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Paid off credit cards - keeping one?
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lensgirl
Posts: 15 Forumite
in Credit cards
Hi
I have just paid off my credit cards, and I am aware that no credit is almost as bad as bad credit. Would I be best to keep the one that has free purchases until the end of next year and use it to pay for my shopping and then pay off the full balance each month or just close it down completely?
I have just paid off my credit cards, and I am aware that no credit is almost as bad as bad credit. Would I be best to keep the one that has free purchases until the end of next year and use it to pay for my shopping and then pay off the full balance each month or just close it down completely?
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Comments
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Hi
I have just paid off my credit cards, and I am aware that no credit is almost as bad as bad credit. Would I be best to keep the one that has free purchases until the end of next year and use it to pay for my shopping and then pay off the full balance each month or just close it down completely?
Yes as long as you are disciplined enough to treat the credit card as your own money and not spend what you don't have.
If you mean a 0% deal by "free purchases" then stick the money into a savings account every time you buy something, and then get a new 0% card and balance transfer when the deal ends.0 -
I have just paid off my credit cards, and I am aware that no credit is almost as bad as bad credit. Would I be best to keep the one that has free purchases until the end of next year and use it to pay for my shopping and then pay off the full balance each month or just close it down completely?
Why is it bad to have no credit? Did I miss something?[FONT=verdana,arial,helvetica][FONT=verdana,arial,helvetica]Striving for excellence motivates you; striving for perfection is demoralizing.[/FONT] [/FONT]0 -
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Oh thats what you meant. I thought it's bad if one doesn't have some credit from time to time. I did know that you need credit history for lenders to know how trustworthy you are.[FONT=verdana,arial,helvetica][FONT=verdana,arial,helvetica]Striving for excellence motivates you; striving for perfection is demoralizing.[/FONT] [/FONT]0
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It's best to keep for emergencies and keep the card 'live' by small purchases where you clear in full each month....DEBT FREE AND PROUD
'Better to remain silent and be thought a fool than to speak out and remove all doubt'0 -
sistafromanothermista wrote: »It's best to keep for emergencies and keep the card 'live' by small purchases where you clear in full each month....
Yeah every couple of months I use each of my cards to buy one product and pay it off, for exactly that reason.
Otherwise they eventually write to you closing your account.0
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