it help my credit history if i pay and close it.. Or is it better to leave it open with zero balance. I have £20k of other debts.
0
Comments
-
You should pay it off or Next charge quite a high rate of interest.
You can't shop with Next online very easily without a Next account so might be worth keeping it open for that.
It depends if you need to 'free' up that available credit and want to be leant it by someone else - maybe a 0% balance transfer card. If you aren't going to take out any new credit in the near future it won't hurt to leave it open.
Otherwise, the only downsides to leaving it open and not using it is the risk of fraud.0 -
The other thing is that Next keep sending out catalogues (and charging for them ) while you have an account.
At least, they do with me!
UDTotal debt at 01/01/2010 £34,262 (Excludes mega mortgage) Daily interest £12.42
02/10 Now £3.12 due to repayments, BT and :money:
Olympic challenge £5081/£28,000 (18.15%)
Aim to lose 35 lbs from 01/01/2010 to 30/06/10 9.5/35
1 debt in 100 days £2886/£38390 -
captaincurry79 wrote: »I have a next card £3500 limit, never really spend it.. it has £50 owing on it, will it help my credit history if i pay and close it.. Or is it better to leave it open with zero balance. I have £20k of other debts.
Clear it and close it. It will reduce the amount of "available" credit by £3450 once the CRA's are updated.
There is an argument that it will increase your "% utilisation of available credit" but I've not saw any evidence for a long time that this makes much of a difference - "available credit" seems to be a more significant number in the scoring."A child of five could understand this. Fetch me a child of five." - Groucho Marx0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.7K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.2K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards