Used credit card query

Susan1962

Hi. Sorry tried to change title but it won't let me. Should red UNUSED credit card query!!!

I have two credit cards. One has just under £200 on it and will be paid off soon. It's a Bank of Scotland card I use mainly as a backup to PayPal. The other card is an old balance transfer card paid off in full and unused for about a year.

Checking my MEE credit club info the first card balance is equal to 14% of that cards available credit, 6% of total available.

So - is it better to get rid of the unused card or to keep it to artificially reduce the proportions n of available credit used?

Hope this makes sense!

Thanks

BoGoF

What is the other card?

Some cards are good with offers for existing customers. To keep your credit history ticking along it is advisable to use your credit card but pay in full every month.

molerat

If they are the only 2 then keep both - always good to have at least one backup.

PRAISETHESUN

I'd personally hang onto it unless you feel like having the card would tempt you to spend unnecessarily. Having multiple, long-standing accounts is typically seen as a positive for lenders so keeping it open should help improve your credit history.

SnowTiger

Susan1962 wrote: »

Checking my MEE credit club info the first card balance is equal to 14% of that cards available credit, 6% of total available.

So - is it better to get rid of the unused card or to keep it to artificially reduce the proportions n of available credit used?

There's no right or wrong answer.

Do whatever works for you.

Credit limit on first card is about £1,500 and credit limit on second card is about £2,000. Fairly low limits, so there probably isn't an advantage to closing one of them.