Jacamo - close or not?

m-holland

Hi folks,

I have a Jacamo credit account that was opened about two years ago.

It has a limit of £2000, and after making a £600 payment yesterday the balance is now down to 500-something.

I plan to pay it off in it's entirety, as they sent me a letter saying they are upping the interest to 69.9%.

Once this is fully paid off should I close it? My credit history isn't brilliant, two defaults still active and a Scottish court decree (Scottish ccj)

Should I close the Jacamo account, as I don't plan to use it again (long-term plan to pay off all debt), or should I keep it open and just not use it?

Thanks in advance

Samsung_Note2

Keep it open as the history does you no harm...2yrs isn't that long but shows some stability.

PRAISETHESUN

Unless you are likely to spend big again once it's paid off, there isn't really any harm keeping it open. With the CCJ and defaults on your file, you almost definitely won't be able to get any more credit for 6 years (until they drop off your file) so it might be good to have access to credit (even at such an abysmal rate) for absolute emergencies.

If you are worried you'll spend big again and rack up more debt, then definitely close the account.

m-holland

Thank you for the advice PRAISETHESUN and Samsung_Note2, I will pay it off and then keep it open.