Credit Utilisation Advice

Catyy

Hi,

Just a quick one on credit cards and credit utilisation, not sure the best course of action.

I have one large loan and 5 credit cards. I've now cleared the balance on 4 of the cards - wahey!

My credit utilisation on the card that I'm still paying off is 85%, but my overall credit utilisation rate for all cards is now around 26%.

So my question is, do I transfer some of the balance to a card I've cleared, or just keep things how they are? I also don't want to close down any of the cards yet in case it makes my debt used look higher.

On the mortgage deposit saving wagon at the moment which is why I'm trying to sort my debts out.

Thanks!

[Deleted User]

Not much point in moving the debt around unless it reduces interest. You'll still have the same debt and utilisation.

Ben8282

Why are you concerned about how it looks? Looks to who? Who do you imagine is watching your credit files to be concerned about this?
Unless you intend to apply for further credit, perhaps unwise with a mortgage application planned in the not too distant future, then who will know or care?
26% overall utilisation is fine. Stop worrying and try to clear your debt before you apply for your mortgage.
Also I find what you have written above contradictory in terms of your other thread
https://forums.moneysavingexpert.com/discussion/6087802/trying-to-get-myself-mortgage-ready

Catyy

Thank you for the replies.

I wouldn't use the word concerned, it's just all a bit new to me and was after some guidance. I don't see how my posts are contradictory, but thanks for your input.

CanadianDream

Congrats on clearing your credit cards, keep going and you will be debt free.