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What should I do with available credit?
Hi, I wondered if anyone could suggest what I do with open credit I have pre-dro application. I have a credit card with £500 limit on it, catalogue with £800 limit and Studio with £500 limit. All are currently at 0 so should I close them? I can't have more than 500 credit can i? So could I close the catalogue and Studio and leave the CC? Not really sure what I should do. Thanks in advance
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Comments
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Close them, do not be tempted to use them.
You are legally obliged to inform the lender of your DRO if you borrow over £500.
In reality you should not be using credit at all.
Qualifying for a DRO is hard enough, do not risk it been revoked.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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