What to do once Debt Free.. 7 August 2018 at 9:25AM in Credit Cards 3 replies 630 views

Picard91

So I had two Credit Cards that have both now been paid off.

Best thing to do? I was just going to close the accounts but people have said to keep them active to show Credit on my score?

All the offers like 0% Purchase Fees, Currency conversion etc have now expired, so do I try re-negotiate? Close the account, get a new, what Will affect my score and what wont?

I am wanting to get a mortgage within the next 8 months as well so I want as little impact as possible.. but also the best benefits from a Credit Card... \

sorry for so many questions but its always great to get advice.

zx81

Your aim should be to build a good credit history.

The easiest way to do that is to use a card or two regularly and clear in full each month. You don't need 0% deals to do that.

Ignore your credit score entirely. It's not a reflection of credit worthiness and will upset you as it plummets while you build good history.

Willing2Learn

Just spend freely on both cards. I mean, doing your normal groceries shopping, clothes etc. Just do the stuff you would do ordinarily.
Stick to your normal budget. Then every time a statement comes, pay off each card in full.


Edit: Well done on paying those debts down

Dobbibill

If you pay off in full and on time when each statement is produced there is no requirement as you *won't pay interest.


Use for groceries or travel costs - this will evidence that you are capable of managing credit responsibly.

*assuming you only use for purchases which are not processed as cash nor any gambling transaction, foreign currency etc.