What 2 Do?

Scottish-Diva

Hi Everyone!!!

Im due to hopefully pay off my visa card at the end of the month!:beer: :beer:
But I was wondering what I should do after I pay it off?

Should I close the account? Or keep it open?
Right now I have a 11k limit on it and Im worried having all this credit would affect my credit rating?
Or should I go ahead and leave the account open and ask them to lower the limit?

Just want to do what ever is best to improve my credit rating!!!!

Many thanks;)

CLAPTON

what does your current credit record look like and why are you concerned about it?
what other debts do you have?

Will.Power_2

If this is your only credit card, you might want to leave it open for emergencies. If you might be tempted to use it when you don't need/can't afford to...CLOSE IT.
If you have other cards, close it; a closed well conducted card can improve your score on some scorecards.

dudleyboy

Hi there. Well done on paying it off - does that mean you are now debt free? :beer:

An 11k limit is pretty obscene - I would definitely get that reduced as that's a lot of available credit, which could very well effect your credit rating. A £2,000 limit should easily cover any emergencies which may crop up.

Either way, it sounds as though you are now in a position to make the most of credit card freebies and profit from stoozing so I'd head over to the credit card forum for advice as well as checking out these articles:

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1076883546,34894,

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1078975245,19185,

immoral_angeluk

If you have other credit cards with lower interest rates then I'd close it Having too many creditors on your credit report can effect your score as much as having one card with a few missed payments..

climbgirl

Definitely get the limit lowered whatever you decide! £2 or £3K should be enough to cover emergencies.

How many other cards do you have? If this is your only one I'd lower the limit drastically and keep it. If not, I'd close it to improve the rating and work on the other cards.

But only keep it so long as you can be disciplined and not actually use it! I've got one I keep for emergencies that I haven't touched in about 6 months, I just keep it in a safe place at home and not in my wallet.