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Close paid cards or not?!
YoungBaker
Posts: 640 Forumite
in Credit cards
I know this has been asked a few times and I searched back but it seems there is a lot of conflicting advice.
I have 2 credit cards: 1 with Bank of Scotland and 1 with Vanquis which I used here and there throughout uni (always paid on time etc.)
Anyway, I have recently finished uni and am in a decent job earning good money so have cleared both balances.
What is best for my credit rating now - close them or keep them open? Is it worth closing the Vanquis one at least as I got this just to build credit as I was only 19-20? Does it look better to have 2 empty cards sitting not being used?
I am considering just keeping one and using it for petrol, groceries which I would budget for and clear at the end of the month in full so as to keep showing I can still manage credit?
I have 2 credit cards: 1 with Bank of Scotland and 1 with Vanquis which I used here and there throughout uni (always paid on time etc.)
Anyway, I have recently finished uni and am in a decent job earning good money so have cleared both balances.
What is best for my credit rating now - close them or keep them open? Is it worth closing the Vanquis one at least as I got this just to build credit as I was only 19-20? Does it look better to have 2 empty cards sitting not being used?
I am considering just keeping one and using it for petrol, groceries which I would budget for and clear at the end of the month in full so as to keep showing I can still manage credit?
Saving for our next step up the property ladder
0
Comments
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2 cards are better than 1, i would be looking to replace the vanquis card with a better card but wouldn't cancel vanquis until i had successfully applied for new card.
Using credit card for everyday purchases and paying off in full is a good idea better still if you can get a cashback/rewards credit card.0 -
Really? Get a third?! Anyone else got any input?Saving for our next step up the property ladder0
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I agree with Smithers. Get another one, close Vanquis, use one with cashback for monthly shopping so that it will show up as responsible use on your credit report."Save £12k in 2019" #120 - £100,699.57/£100,0000
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