3 Credit/Credit card questions

Nemo1966

1) Is it simple enough to cancel a credit card/ would you recommend it? (I have one that has a zero balance)

2) Has anyone used the new "Credit Expert" by Experian? (opinions?) I for one think it's a complete rip off. e.g. Credit accounts change on a monthly basis so at most you would need to look at you credit file 12 times a year (realistically probably only 6) but for the moment we'lll say 12 at a cost of £2 a go = £24. The credit Expert costs £6.95 a month!!! = £83.40.

Then they offer a credit scoring akin to the type of thing a credit card company would use to score you for £5.95 a shot!!!!

The only people I imagine would use such a service are people with more money than sense or no money because they have no sense. Opinions???

3) Refering to Question 2 - the Credit scoring: is there a formula anywhere where you can wok out for yourself what you score is? Obviously I know most companies will use their own "special" formula but there must be a general formula that is close.

thanks

CannyJock

1) Keep at least 2 cards - do you need to close the card?

2) It's useful if you want daily access to your credit report. The credit score you pay for is pointless.

3) No general formula, but you can rate yourself by checking you're on the electoral register, considering how often you've moved house, been with your employer, been with your bank, by looking at your credit payment history, looking at the typical limits you've been offered in the past, looking at your total credit as a percentage of salary and asking yourself if you could afford to make the repayments if you maxed every one of them out.

lisyloo

1) If you don't need it then close it. Many reasons - fraud risk, adds to available credit, stops you getting new customer deals, dormancy fees etc.

2) Get statutory reports whne you need them. Scores are meaningless. Each comapny uses there own with a secret formula. There is no general one.

3) No. But you can follow general advice, like making sure your on the electoral role etc.