Credit cards, credit reports and credit ratings

WishICouldFindMySlippers

Hello all

I currently have three credit cards:

Barclaycard, limit £2900, just transfered money off so nothing on it
Capital One, limit £1000, nothing on it,
MBNA, limit £3500, just transfered £1000 onto it (15 months 0% interest)

Plan is to set up a weekly (i get paid weekly) payment onto the MBNA card of £not-much so it will work out paid off just before the 0% finishes. That card will most likely be cut in half and forgotten about, certainly never used.

Looking to improve credit rating to best effect. Had Barclaycard for a good few years now.Should I be keeping this for spend-and-clear tactics and keep loyalty whilst I cancel (newer) Capital One card? Or better to use both cards for spend-and-clear to possibly improve credit rating further? Or is using two cards not looked upon as good as using one? Or should I just leave Capitalone card empty whilst I just spend-and-clear the Barclaycard?

End game plan is to get a mortgage, so credit rating needs to be as good as possible, right? Equifax rate me in the "Good" section, with a score of 447, I've a few missed payments on the record, but only one serious miss - 3 payments missed before Arrangement to Pay made, then cleared a few months later

bigadaj

Shou.dnt make any difference, just make sure you pay one or both cards and clear them every month.

You'll need to make sure you don't miss any more payments to get a mortgage, might be struggling as it is with an arrangement to pay, but mainly depends on the size of deposit you can save.

Tixy

With the MBNA card there is nothing wrong with paying weekly but do make sure that your payments between the statement date and the due date are more than the minimum payment due (payments made before the statement is generated won't count towards the minimum payment level).