Never Used My Credit Card

[Deleted User]

I took out a credit card about 6 months ago with my bank, I dont really know why I took it out, and when the card & the paperwork came I shredded it.

Today I have checked my credit score and the credit card is on there, I was thinking of closing the card but will it effect my credit rating if I do? I dont need a credit card and would only want a credit card for the benefits such as nectar points, vouchers ect...

Any help is much appreciated.
Cora.

deep_in

I would say depends on your credit rating you can use it and pay in full every month to build a good credit rating if it's low at the moment. If it's already good then I'm not really sure I'm sure someone better than me will come along.

[Deleted User]

Its 3 stars, according to the site the only negative thing about my credit rating is my age, being only 19.

CLAPTON

if you are wanting to improve your credit rating then the best thing you can do is to use a credit card for 'normal' spending each month and then pay in full

that will show on your credit report as being a responsible person and will enhance your credit rating.

izools

First of all don't pay for any more credit scores, they're useless. All you're paying for is a number reflecting how that paticular website rates you.

Every single creditor in the land weights different criteria in each part of an application differently, there's no such thing as a one score fits all.

Also, leave your credit card open. Having no credit history on your credit file other than bank account and mobile contract will make it very difficult if you want something like a cashback card, rewards card, car loan, or mortgage in future.

[Deleted User]

I think I shall keep it open and request that I have the card and its details sent out to me again, can the balance be taken out of my current account at the end of every month so I am not charged?

Thanks.

CLAPTON

CoraHarrison wrote: »

I think I shall keep it open and request that I have the card and its details sent out to me again, can the balance be taken out of my current account at the end of every month so I am not charged?

Thanks.

you can set up a DD for the full amount so you don't forget to pay and so no interest is charged

be very careful about the first payment however as there is sometimes quite a delay in setting up; check the actual statement says it will be taken by DD otherwise pay directly yourself

Tixy

CoraHarrison wrote: »

I think I shall keep it open and request that I have the card and its details sent out to me again, can the balance be taken out of my current account at the end of every month so I am not charged?

Thanks.

Yes - you can set up a direct debit to pay the balance in full each month.

If you do that, and if you ensure you never go over your limit, and do not use the card for cash withdrawals, gambling, foreign currency etc then you will not be charged.

You can just buy a couple of things a month and don't max the card up to the limit.

Word of warning - the first month you use it / set up the DD, make sure you check that the DD is set up in time to take the payment (sometimes there is a slight delay in setting them up).

[Deleted User]

Okay i'll watch out thanks!