Ideal Ratio

Cranny44

Hi

I know that each company will be different but is there a general rule for:

How much credit you should have against your earnings?

How much of the credit available should be in use?

And if closing is it best to close when availability is high: ie 2 Cards £5K limit one paid off one at max so available credit is £5K or close so no available credit?

I am paying off CC debt and have been looking at closing some cards especially a Lloyds one which is 29.9% i don't really use it but its good when i am in need of a interim balance transfer as always has 0% for 6 months until one of the others turns up with a better offer. However it has a huge limit £15K and we have had this one for approx 20 years.

We are probably using up to 75% of our available credit at present and the total available is probably double our combined income :eek:
We have no problem making payments and over-payments and most is now on 6.9% for life or 0% especially as i seem to get good ongoing offers with cards i have - Halifax have just done 0% at 15 months so cant complain.

I don't spend on the transfer ones and the OH uses a Halifax one with £500 limit and i occasionally use my Mint card for purchases i need protection on (ie hotel booking)

thanks

CLAPTON

'ideal ratio' for what purpose?

best to have no debts except those paid in full each month and of course a mortgage if necessary.

no problem with large available credit

debts of double income are absurd unless mortgage or funding some sort of investment/business

Cranny44

Probably not explaining it too well.

I mean more what should the maximum be for the % of credit used that is available. We are working away to get it all paid off but at what point would it look more favorable for a good balance transfer? Ie 50% of available used or 20% - as i dont want to be applying or closing cards if i am affecting things too much. I am trying to keep cards on 0% or low BT for life as much as possible.

I already have a mortgage have no plans to move and house is worth twice what is outstanding.