Closing Credit Card

rdchick

Hi Guys

So Halifax are closing my student credit card next month (it's nearly maxed so no big deal!) I understand that each month my minimum payment will bring the balance down however should I panic about trying to pay it off quicker... by which I mean will it have a detrimental affect on my credit rating (trying to keep it good so I have a clean sheet when going into the RAF).

I have other open debts which have higher interest rates (ie: £2 a day overdraft) should I concentrate on that or do I get rid of the card?

Thanks peoples xxx

glasgowsaver2011

rdchick wrote: »

Hi Guys

So Halifax are closing my student credit card next month (it's nearly maxed so no big deal!) I understand that each month my minimum payment will bring the balance down however should I panic about trying to pay it off quicker... by which I mean will it have a detrimental affect on my credit rating (trying to keep it good so I have a clean sheet when going into the RAF).

I have other open debts which have higher interest rates (ie: £2 a day overdraft) should I concentrate on that or do I get rid of the card?

Thanks peoples xxx

If your are managing your credit dont worry about having a credit card stopping you getting into the RAF

Maybe if you have missed payments etc!

Billy_two_speakers

rdchick wrote: »

Hi Guys

So Halifax are closing my student credit card next month (it's nearly maxed so no big deal!) I understand that each month my minimum payment will bring the balance down however should I panic about trying to pay it off quicker... by which I mean will it have a detrimental affect on my credit rating (trying to keep it good so I have a clean sheet when going into the RAF).

I have other open debts which have higher interest rates (ie: £2 a day overdraft) should I concentrate on that or do I get rid of the card?

Thanks peoples xxx

Depending what trade you are going to be in the RAF you have to have a clean sheet or you would not pass PV or neg vetting

That said students have debts but you will be expected to be on top of them

rdchick

Hi

I want to go into nursing within the RAF. I would have cleared the card by November but what I mean is will have an adverse effect on my credit file by it closing?

I am also not saying because I was a student I am exempt from paying back my debt or being tarnished from the same brush, I was just asking the simple question of what happens when a bank closes an account... how does it show on your file? is it seen as a negative thing?

Cheers

xxx

Billy_two_speakers

rdchick wrote: »

Hi

I want to go into nursing within the RAF. I would have cleared the card by November but what I mean is will have an adverse effect on my credit file by it closing?

I am also not saying because I was a student I am exempt from paying back my debt or being tarnished from the same brush, I was just asking the simple question of what happens when a bank closes an account... how does it show on your file? is it seen as a negative thing?

Cheers

xxx

the trade your going in for will not be any problem .......signals working in comcen trade group 14 and a couple of others debt would be a problem

closing your card is not negative nor is some debt people in the forces are short of money at the end of the month too


if debt is out of hand in the past some people have been discharged as an "admin burden"


also in the past trades where they do keep an eye on you for vetting paying off debt was a problem as they want to know where you got the money from !!! ie selling stuff to ivan if your going to be an officer then your expected to be able to advise junior ranks on how to look after there money if they need help part of your welfare duties

rdchick

Thanks Billy,

Spoke to some RAF guys and they said the same so that's cool, just really don't want a little bit of silly debt to get in the way of my future

Thanks for your help xxx