Credit Card Options

smithyn

Hi,

Looking for some advice please on my situation.

My 0% purchase promotional interest rate credit card expires as of 12/06/20, with a credit limit of 12k. The balance on this card was £9000.I opened a new credit card which gave me a credit limit of 4k, so I balanced transferred across 2k from my other credit card to this new card.

I will pay off the remaining 7k by the 12/06 on my old card, so the card goes back to zero balance and I pay no interest.

Problem is now, my other credit card is already near 100% utilisation, as the credit limit is so low.

QUESTION: Should I close my redundant credit card that I no longer use with 12k credit limit and apply for another card or should I just apply for another credit card regardless?
I would do this in a few months so my credit report can settle down with all the new changes and recent hard search from my new card.

Thank you.

[Deleted User]

Don't close anything.

dr_adidas01

As @Deleted_User says don't close any of them.

maxximus75

The account history will help your credit history.  Keep it open.  Use it for a small purchase from time to time, to keep it active.

If your new card has a limit of £4k and you have done a BT of £2k then your utilization on that card is 50%

smithyn

If I apply for another 0% purchase card now so I can help get that utilisation rate of 50% down for my new card, should I wait a few months for my credit report to show utlisation on my old card with the 12k limit as 0% or apply now?