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Should I close CC
s7okie
Posts: 2 Newbie
in Credit cards
Hi,
Was just after some advice on wether I should close down some credit cards. A bit of background info- After coming out of a toxic relationship 6 ish years ago I found a lot of credit had been taken out in my name by previous GF , a lot of other utility bills in my name had not been paid, I naively trusted her and gave her the money direct assuming all bills (That we’re split) were being paid!They weren’t and she was hiding all mail concerning this! Lesson learnt!
It’s took me a long time to pay off things and have things drop off my credit file. I’m now pretty much clear , no late payments showing , on time payments last 4 years, no defaults , but I do have a CCJ for the princely sum of £146. This drops off Jan 2021.
In the process of rebuilding my credit to hopefully get a mortgage next year I started using credit builder CC, started with vanquis back in 2016 very low limit, which I have since closed 2018, I currently have a Marbles card £1300 limit opened Feb 2018 £0 balance
Capital one £1250 limit opened July 18 balance £78
Ocean credit card £750 limit opened Jan 2019 balance £0. Have used all cards for minimal spending each month then paid balance in full by DD.
I have now been accepted for CC with my bank Lloyds with a 0% purchase for 18 month and much lower APR with a limit of £2500 of which I asked for, my question is should I now close the 3 credit builder cards or keep the one I have had opened the longest to run alongside my new Lloyd’s one? Any help would be much appreciated thanks
Was just after some advice on wether I should close down some credit cards. A bit of background info- After coming out of a toxic relationship 6 ish years ago I found a lot of credit had been taken out in my name by previous GF , a lot of other utility bills in my name had not been paid, I naively trusted her and gave her the money direct assuming all bills (That we’re split) were being paid!They weren’t and she was hiding all mail concerning this! Lesson learnt!
It’s took me a long time to pay off things and have things drop off my credit file. I’m now pretty much clear , no late payments showing , on time payments last 4 years, no defaults , but I do have a CCJ for the princely sum of £146. This drops off Jan 2021.
In the process of rebuilding my credit to hopefully get a mortgage next year I started using credit builder CC, started with vanquis back in 2016 very low limit, which I have since closed 2018, I currently have a Marbles card £1300 limit opened Feb 2018 £0 balance
Capital one £1250 limit opened July 18 balance £78
Ocean credit card £750 limit opened Jan 2019 balance £0. Have used all cards for minimal spending each month then paid balance in full by DD.
I have now been accepted for CC with my bank Lloyds with a 0% purchase for 18 month and much lower APR with a limit of £2500 of which I asked for, my question is should I now close the 3 credit builder cards or keep the one I have had opened the longest to run alongside my new Lloyd’s one? Any help would be much appreciated thanks
0
Comments
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Keep them all.
They're all quite young and have very low limits.0 -
I second that suggestion.
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As others have said keep them and spend small amounts on them to keep them active and pay the balance in full.Time is a path from the past to the future and back again. The present is the crossroads of both. :cool:0
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Thanks for the advive , I’ve just also been accepted for a Halifax credit card with a 5k limit. Would your advice still remain the same? Thank you0
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Yes
One you have some significant credit history built up and have some cards with decent limits, you can think about closing a few, but at the moment, yours just getting started.1
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