Cleared Off Credit Card Debt - Close Account?

ElenorBy

To cut a long story short, my abusive ex racked up 10k worth of debt in my name and then left me to pick up the pieces. Fortunately, as I’m sensible with money, I’ve been able to tackle this debt fairly quickly by making additional (debt snowball style) payments on top of my debt management plan. 

Ive now completely cleared off my credit card and am left just paying off my loans. I was wondering if it’s worth closing down the account of my credit card? Or whether I should now use a credit card for its INTENDED purpose by putting a small amount on it and paying it off in full each month to rebuild my credit?

My question is, will this even rebuild my credit score seeing as I’m still in a debt management plan? Or should I just close the account for now?

Also, there is no concern about me racking up debt on the card again as I always used it wisely before getting into the abusive relationship - and none of it was actually my doing. I am very sensible with finances - just not sensible with my choice of partner!!

Advice would be much appreciated!!

Willing2Learn

Well done on clearing the card debt.  You should just keep using it for your budgeted monthly expenses such as groceries and travel.  You should then pay off the statemented balance(s) each month before the due date (I recommend a Direct Debit)

You should be able to snowball the loans up to the point where everything is paid up.

And don't worry about your 'credit score' or 'rating'.  Lenders neither see nor use them.  A typical lender scores you against their lending criteria and independent policies, using the data held in your three credit files, added to the data you submit in a credit application, added to the data they may already hold on you as an existing or returning customer.

Good luck!!