Should I use my credit card to build my credit score, or close the account?

DebtSlayer007

Hi,
New member here. I hope everyone is safe. God willing, we'll be back in the full swing of things in the very near future.
I have a credit card that I recently cleared. I want to increase my credit score. Should I cancel this card, or should I use it to help build up my score?
My main motivation to build my credit score is so I can qualify for a balance transfer cards.
To my understanding, the more credit you have access to, the more adversely your report is affected.
Unfortunately, over the past 20 years, I have utilized many credit cards. 
It's time for a BIG change.

[Deleted User]

Neither. Use the card to build some decent credit history. Use it and clear in full each month when you get the statement. That means you also won't need a BT card.

Over time, aim to have three or four cards as back ups, as your history is thin if you only have the one, and leaves you exposed to a closure.

Ignore any changes in your score. 

DebtSlayer007

Deleted_User said:

Neither. Use the card to build some decent credit history. Use it and clear in full each month when you get the statement. That means you also won't need a BT card.

Over time, aim to have three or four cards as back ups, as your history is thin if you only have the one, and leaves you exposed to a closure.

Ignore any changes in your score. 

Hi, 
Thanks for your response.
Sorry, I wasn't clear, I need a balance transfer card as I have existing debt that I want to shuffle.
Because my credit rating is poor, I cannot get a decent card.
I want to know what will bump up my credit rating faster: using the card and paying it off, or cancelling the card altogether?
The number of cards on my report, combined with high utilisation of credit over 20 years has brought down my score.
I hope I'm being clear now.

Jamesyb123

DebtSlayer007 said:

Deleted_User said:

Neither. Use the card to build some decent credit history. Use it and clear in full each month when you get the statement. That means you also won't need a BT card.

Over time, aim to have three or four cards as back ups, as your history is thin if you only have the one, and leaves you exposed to a closure.

Ignore any changes in your score. 

Hi, 
Thanks for your response.
Sorry, I wasn't clear, I need a balance transfer card as I have existing debt that I want to shuffle.
Because my credit rating is poor, I cannot get a decent card.
I want to know what will bump up my credit rating faster: using the card and paying it off, or cancelling the card altogether?
The number of cards on my report, combined with high utilisation of credit over 20 years has brought down my score.
I hope I'm being clear now.

It’s quite difficult to get good deals at the moment because of the circumstances especially if you have a poor credit history. There’s no quick fix it will take time as any negative marks will need to drop off/have less effect

[Deleted User]

DebtSlayer007 said:

Deleted_User said:

Neither. Use the card to build some decent credit history. Use it and clear in full each month when you get the statement. That means you also won't need a BT card.

Over time, aim to have three or four cards as back ups, as your history is thin if you only have the one, and leaves you exposed to a closure.

Ignore any changes in your score. 

Hi, 
Thanks for your response.
Sorry, I wasn't clear, I need a balance transfer card as I have existing debt that I want to shuffle.
Because my credit rating is poor, I cannot get a decent card.
I want to know what will bump up my credit rating faster: using the card and paying it off, or cancelling the card altogether?
The number of cards on my report, combined with high utilisation of credit over 20 years has brought down my score.
I hope I'm being clear now.

See my earlier reply. Use it and clear in full and ignore any changes in the score.

[Deleted User]

Jamesyb123 said:

DebtSlayer007 said:

Deleted_User said:

Neither. Use the card to build some decent credit history. Use it and clear in full each month when you get the statement. That means you also won't need a BT card.

Over time, aim to have three or four cards as back ups, as your history is thin if you only have the one, and leaves you exposed to a closure.

Ignore any changes in your score. 

Hi, 
Thanks for your response.
Sorry, I wasn't clear, I need a balance transfer card as I have existing debt that I want to shuffle.
Because my credit rating is poor, I cannot get a decent card.
I want to know what will bump up my credit rating faster: using the card and paying it off, or cancelling the card altogether?
The number of cards on my report, combined with high utilisation of credit over 20 years has brought down my score.
I hope I'm being clear now.

It’s quite difficult to get good deals at the moment because of the circumstances especially if you have a poor credit history. There’s no quick fix it will take time as any negative marks will need to drop off/have less effect

It's not difficult if you have a good history, I applied for a BT card from my bank in December, was approved on the spot and got a 6k limit despite a 4.5k debt on a BT card (8k or so limit) plus 2 other cards with 7k total credit (or thereabouts). It is difficult if you do have a bad credit history but it's not a blanket rule of being hard to get credit.

Jamesyb123

Deleted_User said:

Jamesyb123 said:

DebtSlayer007 said:

Deleted_User said:

Neither. Use the card to build some decent credit history. Use it and clear in full each month when you get the statement. That means you also won't need a BT card.

Over time, aim to have three or four cards as back ups, as your history is thin if you only have the one, and leaves you exposed to a closure.

Ignore any changes in your score. 

Hi, 
Thanks for your response.
Sorry, I wasn't clear, I need a balance transfer card as I have existing debt that I want to shuffle.
Because my credit rating is poor, I cannot get a decent card.
I want to know what will bump up my credit rating faster: using the card and paying it off, or cancelling the card altogether?
The number of cards on my report, combined with high utilisation of credit over 20 years has brought down my score.
I hope I'm being clear now.

It’s quite difficult to get good deals at the moment because of the circumstances especially if you have a poor credit history. There’s no quick fix it will take time as any negative marks will need to drop off/have less effect

It's not difficult if you have a good history, I applied for a BT card from my bank in December, was approved on the spot and got a 6k limit despite a 4.5k debt on a BT card (8k or so limit) plus 2 other cards with 7k total credit (or thereabouts). It is difficult if you do have a bad credit history but it's not a blanket rule of being hard to get credit.

OP stated he has a bad credit history 

[Deleted User]

DebtSlayer007 said:

Deleted_User said:

Neither. Use the card to build some decent credit history. Use it and clear in full each month when you get the statement. That means you also won't need a BT card.

Over time, aim to have three or four cards as back ups, as your history is thin if you only have the one, and leaves you exposed to a closure.

Ignore any changes in your score. 

Hi, 
Thanks for your response.
Sorry, I wasn't clear, I need a balance transfer card as I have existing debt that I want to shuffle.
Because my credit rating is poor, I cannot get a decent card.
I want to know what will bump up my credit rating faster: using the card and paying it off, or cancelling the card altogether?
The number of cards on my report, combined with high utilisation of credit over 20 years has brought down my score.
I hope I'm being clear now.

You don't need a decent card, any BT card that you can get that allows you to reduce your debt is good, even if you can only get say 12 months, it's still 12 months to hit the balances hard
Using the card and paying in full every month makes you look better
The score is meaningless, it is NEVER used to judge whether you will get a card or not, it's a magical gimmick generated by the credit agencies, the same people selling products to "improve" your score (that they generate)