Advice needed re closong credit cards etc

Karma67

Hi all!

I've finally become debt free!! It's been a long journey but got there in the end!

I need a bit of advice now about my credit cards I have....

Aqua limit £6500 balance £0 apr 34.9%
Marbles limit £1500 balance £0 apr 34.9%
Clydesdale CC £500 balance £0 apr 0% until August 2018
Santander overdraft £2500 not using
So do I cancel all cards apart from the 0% one and cancel my overdraft....or reduce limits and use once a month so shows I'm using responsibly??

Look forward to any advice xxx

mcjordi

id get shot of the aqua and the marble cards..
personally keep the 0% card and overdraft.

enthusiasticsaver

I cannot see any reason why you would need 3 credit cards and that interest rate on the Aqua and Marbles ones is awful so I would close those too. I would use the Clydesdale bank one intermittently and pay off in full. You could probably leave the overdraft limit but I would not use it.

Karma67

Thank you for your advice.
My main concern was related to credit score, would having 2 CCs with high limits would have a negative effect, even though at 0 balance, or would one card with a low limit be favourable. I do not intend to use the aqua or marbles card in the future, so closing them down seems sensible.

Karma67

enthusiasticsaver wrote: »

I cannot see any reason why you would need 3 credit cards and that interest rate on the Aqua and Marbles ones is awful so I would close those too. I would use the Clydesdale bank one intermittently and pay off in full. You could probably leave the overdraft limit but I would not use it.

The reason I had the aqua and marbles card was to rebuild my credit history, then I foolishly used them and got back in debt, but now finally debt free again. I will close them down

Sanctioned_Parts_List

Karma67 wrote: »

Thank you for your advice.
My main concern was related to credit score, would having 2 CCs with high limits would have a negative effect, even though at 0 balance, or would one card with a low limit be favourable. I do not intend to use the aqua or marbles card in the future, so closing them down seems sensible.

Ironically, having a high limit but low or no utilisation tends to improve one's credit score (at least the version sold/published by credit reference agencies).

I would close both Aqua and Marbles, and reduce the overdraft limit to £500. Between the remaining CC and the overdraft you then have access to £1000 while you save to build an emergency fund - at which point you deep-six those, as well.