Paid off credit card - now what?

Eydon

What credit limit is on the Tesco card in relation to your salary. There are a couple of things that companies consider:

1) your total credit in relation to your salary
2) the percentage of available credit you are using

So it's a balancing act really. As I said, if it's currently your only card and it's not got a huge limit in relation to your salary I would keep it and keep using it (even if it's only for a couple of small purchases each month) just to keep your credit account ticking over.

And I'm sorry, but a 906 from Experian is meaningless. The fact you won't be on the Electoral Register at your current address at the moment will be a show-stopper for most applications I would think.

Methtical

Depends what you mean exactly, my salary is 8.3 times my credit limit.

Point taken on the small purchases though, I might just use it as a petrol card, then I know I will be paying off the balance each month easily.

But yes, the electoral register at my current residence seems to be the turd in the punch bowl, guess I'll have to keep checking experian to see when it gets logged.

Thanks for the advice.

Eydon

Methtical wrote: »

Depends what you mean exactly, my salary is 8.3 times my credit limit.

In that case I would definitely keep the card open and use it (until you get a new one).

Electoral Register can take a while. I assume you have registered with your new council.

At this time of year though it can be quite slow because everyone is sending back their Electoral Register forms so there will be a lot of updating going on.

Methtical

Its the same council just different area of the city, but yes they were informed this week. Ah well by the time the council get their act together I'll probably be able to pay in cash anyway so think I'll sack the idea off altogether.

Thanks for all the input.

sfax

Of course, you might apply for a new credit card and forget you've moved whilst completing the application (it was only a week ago after all) and then once the card is obtained, you realise it has your old address by mistake and then inform them of your new address...

But I would never advocate such behaviour