Balance Payments or Close Account?

Quikkie

Hi guys,

Just need a quick bit of advice regarding my CC situation. I currently have 4 credit cards, two of them have zero balances. One of these is a Vanquis card and the other is a Barclaycard. What I want to know is what's the best thing to do to improve my credit rating, making the odd purchase on both these cards and paying them off each time of just closing both the accounts?

Any advice would be appreciated. Cheers guys.

grumbler

Unless the limits are very big, closing isn't the best option.

Quikkie

My Vanquis limit is £3,000?

Tixy

best thing to do to improve my credit rating

Very difficult question to answer as different potential lenders have different preferences.

It would also depend on what other credit accounts you have, do you have significant balances on the other cards that you are slowly reducing and are these near the limits? Also the length of time you have held different accounts can be a factor for some lenders.

Certainly likely to make sense to keep at least one of these cards open.

CLAPTON

the best thing to do is to use at least two regularly and pay in full each month preferably by DD so you never forget
whether you have 2 or 4 will make negligible difference to your ability to get further credit.