Advice Please

s6morrisg

Hi,



Looking for some advice please.



I currently have x2 credit cards, one with a zero balance (active since May 2017) the other recently opened (May 2019) for a balance transfer when the promotional period on the first card ended.


On my new credit card I'm currently at around 50% of my available credit and slowly paying this down on a monthly basis. I have also recently changed address (June 2019).



My question however is should I close off the card with a zero balance as I'm not using it or should I keep it open as I have a longer history associated with that card?


I'm getting married next year so in Jan 2020 was looking at getting a new purchase credit card as neither of my current cards can be used for this purpose. Should I close the zero balance card first though to have as little negtive impact on my credit rating?


The other option would be to reduce the credit rating of the zero balance card but I'm not sure what impact this would have on my credit rating?



Any advice would be appreciated.


Cheers

mwarby

if one card is at 50% of limit, closing another card will only up your overall debt utilisation, which isnt ideal.

With wedding, be careful that you can afford what you spend, it being on 0% card doesn't mean its free money

DCFC79

Remember your score/rating is only seen by yourself, lenders see your history.

WoodenIndian

I agree that closing a card with history isn't ideal, but for me it depends a lot on Annual Fees.

If I can keep it open at no cost and put a small charge on it every few months (then pay it immediately), I will.

However, my older cards from back when I started getting my credit back in shape, they all had crazy ridiculous fees, so as soon as I could, I closed them.

boo_star

WoodenIndian wrote: »

I agree that closing a card with history isn't ideal, but for me it depends a lot on Annual Fees.

If I can keep it open at no cost and put a small charge on it every few months (then pay it immediately), I will.

However, my older cards from back when I started getting my credit back in shape, they all had crazy ridiculous fees, so as soon as I could, I closed them.

I feel the same way.

The only reason I'd keep an unused card open if it was with a different card scheme (MasterCard vs Visa vs Amex.)

Otherwise I'd get rid.

I really don't accept the utilisation aspect that the CRAs espouse, unless it's something ridiculous like 80%+

Ben8282

WoodenIndian wrote: »

I agree that closing a card with history isn't ideal, but for me it depends a lot on Annual Fees.

If I can keep it open at no cost and put a small charge on it every few months (then pay it immediately), I will.

However, my older cards from back when I started getting my credit back in shape, they all had crazy ridiculous fees, so as soon as I could, I closed them.

What cards, other than some types of AMEX charge cards, have 'crazy ridiculous fees?
The OP has said nothing to imply that their card has an annual fee.

WoodenIndian

Ben8282 wrote: »

What cards, other than some types of AMEX charge cards, have 'crazy ridiculous fees?
The OP has said nothing to imply that their card has an annual fee.

The OP didn't say it did or didn't, but why not be thorough in my reply based on my personal experience. Surely the OP isn't the only person that will ever read this thread, right?