Pay off or not

Biollante21

Hello all
I currently have 3 credit cards with varying amounts on them
I will be in the position pretty soon to pay them all off and close them but is this recommended
It goes against all that we are advised on here to keep using a CC so was just wondering whats best to do
Close all 3 or close 2 and use one and pay off the balance every month to keep my credit file looking good
I do know that the credit score isn't worth the paper its written on but i would like to know if paying off all 3 will increase my score and if so how long does it take to appear on Noddle or Clearscore as i just like to see my score increasing
Thanks in advance for any advice

Craig1981

as you well know, score doesn't matter


but to answer or help answer your question, I closed off three credit card accounts in June this year, and there was no change to my score when they were removed from my file.


however, I still have three cards, one is Aqua which I hardly use, but is my longest standing card.


I would recommend clearing all balances, and use them, but pay off in full. If these are your only cards, I would not recommend closing all of them down

System

Close all three, apply for one that gives cash back on purchases. Do normal spending on it, plus of course putting at least a £1 of anything you buy above £100 for Section 75 protection, have a direct debit to pay in full. That way you can contribute to the fictional score you seem to want to increase, benefit from Section 75 protection and get paid by the credit card company to do so.

[Deleted User]

Who are the lenders?
How long have you had them for?
What is the APR on them?
What are the limits on them?

And always, always, always ignore your made up score - you've admitted already that it's not real, so stop making rash decisions based on increasing it

Biollante21

The lenders are


Barclaycard (4 years - £8500 but owe £4000)
Lloyds - (20 years - £3000 but owe £2500)
MBNA - (2 years - £4500 but owe £3900)


Not really a rash decision as i am going to pay off all 3 but just wanted an answer on whether to close all 3 or just keep one and the score is just something i would like to see higher whether it makes any difference or not

[Deleted User]

Pay them off and then keep them and use them regularly and pay off in full after each statement

Biollante21

I have now paid all 3 off and for the first time in 30 years i am credit card debt free :j:j
Thank you for the replies and i have made the decision to close 2 of them and use the final one but pay of IN FULL :money: every month