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cancel credit to get credit or not

Imani
Posts: 134 Forumite
in Credit cards
Hi
I had a chat with experian credit expert. My only flaw on my credit file is a Default which expires in 1yr.
They suggested I reduce my unused available credit and that should help me get what I want which is a new credit card so I can take advantage of the introductory offers like the 0% interest etc.
I have a catalogue with a credit limit of 5k. Which I never asked for. I have been with them for over 10yrs if not longer so they increased my credit limit as such based on that. The highest balance I ever have is £200 which gets paid off in 2/3 months.
I do have one and only one credit card balance is £300, credit limit is 2500 no purchasing offers on there. they will give me a 0% balance transfer deal but as I only have one credit card I am stumped.
ps yes my current credit card has more than enough credit available for my intended purchase but I will have to pay interest.
what would you do or what do you suggest
credit expert thinks I will only get a card with 34% apr and no purchasing offer. my current and only card is 16%
I had a chat with experian credit expert. My only flaw on my credit file is a Default which expires in 1yr.
They suggested I reduce my unused available credit and that should help me get what I want which is a new credit card so I can take advantage of the introductory offers like the 0% interest etc.
I have a catalogue with a credit limit of 5k. Which I never asked for. I have been with them for over 10yrs if not longer so they increased my credit limit as such based on that. The highest balance I ever have is £200 which gets paid off in 2/3 months.
I do have one and only one credit card balance is £300, credit limit is 2500 no purchasing offers on there. they will give me a 0% balance transfer deal but as I only have one credit card I am stumped.
ps yes my current credit card has more than enough credit available for my intended purchase but I will have to pay interest.
what would you do or what do you suggest
credit expert thinks I will only get a card with 34% apr and no purchasing offer. my current and only card is 16%
would love to be a home owner. hate private renting
scared of debt. almost debt free.
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Comments
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I think your existing credit card interest rate is alright.
You could get better once the default drops off, 12.9% or even less depending on the rest of your credit profile but for now I'd stick to what you've got.
If you plan to make any large purchases in the future you could use your existing card and then transfer the balance to a 0% balance transfer card like this one:
http://www.your-application.co.uk/netfinancecertegymicrosite/creation/Welcome.aspx
Is there any reason you're considering another card? As you don't really owe enough to justify needing a balance transfer, your limit is plenty, and your APR is OKCashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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@ izools thank you for your input, I was just hoping to save on interest. Plus my purchase is going to be about £1k after company discount. It would have been less but had to fix my cars brake pads and buy home essentials so all the money I had saved up which would have paid off over half the cost of my new purchase is gone.would love to be a home owner. hate private rentingscared of debt. almost debt free.
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