Balance transfer - keep old cards open or close?

Chrisuk263

After some advice please.

I’ve just been accepted for a Barclays 0% balance transfer card for 27 months.

I’ve moved debt of about £2,500 from two other credit cards that were due to start charging interest at 29.9%.

The balance transfers are currently processing.

My question is; Should I close the old credit cards and leave them both on £0 and put them away in a draw so they aren’t used.

Should I close just one of them and keep the other active

Or should I close both?

Ideally I’m looking for the best option to improve my credit score.

[Deleted User]

Chrisuk263 wrote: »

My question is; Should I close the old credit cards and leave them both on £0 and put them away in a draw so they aren’t used.

No.

Chrisuk263 wrote: »

Should I close just one of them and keep the other active

No.

Chrisuk263 wrote: »

Or should I close both?

No.

Keep them both and use occasionally - clear in full each month.

Chrisuk263 wrote: »

Ideally I’m looking for the best option to improve my credit score.

Don't worry about the score - it's not relevant to anything. Look to build good credit history - show youre trusted with credit and can use it responsibly.

Nasqueron

If you can't trust yourself not to run up debts then get rid of one of them at least and keep the other for day to day spending, paid off in full by direct debit a couple of days after your pay day to discourage wasting.



If you are good with money then no harm in keeping them open

Chrisuk263

Thanks for the advice, I think in that case I will just use them for petrol for the two cars and set up a standing order each week for that amount to go into a separate account that cab then be used to pay them off each month.

Alexd52

Chrisuk263 wrote: »

Thanks for the advice, I think in that case I will just use them for petrol for the two cars and set up a standing order each week for that amount to go into a separate account that cab then be used to pay them off each month.

It would be better to set up a direct debit instead of a standing order, the responsibility for collection is then with the cc company.

toshi

Assuming you don't have any other debt, and you intend to clear off 2500 pound debt in 27months.

What I would do:

Barclaycard; No use, Repayment only. Setup standing order to make a payment to 100 pound (?) each month for next 25 months to clear your debt.

Existing Credit Card (s) : Use regular shopping. As Alexd52 said, setup Direct Debit with full payment. (Then no worry about hi interest rate) You have to pay ALWAYS in FULL


You have to manage your finance very well to pay back your debt during 27 month interest free period. If you are able to do manage this, your financial position is much better and your actual creditworthiness will be improved.

Good Luck:)

shiwen55

Your credit use on average should be less than 40% - 35% of your total credit. So keep both open but don't use or pay in full each month

redux

Some balance transfer offers can be used for up to 3 months, and no rule against further transfer of the same card(s).

So you might do a couple of months spending on the old cards, then transfer those balances too.