Should I close credit card?

TurnaroundTim

Hello,

I have recently emerged victorious against my own self-inflicted bad debt, and am left with 2 credit cards which are clear, one is £500 and one £3,200 credit limits.

I will keep the larger card for business expenses, but am I better off keeping the £500 card or closing the account - in terms of credit rating?

Additionally, the £3,200 card has had missed payments historically which are now a problem. Is there any way I can get these over-turned or rectified? The missed payments were my own fault so I don't hold out much hope.

Finally, is it worth me applying for another credit card - would this help build my credit, or am I better sticking with the £3,200, using it for expenses and paying this off every month?

Thanks

Sheriffsam

Im in a similar situation. Ive wondered whether closing my cc will help or not. I imagine if you keep the card and dont use it, its pointless, but if you close it, i guess your overall utilisation of credit is increased, reducing your credit score.

mum24boys

I would close the smaller one, and use the other - paying in full each month, there is no finer way to improve credit scoring than showing that you are managing credit the correct way.