Advice Please…

JDC14

Looking to get Career Development Loan ASAP so want my credit report to look good.

Currently have 3 credit cards;

Natwest Your Points, 0% deal, £2k limit £600 balance

CapOne Classic, £800 limit, £0 balance

Barclaycard Initial, £1600 limit (raised this month) no balance.

Need To borrow around £2k for my loan, no missed/late payments.

20, live at home, earn around £16300 gross.

Already planning on closing Barclaycard but do you think it will be necessary to close CapOne card too?

Thanks,

[Deleted User]

What are your monthly payments like?

At or near the minimum payments?

YorkshireBoy

On such small limits (and current debt), and especially if two cards are empty, I don't think it'll matter too much.

However, lenders like to see recently settled accounts (shows less available credit plus a recent ability to manage credit lines) so I'd probably close both accounts. If you do this, you may find it takes a couple of months for the settled status to be reflected on your credit files. How urgent is the loan requirement?

JDC14

Bedsit_Bob wrote: »

What are your monthly payments like?

At or near the minimum payments?

On my 0% card, min payments are around £10 and in paying nearer £50.

BC Initial around £100-£150 last couple of months to bring down a large balance but cleared final £340 off last week.

Cap One cleared balance every month.

JDC14

YorkshireBoy wrote: »

On such small limits (and current debt), and especially if two cards are empty, I don't think it'll matter too much.

However, lenders like to see recently settled accounts (shows less available credit plus a recent ability to manage credit lines) so I'd probably close both accounts. If you do this, you may find it takes a couple of months for the settled status to be reflected on your credit files. How urgent is the loan requirement?

6-12 weeks. Which is pushing the deadline a bit as they say can take up to 3 months to approve the loan application.

Had the Barclaycard about 2-2.5 years, Capone about 2 years so they've been managed over a long period.