Best Solution for Next Step

A_Frayed_Knot

Hi, looking for advice re my next step.

I have a c/c - my 1st and only, almost maxed out, (£2000) all money lying in wait in bank account until 0% runs out in Dec this year.

I had ideas of using the cash then replacing some each month till Dec, then paying c/c off in full, but not sure if this is the right thing to do,
Should I be paying more than the minimum amount each month? in order to keep my credit rating good, in case I decided to apply to up my limit, or in case I applied for another card in the future.

What is best ?
Many thanks

Ben8282

Having only one credit card used almost up to it's limit is not good even at 0%. You will find further applications very difficult until you repay a substantial portion of it.
As for if you should spend the cash or not, only you know if you will have both the ability and willpower to actually replace the cash prior to expiry of the 0% promotion.

A_Frayed_Knot

Would only apply for another 1 after 1st cleared off. Just wondering if being near the limit would harm my credit in any way, if so could pay off half just now and use the other half, no problems replacing it before due date.

Ben8282

A_Frayed_Knot wrote: »

Just wondering if being near the limit would harm my credit in any way.

.
Shall we just say that it won't help your credit. It is not a positive factor. How harmful it may be will depend on the overall state of your credit files and what you intend to apply for.

Nebulous2

Depending on the company, you may get a limit increase if you pay off a few big chunks. I have a long-term MBNA money transfer card, which was pretty close to its limit. I paid it down to about 30% utilisation in several lumps and they've just given me a 50% increase in my limit.

Fireflyaway

I know when I checked that being near the limit is viewed as a negative factor on my credit report. It gives the impression you can't afford to pay it and are relying on credit. I
Are you trying to improve you credit or just have a card because you want one? If it's the first then pay it off a chunk at time or in full. Then make regular purchases but always pay off in full. If it's the second, get rid of it! Why would anyone need 2 or 3 or 4 credit cards?

[Deleted User]

Fireflyaway wrote: »

Why would anyone need 2 or 3 or 4 credit cards?

To avoid looking maxed out
To keep BTs and your purchases separate
To improve how lenders view you
To take advantage of the different benefits of different cards.
To have a back up in the event of non acceptance of issue failure.
To be seen as having other options and therefore avoid reprices.

fwor

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msallen

Fireflyaway wrote: »

Why would anyone need 2 or 3 or 4 credit cards?

You are aware this is the Stoozing board are you?

PixelPound

msallen wrote: »

You are aware this is the Stoozing board are you?

:rotfl:

Though to be fair he may have come from the newest post link under Credit Card forum as this is a sub board.

Dan83

Late October/early November apply for a new credit card with a 0% balance transfer fee and 0% interest period. If you get accepted great, transfer it over, if not pay your current balance off. Simple