Improve credit rating/s

Iwillresolvemydebt

Hi, I am a long(ish) term member of this site so have read quite a few posts over the years about credit scoring, files etc so am quite aware.

I am in a position where i am beginning to make a difference in the repayment of my debts and wondered how i should go about managing my accounts that no longer have a balance. I am aware that there are fine lines between having credit available versus too much available for instance.

I have listed the state of my accounts and so i am looking for advise on whether i should close any of the se accounts, request lower limits and indeed how i should manage them daily - eg, should i continue to use them...

Your help is really appreciated! Thank you in advance.

Limit Balance
Credit Card 1 £250 £0
Credit Card 2 £2900 £0
Credit Card 3 £3200 £3207 (0% balance transfer)
Credit Card 4 £6000 £4541 (mixture of purchases but with additional promotional 0% balance transfers)
Catalogue 1 £9600 £253
Store/catalogue £3750 £0

I should add that the catalogue is non-interest bearing as it has already been added in the form of inflated prices!!!

Thanks, Paul

cjmillsnun

Put cards 1 and 2 in a drawer.

Pay off purchases on card 4 to reduce interest payments.

Then chuck extra money at card 3 or 4 depending on which promotional rate runs out first.

Continue paying the catalogue as is. No saving to be made.

[Deleted User]

If you've read a few posts then you'll realise the ratings are made up and are not what you are aiming to improve.

Who are the cards with and what age are they?

[Deleted User]

Are you really overlimit on card 3?

Iwillresolvemydebt

Yes, appreciate this fully but need to improve the credit file all the same and build up a decent looking file/history.
1) Barclaycard (approx. 10 years- formerly LPF), 2) Barclaycard (approx. 1 year) , 3) Tesco Bank (approx. 6 months), 4) First Direct (approx. 4 years)

Iwillresolvemydebt

Deleted_User wrote: »

Are you really overlimit on card 3?

Apologies, no. 3200 limit, 3027 balance.

Iwillresolvemydebt

cjmillsnun wrote: »

Put cards 1 and 2 in a drawer.

Pay off purchases on card 4 to reduce interest payments.

Then chuck extra money at card 3 or 4 depending on which promotional rate runs out first.

Continue paying the catalogue as is. No saving to be made.

This is actually what i am doing actually but wanted to be sure. Additionally, wanted to know what to do with cards 1 and 2, which you have answered (thank you). Should i leave them with their current limit? What should I do with the others once they clear further - also leave them in a drawer? Also, should i be making any purchases on any of the cards, either in/frequently?

Thanks for your replies!

DCFC79

In response tp the thread title its not the score/ratingisnt what your improving, your improving your credit file.

cjmillsnun

Iwillresolvemydebt wrote: »

This is actually what i am doing actually but wanted to be sure. Additionally, wanted to know what to do with cards 1 and 2, which you have answered (thank you). Should i leave them with their current limit? What should I do with the others once they clear further - also leave them in a drawer? Also, should i be making any purchases on any of the cards, either in/frequently?

Thanks for your replies!

You could put your fuel on card 2 as long as you paid off in full every month to avoid interest.

Card 1 has a stupidly low balance and you may as well get rid.

Once paid off you can alternate between cards 2,3 and 4 for your fuel spend. Remember to pay off in full every month.

Iwillresolvemydebt

DCFC79 wrote: »

In response tp the thread title its not the score/ratingisnt what your improving, your improving your credit file.

Conscious of this. Tried to edit but as far as i can tell, i am unable to.