I shifted my CC debt to a loan, should I keep or close the CC?

marcosdjcm

Any advantage to keeping the credit cards at 0? Or should I close them so they start sending me fresh offers?

jonesMUFCforever

Close it as to stop you spending more then requiring an even bigger loan to repay.
Plenty of time for new offers when you are debt free.

marcosdjcm

I will close 1 and will reduce the credit limit on the other to £2k until I build up a cushion.

MrJester

marcosdjcm wrote: »

I will close 1 and will reduce the credit limit on the other to £2k until I build up a cushion.

sounds like you have plans to spend over your limits still. honestly the best thing to do would be to cancel the cards if you've just moved debt off them. unused credit is also bad credit as it ups the 'upper limit of borrowing' on your credit.

if it has been a rocky road to have to then put the cards into a loan, probably best to get rid of the cards and concentrate on the loan then once that has been chipped away at a bit your credits gonna rebuild and you'll have all sorts of CC offers to look at, remember to soft search ALOT.
CC's do usually have the better rates than loans so once you get to that stage you could potentially find good rate transfer CC. it'd need to be money transfer though, which probably don't come with as-good-as-balance-transfer 0% rates.

stator

Cancel all but one CC and lock that one up in a safe somewhere in your house

If you've had a problem with CC in the past, it is likely that carrying around a CC will lead to further temptation.

If you want to improve your credit rating then order one thing on the credit card every month and pay it off in full.

marcosdjcm

Should I reduce the credit limit on it? It's at ~£11k, I don't need that much. Is it affecting the offers I could be receiving from other banks etc?