Credit card help please

nuttymoo2013

Hi everyone

I have just taken out a loan to pay off 3 very expensive credit cards
do i close the accounts or leave them open???? One is vanquis with a 2500 limit one is mbna with 2000 limit
any advice welcome
thanks

~Beanie~

Close them otherwise the temptation to use them again will still be there.

I've been there and done that and ended up with a large loan AND 2 large credit cards debts

The_Boss

nuttymoo2013 wrote: »

Hi everyone

I have just taken out a loan to pay off 3 very expensive credit cards
do i close the accounts or leave them open???? One is vanquis with a 2500 limit one is mbna with 2000 limit
any advice welcome
thanks

Need more info to be of useful help.

What is your salary? What is the value of the loan? What are the details for the other card? How long have you had the three cards? Do you have missed payments/defaults on your credit file? Are there any other accounts on your credit report such as current account, mobile contract or mortgage?

Tixy

nuttymoo2013 wrote: »

do i close the accounts or leave them open????

Are you asking in terms of your credit file? or just general advice?

In terms of money management I would suggest closing the 2 most expensive and keeping the 3rd open for emergencies.

If you feel you are likely to be tempted to run up debt again then it might be worth closing down all 3.

If its for your credit file then it will depend on what else is on your file, which accounts were opened when, if you have any missed payments on any of them etc.

The_Boss

Tixy wrote: »

Are you asking in terms of your credit file? or just general advice?

In terms of money management I would suggest closing the 2 most expensive and keeping the 3rd open for emergencies.

If you feel you are likely to be tempted to run up debt again then it might be worth closing down all 3.

If its for your credit file then it will depend on what else is on your file, which accounts were opened when, if you have any missed payments on any of them etc.

My initial thoughts are that it's definitely worth keeping the MBNA card (at least) due to repeat BT/SBT offers.