Getting sorted but quick question

jas7794

Hi,
(im not new but forgot my old login/password)

Anyway, i have been ploughing through debts for a long long time and i have finally yesterday cleared my last (of two) credit cards! delighted isnt the word!
So the two credit cards were both for adverse credit - Aqua and Vanquis. As i need a credit card for my work I have taken out a 0% mbna credit card to replace these.
My question is: Do I close the Aqua and Vanquis cards or just leave them with a zero balance?

Thanks in advance.

anna_1977

personally I'd close them - why leave them open? if you have a new CC already with MBNA you don't want the available credit showing on your file OR the temptation to spend

jas7794

Just didnt know if there was any benefit to having unused credit on my credit file?
I have cut them up to avoid the temptation to spend on them.

Dobbibill

Congrats on becoming debt free.

Leaving them open demonstrates a long term relationship with the CC companies.
Closing them would reduce your average age of accounts.

Having a 2nd card as a back up is a good idea.
Aqua have a card that offers 0.5% cashback so rewards you if you use it.

If you can't trust yourself not to run up further debt then closing would be the right move for you. If you feel more in control and able to manage it then why not use the CC to earn some cashback after all the money they've had off you . Using for groceries or fuel etc then paying off in full perhaps.

jas7794

Thanks Dobbibill, that makes a lot of sense! :-)

enjoyyourshoes

I think its depends on 'trust'

If you can 100% trust yourself not to dip in and use them then OK

There are lots of posts by people who repeatedly get into debt over and over again, mainly due to CC. So you must be honest with yourself that you are not one of these.

If you don't trust yourself, then close and cut them up.

Also, why not pay for expenses with Debit card ad claim back form company, you may be able to negotiate either shorter claim periods or a 'float' to cover the expenses period?

Then you can be CC free (cut up mana) and be really efficient with yourself, your monies and expenses.

EssexHebridean

If you are going to keep them open then set the DD's on ALL the cards to "clear balance in full" to avoid temptation at least to a degree. Personally I'd close those that aren't going to be used, as it still reflects on your available credit. (Actually, personally, having just spent years clearing debt, the very last thing I'd want to do would be to even THINK about using credit again, but there you go! )

Well done on becoming debt free. :T