Closing of Non-Used CC..

[Deleted User]

Hi!

So i have two Credit Cards currently and I am unsure as to whether to close one down.

My first CC is with my bank (Nationwide), offers me cashback and I use it all the time (I pay for everything on it, but I also clear it every month). It has a £5050 limit which regularly can get increased.

I also have a Sainsbury's CC with a £5500 limit that I never use. It is about 3 years old (Compared to my Nationwide one which is a lot older). I haven't touched it in months because i have no need for it (It offers me nothing that justifies using two CC's a month)

I have a OD that is at £1000 but i know i could i probably get this up a lot if needed.

I have a bank loan with Nationwide which i am obliterating down with huge overpayments every month. (40% gone in 4 months on a 48 month loan :-D) My loan will be gone early next year, but I know I will be needing/buying a new car next year and i will require some finance (Of which i will probably use Nationwide again).

I earn good money and my salary is likely to increase within the next 6-9 months. I don't want to keep a credit line open needlessly, but i don't want to close it down and risk not being able to get finance next year. Me and my partner will be looking at buying a house in about 5 years, though we will be looking at putting down a considerable deposit (40% ish) on it.

I have closed down a lot of credit lines/CC's over the past 8 months and massively streamlined my finances to minimise outgoings.

Just don't want to mess things up now!

matttye

If you earn good money, and the loan will be paid off next year, why don't you save and buy the car outright? It will be cheaper for you in the long run.

YorkshireBoy

Close the Sainsbury's card.

[Deleted User]

matttye wrote: »

If you earn good money, and the loan will be paid off next year, why don't you save and buy the car outright? It will be cheaper for you in the long run.

Simple, I will be saving a good deposit of a few thousand pounds, however my car is starting to get poorly and long term it will be cheaper to pay £1200 in interest payment and still be able to save money for a house deposit than it will be to hold on for my car for another year or so just to pay for the car outright.

I have no issues with having a loan for a car and having £250 a month going out as i know i can then put £800-1000 a month away for a house. If i am saving purely for a car i am still going to have the bills of the car (And i know next year i need my cambelt, flywheel etc which is well over £1400 work).

[Deleted User]

Well i did it, got rid of it today.

Quite possibly one of the most painless cancellations ever. Literally, I would like to leave, reply, ok sir, ...and thats done. Would you like postal confirmation?

Shockingly quick!

Also checked my noodle account and found some interesting things i have requested to be corrected!