Balance transferred - now what

Bonfire_Bride

I've recently transferred a small balance of £700 onto a 0% credit card from a capital one credit building card. The new card is 0% APR.

Once we sell our home (owned outright) we will be looking to apply for a mortgage.

Would it be best to close down the capital one account or just cut up the card and therefore leave the "available credit" on my credit file?

Thanks in advance

[Deleted User]

Without knowing limits or income or other number of cards you have, I'd say keep it and use both.

adindas

Bonfire_Bride wrote: »

I've recently transferred a small balance of £700 onto a 0% credit card from a capital one credit building card. The new card is 0% APR.

Once we sell our home (owned outright) we will be looking to apply for a mortgage.

Would it be best to close down the capital one account or just cut up the card and therefore leave the "available credit" on my credit file?

Thanks in advance

I fully agree with the previous poster. the effect of £700 balance in CC is almost negligible. If people get rejected for mortgage application it must be from other reason and highly unlikely due to £700 balance.

In the mean while, you having a credit card especially 0% APR is handy.

Bonfire_Bride

Deleted_User wrote: »

Without knowing limits or income or other number of cards you have, I'd say keep it and use both.

I have 2 credit cards (the new one and the capital one card)

I will keep the two and manage them both...carefully

Thanks both

Cage

In my opinion its good for your credit score to keep both, on the one that now has the zero balance, remember not to leave it dormant, even just buy a little thing every so often and pay it back right away just to keep it active.