Should I cancel or not?

NellyD

Hi,

I have checked the website and have seen conflicting advice, so would be interested in some opinions on this.

I have a Gold Barclaycard with a balance of £0 (as of today :j).
And a Tesco credit card with a balance of £820, which I pay by direct debit (with 0% on the balance for 25 months). These are my only credit cards, and I have no loans or anything.

What I want to know is should I cancel my Barclaycard completely? Or is it best to keep, spend small amounts and pay off in full each month to build a good credit score?

I have been to the bank recently and was told I have good credit.

I would like to get a mortgage in the not to distant future (5 years).

Any advice or experience of this would be greatly appreciated.

Thanks.

greenlightluke

Why don't you use your Barclaycard for EVERY spend. That's what I do, then just pay it off at the end of the month. That way my CC is being regularly used, shows I can manage debt by paying it off too.

pqrdef

The more credit history you have, the better. It makes you less of an unknown quantity.

They don't assume that using credit is always synonymous with overspending.

MrShazzyMan

As the previous two posts have said, carry on using the barclaycard credit card as it will look good on your credit history. I have three credit cards but only use my barclaycard credit card as it's with my main bank.

[Deleted User]

You should use credit cards for most of your everyday spending and then simply pay off the balance in full each month. You will not be charged any interest in doing this.

Saying that, I'd ditch the Barclaycard if I were you. AS far as I remember, the Barclaycard Gold gives you absolutely no benefits whatsoever. Cancel it and apply for a decent cashback or rewards card - depending on your spending the Amex Platinum cashback card is a good deal, especially in the first year with the 5% bonus (if you do apply for it, do it through a cashback website and this should cover the first year annual fee).

Recently, Barclaycard have offered people £50 for keeping their card account open. If yo cancel and they offer this, take the money, spend it and then cancel the following month! Loyalty is not a good thing in the world of personal finance!

zerog

I'd apply for a new card before cancelling the barclaycard... don't spend on the tesco card otherwise you'll pay interest

adindas

NellyD

Do not cancel it. Looking into information you have provided I fully believe majority of people who knows how CC work and know how to take advantage of it will give the same advice.

You just have two CC some people have more than ten CCs and they are using it for their own advantage not to run into debt.

The longer you keep your Gold Barclay card in your case the better it is as it will show that your ability to manage your credit cards without running into more debt.

Look at in this thread. You may find another advantage that might be applicable to you in the future by keeping your Gold Barclay.

https://forums.moneysavingexpert.com/discussion/4594885

https://forums.moneysavingexpert.com/discussion/4589899

NellyD wrote: »

Hi,

I have checked the website and have seen conflicting advice, so would be interested in some opinions on this.

I have a Gold Barclaycard with a balance of £0 (as of today :j).
And a Tesco credit card with a balance of £820, which I pay by direct debit (with 0% on the balance for 25 months). These are my only credit cards, and I have no loans or anything.

What I want to know is should I cancel my Barclaycard completely? Or is it best to keep, spend small amounts and pay off in full each month to build a good credit score?

I have been to the bank recently and was told I have good credit.

I would like to get a mortgage in the not to distant future (5 years).

Any advice or experience of this would be greatly appreciated.

Thanks.

willLeeds

Id keep both, spending a little on each and paying it off in full.

Shows you know how to manage money.