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Credit Card Options

edited 1 June at 11:22AM in Credit Cards
4 replies 183 views
smithynsmithyn Forumite
9 posts
Fourth Anniversary First Post
edited 1 June at 11:22AM in Credit Cards

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.


  • zx81zx81 Forumite
    28.3K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    Don't close anything.
  • dr_adidas01dr_adidas01 Forumite
    1.5K posts
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    As @zx81 says don't close any of them.
    Time is a path from the past to the future and back again. The present is the crossroads of both. :cool:
  • maxximus75maxximus75 Forumite
    362 posts
    100 Posts Second Anniversary
    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%

  • smithynsmithyn Forumite
    9 posts
    Fourth Anniversary First Post
    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?
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