Help with after being up to eyes with debt...

samtoby

Hi everyone,

Just wondered if someone could advise me.

I was severley in debt about 7 years ago. Terrible. Had to sell the house that I bought at 18 to clear some and slog for years to clear the rest..... :eek:

But.....things are a lot different now.....I am in credit..!

I have some small lines of credit.

Very- £500 credit all green lights for few months now, vary between paying off in full and paying under the take three interest option.

Three phone account - All green nearly a year.

Current account for four years all green - did have over draft but now I do not.

Now....I have a credit card with MBNA. This is where I do not know what to do. This card has a huge limit....8k or just over. The card actually is in profit by a couple of pounds, since clearing the card finally in December.

Do I close it, or keep it?

I am hoping to apply for mortgage at the end of the year, haven't been bankrupt or had an IVA or Debt Management plan. Came to arrangements with all my creditors and its all falling off my credit report now which is lovely I want to look as good as I can....

Tixy

Well done on clearing all your debts.

I'd keep the card but reduce the limit down by a lot (assuming you are not planning on buying anything large anytime soon).

I'd also suggest using it for a couple of purchases a month and paying off in full each month, that helps keep a positive credit history going.