Utilisation OR Available Credit - Which Spooks Criedt Card lenders

CumbrianWolf

[FONT=&quot]Hi all, I asked a variant of this a week or so ago but didn’t really get a reply. I[/FONT][FONT=&quot]’[/FONT][FONT=&quot]m going to try to ask again but simplify the question, I'm just looking for advice on best way forward. [/FONT]

[FONT=&quot]Short story I ‘bought a car’ privately, it was determined to have been a stolen vehicle and I lost several thousand as the police took it and I had to keep not sell the current car, this coming shortly after in part funding an engagement ring on credit. Since the car disaster I[/FONT][FONT=&quot]’[/FONT][FONT=&quot]ve shifted the debt it put me in onto 0% All rounder cards, and so far It hasn’t cost me anything in fees or interest unlike if I had got out a loan.[/FONT]

[FONT=&quot]I’m slowly paying off the cards, however the 0% is up soon on my M&S card[/FONT]

[FONT=&quot]In an attempt to recoup a small amount of my losses I have been stoozing about 6,000 off 0%. My Cards being shown below[/FONT]
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I will be paying off the M&S Card and maybe 1k of the Halifax and RBS with the stoozed money but I’d like to able to apply for another all rounder/purchase card to continue stoozing/reaping of card perks. I’m disciplined enough to do so .[/FONT]
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I hear card companies are nervous of giving an individual too much more than half their annual salary in credit– mine is just over 30k inferring a little over 15k total credit limit, I’m currently near 21k[/FONT]

[FONT=&quot]Likewise I hear a high utilisation percentage (credit being used compared to available) scares credit card companies looking for new customers.[/FONT]

[FONT=&quot]I have kept my old virgin credit card open party as I felt it may improve my credit file as I am not using what is available to me there, but at the same time I fear it is in effect grabbing credit another company might give me on 0% - assuming what I have heard that card companies are nervous in giving you much beyond half your salary in available credit on your credit profile.[/FONT]

[FONT=&quot]So the question is do I close the virgin card and or the M&S card (when it is soon paid off)? [/FONT]

[FONT=&quot]One rule says is should in theory they should help as it reduces the utilisation, the other rule is it is a hindrance as it is holiday a sum of credit a card company with be comfortable giving in respect to my salary.[/FONT]
[FONT=&quot]Greatly appreciate any financial advice anyone can give or personal opinion/thought.

Alternatively would it likely I could get a long balance transfer card which would take approx 8k and I forget about stoozing/trying to avoid balance transfer fees all together[/FONT]

izools

If I were you I'd close the M&S card once you've paid it off - you're much more likely to get repeat offers on the Virgin card than the M&S card.

You'd have a ~56% balance to limit ratio which isn't that bad, and your limit to income ratio would look better too, so I'd just close it and wait for it to show as settled on your credit file before applying elsewhere

CLAPTON

if you plan to apply for more credit, your salary is probably more important than the credit utilisation